
Technical Guidance Update: Conforming Amendments of Technical Releases
FASAB Contact: Melissa L. Batchelor, BatchelorM@fasab.gov, 202-512-5976
Request for Comment | Due Date | Word version of questions for respondents | Comment letters | Final Pronouncements |
---|---|---|---|---|
Omnibus Technical Release Amendments 2022: Conforming Amendments (PDF) | May 31, 2022 | Word Version of Questions for Respondents (Download) | Comment Letters | Omnibus Technical Release Amendments 2022: Conforming Amendments (PDF) |
Project Objective
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
Project History
September 6, 2022
On September 6, 2022, the AAPC issued Federal Financial Accounting Technical Release (TR) 21, Omnibus Technical Release Amendments 2022: Conforming Amendments.
FASAB issued several pronouncements that required updates to TRs. TR 21 provides conforming amendments to previously issued TRs to ensure the TRs are consistent with GAAP. Specifically, TR 21 provides conforming amendments to the following:
- 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
- TR 20, Implementation Guidance for Leases
June 28, 2022
At the June 28 AAPC meeting, members discussed feedback on the proposed Technical Release, Omnibus Technical Release Amendments 2022: Conforming Amendments. The respondents generally agreed with the amendments and noted that the proposed TR clarifies the technical guidance. After making a few edits to the document, the AAPC approved and submitted the document to FASAB for a 45-day review.
March 30, 2022
On March 30, 2022, the Accounting and Auditing Policy Committee (AAPC) released for public comment the exposure draft (ED) of a proposed Federal Financial Accounting Technical Release (TR) titled Omnibus Technical Release Amendments 2022: Conforming Amendments.
FASAB issued the following pronouncements that require updates to TRs:
- SFFAS 40, Deferred Maintenance and Repairs: Definitional Changes
- 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
- SFFAS 54, Leases: An Amendment of Statement of Federal Financial Accounting Standards (SFFAS) 5, Accounting for Liabilities of the Federal Government, and SFFAS 6, Accounting for Property, Plant, and Equipment
- SFFAS 60, Omnibus Amendments 2021: Leases-Related Topics
- Interpretation 9,Cleanup Cost Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5 & 6
- Technical Bulletin 2017-2, Assigning Assets to Component Reporting Entities
This TR would provide conforming amendments to previously issued TRs to ensure the TRs are consistent with the pronouncements identified above. Specifically, this TR would provide conforming amendments to the following:
- 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
- TR 20, Implementation Guidance for Leases
The APPC requests comments on the ED by May 31, 2022. Respondents are encouraged to provide the reasons for their positions. The ED and the specific questions raised are available on the FASAB website in PDF and Microsoft Word format, respectively (https://www.fasab.gov/documents-for-comment/).
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.