The Federal Accounting Standards Advisory Board (FASAB) issued a new standard Friday that addresses multiple issues in federal government accounting.
Statement of Federal Financial Accounting Standards (SFFAS) 57, Omnibus Amendments 2019:
- Eliminates the required supplementary stewardship information category by rescinding SFFAS 8, Supplementary Stewardship Reporting.
- Updates 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.
- Makes a minor change to SFFAS 6.
"This statement will remove reporting requirements that users have not relied upon, improve the consistency of existing standards, and enhance the usefulness of information to users," FASAB Chairman George Scott said in a news release.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA's editorial director.