Commitments

FASAB Contact: Sherry Lee, LeeSL@fasab.gov

Background

This research topic started as part of the discussion on the topic of software technology (cloud-service arrangements) during the April 2023 Board meeting, in which Chairman Scott and Mr. Dacey raised questions about federal entity reporting of commitments. They noted that, while reporting on commitments is currently required by the Office of Management and Budget (OMB) Circular A-136, commitments are not specifically defined or described in FASAB guidance. Both Chairman Scott and Mr. Dacey agreed that the Board should consider the need for a standard on commitments, potentially as part of the reexamination of existing standards project. During the technical agenda review session at the August 2023 Board meeting, the Board voted to designate commitments as a research topic.

HISTORY OF RESEARCH

August 16-17, 2023

At the August meeting, the Board reviewed the pre-research on commitments and agreed to add commitments to the technical agenda as a research topic.

Briefing materials – Topic E