Direct Loans and Loan Guarantees Disclosures

FASAB Contact: Brian Robinson, RobinsonBM@fasab.gov

Project Objective

FASAB issued SFFAS 2, Accounting for Direct Loans and Loan Guarantees, in 1993 and since then this Statement has been amended by SFFAS 18, Amendments to Accounting Standards For Direct Loans and Loan Guarantees in SFFAS No. 2, and SFFAS 19, Technical Amendments to Accounting Standards For Direct Loans and Loan Guarantees in SFFAS 2. Federal reporting entities’ direct loan and loan guarantees note disclosures as required by GAAP have become very lengthy with numerous schedules and narratives spanning many pages.

As part of FASAB’s overall reexamination of existing standards, the Board will consider ways to improve, clarify, and streamline required note disclosures and reduce preparer burden regarding loan note disclosures.

History of Board Deliberations