The Accounting Standards Implementation Committee (ASIC), formerly known as the Accounting and Auditing Policy Committee, is a permanent committee established by the Federal Accounting Standards Advisory Board (FASAB). ASIC’s mission is to assist the federal government in improving federal financial reporting by identifying, developing, and recommending timely solutions to address accounting issues within the framework of existing generally accepted accounting principles. The ASIC recommends guidance for applying existing Statements of Federal Financial Accounting Standards, Interpretations of Federal Financial Accounting Standards, and Technical Bulletins. ASIC may not amend existing standards, promulgate new standards, or issue guidance that conflicts with existing standards. Guidance in the form of recommended Technical Releases is developed by ASIC and must be reviewed by FASAB before being issued.

The ASIC consists of nine voting members—two from the Chief Financial Officer community, two from the Inspectors General community, one each from the three FASAB sponsors (the Department of the Treasury, the Government Accountability Office, and the Office of Management and Budget), an at-large member, and the FASAB executive director.

Additional background information on ASIC is available in the following PDF documents:

• Charter of the Accounting Standards Implementation Committee
• Operating Procedures of the Accounting Standards Implementation Committee
• Statement of Member Responsibilities and Characteristics of Members of the ASIC
• ASIC Task Force Roles and Responsibilities

Please visit the FASAB newsroom for ASIC-related news.