Debt Cancellation

Debt Cancellation FASAB Contact, Melissa Batchelor, batchelorm@fasab.gov, 202-512-5976 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 constrained. Some believe the Board should evaluate existing requirements and eliminate any unnecessary requirements. When appropriate, the Board… Read More

Materiality

Materiality FASAB Contact: fasab@fasab.gov, 202-512-7350 Project Summary: On May 4, 2020, FASAB issued Statement of Federal Financial Accounting Concepts (SFFAC) 9 titled Materiality: Amending Statement of Federal Financial Accounting Concepts (SFFAC) 1, Objectives of Federal Financial Reporting, and SFFAC 3, Management’s Discussion and Analysis. Project Objective: This is a sub-project of the Reporting Model Phase… Read More

Reporting Model Phase I: MD&A and Stewardship Investments Improvements

Reporting Model Phase I: MD&A and Stewardship Investments Improvements FASAB Contact: Ross Simms, simms@fasab.gov, 202-512-2512 Project Summary The Board agreed in April 2019 to a number of amendments to MD&A through the Risk Reporting and Reporting Model Phase I: MD&A and Stewardship Investments Improvements projects. The decision to merge the projects into the MD&A Amendments… Read More

Management’s Discussion and Analysis (MD&A)

Management’s Discussion and Analysis (MD&A) FASAB Contact: Robin Gilliam, gilliamr@fasab.gov, 202-512-7356 Project Objective This project is a segment of the Board’s reporting model initiative. Currently, most of the standards-based language for developing MD&A resides in Statement of Federal Financial Accounting Concepts (SFFAC) 3, Management’s Discussion and Analysis, rather than in Statement of Federal Financial Accounting… Read More

AAPC Project Related to Conforming Amendments to Existing Technical Releases for Leases

AAPC: Accounting and Auditing Policy Committee AAPC Project Related to Conforming Amendments to Existing Technical Releases for Leases FASAB Contact, Ricky A. Perry, Jr., Senior Analyst, PerryRA@fasab.gov, 202-512-5720 Project Objective SFFAS 54, Leases: An Amendment of SFFAS 5, Accounting for Liabilities of the Federal Government and SFFAS 6, Accounting for Property, Plant, and Equipment, revises… Read More

AAPC Project Related to SFFAS 55, Amending Inter-entity Cost Provisions

AAPC: Accounting and Auditing Policy Committee AAPC Project Related to SFFAS 55, Amending Inter-entity Cost Provisions FASAB Contact, Melissa Batchelor, Assistant Director, batchelorm@fasab.gov, 202-512-5976 Project Objective Statement of Federal Financial Accounting Standards (SFFAS) 55, Amending Inter-entity Cost Provisions, amended SFFAS 4, Managerial Cost Accounting Standards and Concepts, and rescinded SFFAS 30, Inter-Entity Cost Implementation: Amending… Read More

Budgetary Information

Budgetary Information FASAB Contact: fasab@fasab.gov, 202-512-7350 This project is a segment of the Board’s reporting model initiative. Prior to February 2020, the Board conducted the reporting model phase II project to consider improvements to budgetary information. The Board later decided to align phase II with two other projects intended to improve the reporting model, management’s… Read More

Note Disclosures

Note Disclosures FASAB Contact: fasab@fasab.gov, 202-512-7350 Project Summary: In June 2021, staff merged the note disclosures amendments to Statement of Federal Financial Accounting Concepts (SFFAC) 2, Entity and Display, paragraph 68, with the MD&A concepts amendments, to SFFAC 2, paragraph 69, into the concepts omnibus project.  As a result, the note disclosures project has been closed… Read More

Insurance Programs

Insurance Programs FASAB Contact, Robin Gilliam, gilliamr@fasab.gov, 202-512-7356 Project Summary The issuance of SFFAS 51, Insurance Programs, on January 18, 2017, effectively concluded the first phase of the risk reporting project (formerly the risk assumed project). For information on the second phase of the project, please see the risk reporting project page. Project Objective: The… Read More

Budget and Accrual Reconciliation Project

Budget and Accrual Reconciliation Project FASAB Contact: Grace Wu, WuG@fasab.gov, 202-512-7377 Project Objective: SFFAS 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting, requires information to explain the differences between budgetary and financial accounting information. Currently, a reconciliation of obligations incurred and net cost is presented as a… Read More