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FINANCIAL REPORTING

FASAB seeks feedback on annual report

 

By Chris Baysden
December 16, 2013

The Federal Accounting Standards Advisory Board (FASAB) is seeking stakeholders’ feedback on its Annual Report for Fiscal Year 2013 and Three-Year Plan.

“This is an opportunity for stakeholders to consider our progress and offer input to the board about its plans,” FASAB Chairman Tom Allen said in a news release on Monday. “Stakeholder input on our three-year plan would help us identify needed improvements in federal financial accounting and set priorities for the board’s work.”

The report highlights the board’s efforts and accomplishments for fiscal year 2013, provides information about current projects, and describes research projects the board hopes to address soon. The document also identifies potential projects considered by the board, but which are not rated a priority. The board asked for comments on the report by Jan. 31, 2014.

The board plans to consider the feedback in its agenda-setting discussion in early March.

FASAB works to improve federal financial reporting by issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information.

Chris Baysden (cbaysden@aicpa.org) is a JofA senior editor.

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