Omnibus Amendments 2023

FASAB Contact: Sherry Lee, leesl@fasab.gov, 202-512-9108

Project Objective:

The objective of the omnibus amendments 2023 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 make efficient use of Board time. The omnibus amendments 2023 project targets miscellaneous, narrowly-focused updates to various Statements.

History of Board Deliberations (reverse chronology)

August 23-25, 2022

During the August 2022 meeting, the members discussed the pre-research topic, review of SFFAS 38 reporting requirements. SFFAS 38, Accounting for Federal Oil and Gas Resources, requires the reporting of the value of the federal government’s estimated royalties and other revenue from the production of federal oil and gas reserves, and Technical Bulletin (TB) 2011-1, Accounting for Federal Natural Resources Other Than Oil and Gas, applies the requirements in SFFAS 38 to other federal natural resources that are under lease, contract, or other long-term agreement. When SFFAS 38 and TB 2011-1 were issued, it was the Board’s intent that the requirements would transition to basic after three years as RSI. Prior to the end of the three-year RSI period, the Board planned to decide whether the information would transition to basic as financial statement recognition or note disclosure or if the information should stay in RSI. It has been nine years since SFFAS 38 became effective, and the Board’s determination was needed to establish the reporting requirements.

It was pointed out that the language related to transition from RSI to basic is in the authoritative standards section of SFFAS 38 and not in the basis for conclusions section. As such, Board action, either by concluding that the current requirements remain as RSI or the information transition to basic, should occur.

Members agreed unanimously to leave the oil and gas information in RSI and not continue researching the topic.

Members agreed to amend SFFAS 38 through an omnibus SFFAS to conclude the open-ended proposal in the next fiscal year. TB 2011-1, which extended SFFAS 38 requirements to non-renewable natural resources, will also be amended accordingly.

Staff will draft the amendments to SFFAS 38 and TB 2011-1 through an omnibus proposal and present it to the Board sometime in the next several months.

Briefing materials – Topic G

 

Request for CommentDue DateWord Version
of questions for
Respondents
Comment LettersFinal Pronouncements