Technical Guidance Update: Conforming Amendments of Technical Releases
FASAB Contact: Melissa L. Batchelor, BatchelorM@fasab.gov, 202-512-5976
The Board issued several pronouncements in recent years that require assessing and updating related lower-level GAAP. These pronouncements include SFFAS 42, Deferred Maintenance and Repairs: Amending Statements of Federal Financial Accounting Standards 6, 14, 29, and 32; SFFAS 44, Accounting for Impairment of General Property, Plant, and Equipment Remaining in Use; Interpretation 9, Cleanup Cost Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5 & 6; and Technical Bulletin 2017-2, Assigning Assets to Component Reporting Entities.
The specific Technical Releases (TRs) that may require conforming amendments:
- TR 2, Determining Probable and Reasonably Estimable for Environmental Liabilities in the Federal Government
- TR 10, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment
- TR 11, Implementation Guidance on Cleanup Costs Associated with Equipment
- TR 14, Implementation Guidance on the Accounting for the Disposal of General Property, Plant & Equipment
August 12, 2021
At the August AAPC meeting, staff provided the Committee with a brief overview of the approach, project plan, and milestone dates. Staff explained the conforming amendments can be accomplished through the issuance of one or possibly two Technical Releases (TRs) exposure drafts. Staff does not believe the project will require the assistance of a task force. Staff’s plan is to prepare an initial first draft TR(s) for the Committee’s review.
May 6, 2021
At the May 2021 meeting, the AAPC approved a project to examine existing Technical Releases (TRs) for conforming amendments resulting from two recent pronouncements: (1) Interpretation 9, Cleanup Cost Liabilities Involving Multiple Component Reporting Entities, and (2) Technical Bulletin (TB) 2017-2, Assigning Assets to Component Reporting Entities.