FASAB Contact, Melissa Batchelor, firstname.lastname@example.org, 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 explores opportunities to engage with the community on changes to existing standards and areas where clarification may be needed.
TCES addresses requests for guidance that align with the above goals and provide benefits that clearly exceed costs. To accomplish these goals, ongoing efforts may include providing additional forums for preparers, auditors, and users to identify requirements they believe are unnecessary and where clarification may be needed (this can be accomplished through an open-ended written request for input or round table discussions). The Board will assess requests against the reporting objectives. The Board may address these requests through the appropriate level of GAAP guidance.
Intragovernmental Allowances For Losses Project Objective:
As part of the TCES project, this sub-project considers whether clarification is required to address ambiguity regarding the recognition of losses for intragovernmental receivables in SFFAS 1, Accounting for Selected Assets and Liabilities.
The objective is to respond to a request for guidance from stakeholders by issuing clarifying guidance regarding the recognition of intragovernmental losses.