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

Omnibus Project

Omnibus Project FASAB Contact: fasab@fasab.gov, 202-512-7350 Project Objective: The objective of the omnibus project is to amend multiple provisions through a single action. The Board expects the amendments to be narrow in scope and not to create new requirements for reporting entities. Also, combining proposed amendments should ease the burden on respondents as well as… 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55, Amending Inter-entity Cost Provisions, amended SFFAS 4, Managerial Cost Accounting Standards and Concepts, and rescinded SFFAS 30, Inter-Entity Cost Implementation: Amending… Read More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 Background This project started as 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 the other projects intended to improve the reporting… Read More

Classified Activities

Classified Activities FASAB Contact: Monica Valentine, valentinem@fasab.gov, 202-512-7350 Project Objective: In August 2016, the Department of Defense (DoD or the Department) identified several areas for the Federal Accounting Standards Advisory Board’s consideration where the application of general accepted accounting principles may result in the exposure of classified information. As the DoD was preparing to commence… 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

AAPC Projects Related to (SFFAS 50) Establishing Opening Balances for General Property, Plant, and Equipment

AAPC: Accounting and Auditing Policy Committee AAPC Projects Related to (SFFAS 50) Establishing Opening Balances for General Property, Plant, and Equipment FASAB Contact, Melissa Batchelor, Assistant Director, batchelorm@fasab.gov, 202-512-5976 Project Objective Statement of Federal Financial Accounting Standards (SFFAS) 50, Establishing Opening Balances for General Property, Plant, and Equipment, amended SFFAS 6, Accounting for Property, Plant,… 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

Accounting and Reporting of Government Land Project

Accounting and Reporting of Government Land Project FASAB Contact: Domenic N. Savini, savinid@fasab.gov, 202-512-6841 Project Objective: SFFAS 6 requires that land and land rights acquired for or in connection with other general PP&E are to be capitalized at the cost incurred to bring the assets to a form and condition suitable for use. “Acquired for… Read More