New FASAB mission statement emphasizes service to public interest

BY KEN TYSIAC

The Federal Accounting Standards Advisory Board (FASAB) has adopted a new mission statement that notes its service to the public interest.

“The FASAB serves the public interest by improving federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information,” a FASAB statement, released Thursday, says.

FASAB Chairman Tom Allen said in a news release that the previous mission statement didn’t adequately emphasize the board’s commitment to serving the public interest, which is the primary driver of its work. A full explanation of the FASAB’s mission and objectives is available on the board’s website.

The board’s previous mission statement was adopted in 1991, eight years before the FASAB was designated as the standards setter for the federal government.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.