Revenue Reexamination

For questions about this research topic, email revenuereexamination@fasab.gov.

Background

SFFAS 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting, was the highest rated topic in need of reexamination by stakeholders. There have been considerable changes to the government environment since the Statement was issued in 1996 that may not be sufficiently addressed under the current standards. Further, numerous specific revenue accounting issues were raised by stakeholders for reexamination.

As part of FASAB’s overall reexamination of existing standards, the revenue research will assist the Board in identifying opportunities to clarify the core revenue principles.

History of Research

April 22, 2025

At the April Board meeting, the Board discussed resource limitations and project prioritization issues. It was noted that the staff member assigned to the revenue reexamination research project would be assigned to the proposed project on reporting entity reorganizations and abolishments. The Board agreed to add the proposed project to its technical agenda. The Board acknowledged that this would delay the continuation of research on the revenue reexamination project for the time being.

March 2025

At the August 2024 meeting, the Board added this research topic. Staff will be preparing a research plan for the Board’s consideration. Prior to developing this plan, however, staff is reaching out to certain ITC respondents to obtain clarification and receive updates on the status of the high-priority issues raised in their comment letters. This follow-up will help staff design an appropriate research plan and facilitate the Board’s review of that plan.