FASAB is subject to the Federal Advisory Committee Act and therefore follows Rules of Procedure (pdf) that meet or exceed the requirements of the Act.
FASAB takes the following steps in considering accounting standards:
- Identification of accounting issues and agenda decisions
- Preliminary deliberations
- Preparation of initial documents (discussion memorandums and/or issue papers)
- Release of documents for comment (e.g., exposure drafts) to the public, public hearings when necessary, and consideration of comments
- Further deliberations and consideration of comments
- Approval by at least a two-thirds majority affirmative vote
- Submission of proposed Statement to the Principals for 90-day review (45 days for Interpretations)
- Publication of final Statement or Interpretation
In addition, task forces and roundtables may be used during the deliberation process to provide expert views and recommend solutions.
FASAB welcomes questions and comments regarding all aspects of its operations. Comments may be submitted by email to firstname.lastname@example.org, fax at 202-512-7366, or letter to 441 G Street NW, Mail Stop 6H19, Washington, D.C. 20548.
Documents for Comment
- Federal Financial Reporting due 1/6/2017
- Leases: An Amendment of SFFAS 5 and SFFAS 6 due 1/6/2017
- Tax Expenditures: Management’s Discussion … due 9/15/2016
- Insurance Programs due 3/29/16