Omnibus Technical Release Amendments 2024: Conforming Amendments
For questions about this project, email asic@fasab.gov.
| Request for Comment | Due Date | Word Version of questions for Respondents | Comment Letters | Final Pronouncements |
|---|---|---|---|---|
| Omnibus Technical Release Amendments: Conforming Amendments to Technical Releases 10, 16, 20, and 21 (PDF) | April 15, 2024 | Questions for Respondents (Word) | Comment Letters | Omnibus Technical Release Amendments 2024: Conforming Amendments to Technical Releases 10, 16, 20, and 21 (PDF) |
Project Objective
The objective of this project is to address specific Technical Release (TR) conforming amendment candidates that have been identified in practice. Those issues include:
- A conforming update to paragraph 5A of TR 10, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment, which references paragraph 18 of SFFAS 6, Accounting for Property, Plant, and Equipment. Paragraph 18 of SFFAS 6 was amended by SFFAS 60, Omnibus Amendments 2021. The amendments to paragraph 18 are effective for reporting periods beginning after September 30, 2023.
- Conforming updates to TR 16, Implementation Guidance for Internal Use Software, to restore prior guidance on perpetual software licenses, including those that are part of cloud-computing arrangements and shared services. These updates would restore aspects of rescinded guidance that did not rely on the rescinded capital leases guidance.
Project History
July 22, 2024
On July 22, 2024, FASAB issued TR 23, Omnibus Technical Release Amendments 2024: Conforming Amendments to Technical Releases 10, 16, 20, and 21.
The amendment to footnote 5A in TR 10, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment, aligns the footnote with the guidance provided under paragraph 18 of SFFAS 6, Accounting for Property, Plant, and Equipment. This TR also supersedes and replaces relevant portions of a previous amendment to this footnote under TR 21, Omnibus Technical Release Amendments 2022.
The amendments to TR 16, Implementation Guidance for Internal Use Software, restore portions of prior guidance for perpetual software licenses based on Board requirements under SFFAS 10, Accounting for Internal Use Software. These amendments also supersede previous amendments in TR 20, Implementation Guidance for Leases, that rescinded portions of this guidance.
May 8, 2024
At the May 2024 meeting, the Committee considered public comments on the exposure draft of proposed TR titled Omnibus Technical Release Amendments 202X: Conforming Amendments to Technical Releases 10, 16, 20, and 21. Respondents were generally supportive of the proposed amendments. The Committee agreed to additional editorial updates and added language to the basis for conclusions addressing key issues raised by respondents. Following the meeting, the Committee approved and submitted the TR to FASAB for a 45-day review.
February 15, 2024
On February 15, 2024, the Committee released for public comment an exposure draft of the proposed TR titled Omnibus Technical Release Amendments 202X: Conforming Amendments to Technical Releases 10, 16, 20, and 21. The Committee requests comments by April 15, 2024. Respondents are encouraged to provide the reasons for their positions. The exposure draft and specific questions raised are available on the FASAB website.
February 1, 2024
At the February 2024 meeting, the Committee tentatively approved a pre-ballot exposure draft Technical Release for a 60-day comment period. Staff will provide Committee members ballot copies of the exposure draft requesting approval to release the document for public comment.
November 16, 2023
At the November 2023 meeting, the Committee agreed to a staff proposal of conforming amendments to:
- TR 10, Implementation Guidance on Asbestos Cleanup Costs Associated with Facilities and Installed Equipment
- TR 16, Implementation Guidance for Internal Use Software
- TR 20, Implementation Guidance for Leases
- TR 21, Omnibus Technical Release Amendments 2022
The amendment to footnote 5A in TR 10 would align the footnote with the guidance provided under paragraph 18 of SFFAS 6, Accounting for Property, Plant, and Equipment. The proposal would also supersede and replace relevant portions of a previous amendment to this footnote under TR 21.
The proposed amendments to TR 16 would restore portions of prior guidance for perpetual software licenses based on Board requirements under SFFAS 10, Accounting for Internal Use Software. The proposal would also supersede previous amendments in TR 20 that rescinded portions of this guidance. Further modifications and enhancements to internal use software guidance are under research and development as part of the Board’s software technology project. The AAPC will consider additional updates in coordination with the Board’s project.
Staff will develop draft language for the basis for conclusions section and plans to recommend a pre-ballot exposure draft at the February 2024 AAPC meeting.