FASAB proposes eliminating RSSI, updating lease references

By Ken Tysiac

The Federal Accounting Standards Advisory Board (FASAB) has proposed eliminating the required supplementary stewardship information (RSSI) category and updating references to leases in multiple places in its accounting standards for federal government entities.

FASAB is proposing rescinding Statement of Federal Financial Accounting Standards (SFFAS) 8, which would remove a reporting requirement that users have not relied on, according to FASAB. Eliminating SFFAS 8 also would clarify that reporting entities have the option to present information in categories more referenced by users.

The proposal would amend the references to leases in:

  • SFFAS 5, Accounting for Liabilities of the Federal Government;
  • SFFAS 6, Accounting for Property, Plant, and Equipment; and
  • SFFAS 49, Public-Private Partnerships: Disclosure Requirements.

These amendments are being proposed to change certain references to leases affected by SFFAS 54, the board’s new lease accounting standard, which was issued April 17, 2018.

Other minor changes designed to improve the quality of existing standards also are included in the proposal.

“Both preparers and users will benefit from these proposed improvements to existing standards,” FASAB Chairman Scott Showalter said in a news release.

Comments on the proposal are requested by April 23 and can be emailed to fasab@fasab.gov.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

Where to find February’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.