DoD Implementation Guidance Request Project FASAB Contact, Melissa Batchelor, batchelorm@fasab.gov, 202-512-5976 Project Summary: The DoD Implementation Guidance Request Project has been closed and moved to the archived project page. Several key pronouncements were issued during work on the project such as SFFAS 48, Opening Balances for Inventory, Operating Materials and Supplies (OM&S) and Stockpile Materials… Read More
Non-Federal, Non-Entity Fund Balance with Treasury
Non-Federal, Non-Entity Fund Balance with Treasury 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.… Read More
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: Ricky Perry, perryra@fasab.gov 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… Read More
Reporting Model Phase I: MD&A and Stewardship Investments Improvements
Reporting Model Phase I: MD&A and Stewardship Investments Improvements FASAB Contact: Robin Gilliam, gilliamr@fasab.gov, 202-512-7356 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 project… 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 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 the… Read More
Omnibus Amendments 2019
Omnibus Amendments 2019 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… 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