FASAB Issues Fiscal Sustainability Disclosure Requirements


The Federal Accounting Standards Advisory Board ( FASAB) issued a standard that furthers one of the standard setter’s federal financial reporting objectives—the stewardship objective—by enabling readers to determine whether future budgetary resources will sufficiently sustain public services and meet obligations as they come due. Statement of Federal Financial Accounting Standards (SFFAS) 36, Reporting Comprehensive Long-Term Fiscal Projections for the U.S. Government , will be fully implemented by fiscal year 2013. Starting in 2010 all information may be presented as required supplementary disclosures.

 

SFFAS 36 will standardize reporting of projected trends in the federal budget deficit or surplus and the federal debt and how these amounts relate to the national economy and will require the projections to be more reader-friendly. If an excess of projected spending over projected receipts is indicated by the projections, the required reporting would explain and illustrate the likely impact of delaying action, for example, the progressive increase in the change that would be needed by (1) reducing spending, or (2) increasing receipts.

 

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out