FASAB issues amendments, seeks new board members

As part of its ongoing effort to align implementation guidance with existing standards, the Federal Accounting Standards Advisory Board (FASAB) issued Technical Release (TR) 23, Omnibus Technical Release Amendments 2024: Conforming Amendments to Technical Releases 10, 16, 20, and 21.

Conforming amendments detailed in TR 23 are, according to a news release:

• An amendment to footnote 5A in TR 10, Implementation Guidance on Asbestos Cleanup Costs Associated With Facilities and Installed Equipment, that aligns the footnote with guidance provided under paragraph 18 of Statement of Federal Financial Accounting Standards (SFFAS) 6, Accounting for Property, Plant, and Equipment. This proposal also supersedes and replaces relevant portions of a previous amendment to this footnote under TR 21, Omnibus Technical Release Amendments 2022; and
• Amendments to TR 16, Implementation Guidance for Internal Use Software, that restore portions of prior guidance for perpetual software licenses based on FASAB requirements under SFFAS 10, Accounting for Internal Use Software. These amendments also supersede previous amendments in TR 20, Implementation Guidance for Leases, that rescinded portions of this guidance.

The amendments, according to Monica Valentine, FASAB’s executive director, “coincide with the effective reporting period of SFFAS 54, Leases, and its effects on the related TRs.”

TR 23 marks the third recent pronouncement since the publication of FASAB’s current handbook.

FASAB members sought

FASAB is filling two board seats, accepting recommendations and résumés through Oct. 31.

FASAB said it seeks two nonfederal members — members not employed by the federal government during their FASAB tenure — to begin five-year terms in 2026.

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