Omnibus Amendments 

FASAB Contact: Sherry Lee,, 202-512-9108

Project Objective:

The objective of the omnibus amendments 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 project targets miscellaneous, narrowly-focused updates to various Statements.

History of Board Deliberations (reverse chronology)

March 2023

The Board last reviewed the draft omnibus amendments and technical bulletin exposure drafts during the December 2022 meeting. Members supported continued RSI presentation for oil and gas information but requested additional information on the reliability of the estimation methodology for coal royalties from recoverable reserves. Staff met with the Department of Interior in March 2023 to discuss Interior’s processes and challenges for estimating coal recoverable reserves, projecting future coal production, and determining future coal prices. Staff will provide the additional analysis for members’ review prior to the April 2023 meeting.

December 13-14, 2022

SFFAS 38 – Omnibus Amendments

At the December 2022 meeting, staff presented the draft exposure drafts of the amendments to SFFAS 38, Accounting for Federal Oil and Gas Resources, and the amendments to Technical Bulletin 2011-1, Accounting for Federal Natural Resources Other Than Oil and Gas. Members discussed edits and comments on both documents during the meeting. Members agreed that additional explanation related to continued Required Supplementary Information presentation is needed in the basis for conclusions for the amendments to Technical Bulletin 2011-1.

Briefing materials – Topic F

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


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