The Federal Accounting Standards Advisory Board (FASAB)
published Statement of Federal Financial Accounting Standards 26,
Presentation of Significant Assumptions for the Statement of
Social Insurance: Amending SFFAS 25 (
www.fasab.gov/pdffiles/sffas-26.pdf ). Like its predecessor,
SFFAS 26 is effective for periods that began after September 30, 2004.
At the same time, the AICPA social insurance task force issued
Statement of Position (SOP) 04-1, Auditing the Statement of Social
Insurance, which is effective for periods beginning after
September 30, 2005. The SOP (
www.aicpa.org/members/div/acctstd/recent_issued.asp ; see
Official Releases, page 97) contains the task force’s recommendations
regarding the application of statements on auditing standards to
audits of statements of social insurance prepared in accordance with
FASAB standards. Copies of the SOP (product no. 014941JA) can be
ordered from the AICPA at 888-777-7077 or online at www.cpa2biz.com .
Government Accounting
