Omnibus Project

FASAB Contact:  Monica Valentine, valentinem@fasab.gov, 202-512-7362 and Ross Simms, simmsr@fasab.gov, 202-512-2512

Request for CommentDue DateWord Version
of questions for
Respondents
Comment LettersFinal Pronouncements
Omnibus Amendments (PDF)April 23, 2019Word Version
of Questions for
Respondents
(Download)
Comment LettersN/A – Currently Under Due Process

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 as make efficient use of Board time.

History of Board Deliberations (reverse chronology)

February 22, 2019

On February 22, 2019, FASAB released the proposed SFFAS titled Omnibus Amendments: Rescinding Statement of Federal Financial Accounting Standards (SFFAS) 8 and Amending SFFAS 5, 6, and 49. The proposed guidance would:

  • eliminate the required supplementary stewardship information category by rescinding SFFAS 8, Supplementary Stewardship Reporting, and
  • update references to leases in SFFAS 5, Accounting for Liabilities of the Federal Government, SFFAS 6, Accounting for Property, Plant, and Equipment, and SFFAS 49, Public-Private Partnerships: Disclosure Requirements, and make a minor change for clarity.

The Board requests comments on the proposal by April 23, 2019, and encourages respondents to provide responses to all of the questions raised and the reasons for their positions. The exposure draft (ED) and the specific questions raised are available at the FASAB website in PDF and Word format, respectively.

December 19-20, 2018

The Board discussed an omnibus ED to amend several standards. The omnibus would propose (1) rescinding SFFAS 8, Supplementary Stewardship Reporting, (2) making conforming changes due to SFFAS 54, Leases, and (3) clarifying wording in SFFAS 6, Accounting for Property, Plant, and Equipment.

The Board suggested edits to a draft of the omnibus and staff will make revisions before the February 2019 meeting.

October 24-25, 2018

The Board decided to propose rescinding the SFFAS 8, Supplementary Stewardship Reporting, requirement to present the required supplementary stewardship information (RSSI) category in financial reports. The proposal would permit management to continue reporting stewardship investment information, at its discretion, while the Board develops guidance for discussing investment information in MD&A.

Also, because the change is narrow in scope and does not create new requirements, staff believed it would be appropriate to pair the proposal with other amendments regarding leases. Other amendments would include updating references to leases in SFFAS 5, Accounting for Liabilities of the Federal Government, SFFAS 6, Accounting for Property, Plant, and Equipment, and SFFAS 49, Public-Private Partnerships: Disclosure Requirements, and making a minor change for clarity.