Concepts Omnibus

Concepts Omnibus FASAB Contact, Robin Gilliam, gilliamr@fasab.gov, 202-512-7356 Project Objective The objective of the concepts omnibus project is to amend existing concepts for note disclosures and management’s discussion and analysis (MD&A). Amending note disclosure concepts in paragraph 68 of Statement of Federal Financial Accounting concepts (SFFAC) 2, Entity and Display, will expand concepts to include the… Read More

Concepts – Objectives

Concepts – Objectives Project Objective: FASAB’s work on its conceptual framework is intended to ensure that federal financial accounting standards are based on a sound framework of objectives and concepts regarding the nature of accounting, financial statements, and other communications methods. The overall conceptual framework should: provide structure by describing the nature and limits of… Read More

Concepts – Elements

Concepts – Elements Project Objective: To ensure that federal financial accounting standards are based on a sound framework of objectives and concepts regarding the nature of accounting, financial statements, and other communications methods. This phase of the conceptual framework project will define the elements critical to meeting financial reporting objectives. Ms. Penelope Wardlow is under… Read More

Concepts – The Financial Report

Concepts – The Financial Report FASAB Contact, Ross Simms, simmsr@fasab.gov, 202-512-2512 Project Summary: The issuance of Statement of Federal Financial Accounting Concepts (SFFAC) 8, Federal Financial Reporting, on September 22, 2017, effectively concluded the concepts phase of the financial reporting model project. For information on the standards phase of the project, please see the reporting… Read More

Concepts – Measurement Attributes

Concepts – Measurement Attributes Project Objective: The FASAB’s projects to reexamine and expand its conceptual framework have included since inception a project on measurement attributes (i.e., the aspect of an item that is measured, such as, for example, its historical cost or its replacement cost) for reporting purposes. This project follows logically from Statement of… Read More

Original Concepts (Unamended)

Original Concepts (Unamended) For the most current and up-to-date source of official FASAB accounting and reporting guidance for federal entities, please access the current version of The FASAB Handbook of Accounting Standards and Other Pronouncements, As Amended (FASAB Handbook), not the individual concepts on this page. Because the FASAB Handbook presents text as amended by… Read More

Intragovernmental Allowances

Intragovernmental Allowances FASAB Contact, Melissa Batchelor, batchelorm@fasab.gov, 202-512-5976 Project Summary: On February 20, 2020, FASAB staff issued Technical Bulletin (TB) 2020-1, Loss Allowance for Intragovernmental Receivables. Technical Clarifications of Existing Standards (TCES) Project Description: Members of the Board and the federal financial management community have expressed a general concern that federal entity resources are increasingly… Read More

Risk Reporting

Risk Reporting FASAB Contact: Robin Gilliam, gilliamr@fasab.gov, (202) 512-7356 Project Summary:  The Board will address risk reporting through the MD&A and Note Disclosure projects. Project Objective:  The issuance of Statement of Federal Financial Accounting Standards (SFFAS) 51, Insurance Programs, on January 18, 2017, effectively concluded the first phase of the risk reporting project (formerly the risk assumed project). For… Read More

DoD Implementation Guidance Request

DoD Implementation Guidance Request Project FASAB Contact, Melissa Batchelor, batchelorm@fasab.gov, 202-512-5976 Project Summary: The DoD Implementation Guidance Request Project has been closed and moved to the archived project page. Several key pronouncements were issued during work on the project such as SFFAS 48, Opening Balances for Inventory, Operating Materials and Supplies (OM&S) and Stockpile Materials… Read More

Evaluation of Existing Standards

Evaluation of Existing Standards FASAB Contact: Melissa Batchelor, Assistant Director, batchelorm@fasab.gov, 202-512-5976 Project Summary In 2020, the Board agreed that the Evaluation of Existing Standards was to be replaced by the Technical Clarification of Existing Standards project. The change was made in conjunction with the addition of a new project—Reexamination project that will focus on… Read More