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.