FASAB seeks feedback on annual report

BY CHRIS BAYSDEN

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.

MANAGEMENT ACCOUNTING

Developing finance leaders

A good leader recognizes that part of the job is developing the next generation of leaders. Veronica McCann, CGMA, a former division CFO at Commerzbank in Singapore, shares tips on developing future finance leaders.

PROFESSIONAL ISSUES

Belicia Cespedes: A CPA at 17

Through hard work and determination, Belicia Cespedes earned the credential before she was even eligible to vote.

SPONSORED REPORT

How to audit high risk areas

Revenue recognition, internal control over financial reporting, accounting estimates and going concern are areas of audit that have emerged as particularly challenging and complex.