FASAB proposes conforming amendments to 4 technical releases

Four federal government accounting standards technical releases would be amended to conform with recently issued guidance under a proposal issued Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board (FASAB).

A proposed Federal Financial Accounting Technical Release (TR) titled Omnibus Technical Release Amendments 2022: Conforming Amendments would provide conforming amendments to:

• TR 10, Implementation Guidance on Asbestos Cleanup Costs Associated With Facilities and Installed Equipment;

• TR 11, Implementation Guidance on Cleanup Costs Associated With Equipment;

• TR 14, Implementation Guidance on the Accounting for the Disposal of General Property, Plant & Equipment; and

• TR 20, Implementation Guidance for Leases.

The proposal is designed to conform the technical releases with the following pronouncements:

• SFFAS 40, Deferred Maintenance and Repairs: Definitional Changes;

• SFFAS 42, Deferred Maintenance and Repairs: Amending Statements of Federal Financial Accounting Standards 6, 14, 29, and 32;

• SFFAS 44, Accounting for Impairment of General Property, Plant, and Equipment Remaining in Use;

• SFFAS 54, Leases: An Amendment of Federal Financial Accounting Standards (SFFAS) 5, Accounting for Liabilities of the Federal Government, and SFFAS 6, Accounting for Property, Plant, and Equipment;

• SFFAS 60, Omnibus Amendments 2021: Leases-Related Topics;

• Interpretation 9, Cleanup Cost Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5 & 6; and

• Technical Bulletin 2017-2, Assigning Assets to Component Reporting Entities.

Comments on the exposure draft are requested by May 31, and respondents are encouraged to provide the reasons for their comments.

— To comment on this article or to suggest an idea for another article, contact Ken Tysiac at Kenneth.Tysiac@aicpa-cima.com.