The Federal Accounting Standards Advisory Board (FASAB) released an exposure draft of Technical Bulletin 2009-1, Deferral of the Effective Date of Technical Bulletin 2006-1, Recognition and Measurement of Asbestos-Related Cleanup Costs. The proposed technical bulletin’s purpose is to defer the effective date of Technical Bulletin 2006-1 for two years to give federal agencies time to resolve implementation issues identified since TB 2006-1 was originally issued.
Comments were due by July 17. If TB 2009-1 is adopted, the effective date of TB 2006-1 would be changed to periods beginning after Sept. 30, 2011. The ED is available at fasab.gov/exposure.html.
