FASAB Accounting Requirements

Topics

July 23, 2024

FASAB issues amendments, seeks new board members

The amendments conform implementation guidance to several existing reporting standards for federal government entities.

June 21, 2024

FASAB offers new guidance on seized and forfeited digital assets

Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.

December 1, 2023

FASAB releases transitional accommodations for new leases standard

The Federal Accounting Standards Advisory Board issued an amendment providing “an appropriate degree of flexibility” for an interim period.

November 22, 2023

FASAB releases 3-year strategic plan, annual report

Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.

October 13, 2023

FASAB committee issues updates to guidance on leases

The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.

September 7, 2023

FASAB seeks comment on guidance for management discussion and analysis

The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A).

August 25, 2023

FASAB seeks to enhance note disclosures in financial statements

The Federal Accounting Standards Advisory Board is accepting public comments on an exposure draft aimed at making note disclosures an ‘integral part’ of financial statements.

May 31, 2023

FASAB committee proposes changes to guidance on leases

With a new standard for reporting on leases soon to be effective, the Accounting and Auditing Policy Committee is seeking comments on updates to its leases guidance in a 2021 technical release.

May 15, 2023

FASAB seeks feedback on its existing standards

The FASAB is seeking comments on its Reexamination of Existing Standards project to ensure that its standards meet users’ needs and provide financial information that supports public accountability and transparency.

April 7, 2023

FASAB issues statement to clarify lease terms

The Federal Accounting Standards Advisory Board issued a statement intended to provide targeted technical clarifications to further facilitate implementation of SFFAS 54, Leases.

March 17, 2023

FASAB issues bulletin on reimbursable work agreements

FASAB issued a technical bulletin to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54 and other relevant statements.

November 15, 2022

FASAB seeks comments on annual report, 3-year plan

The Federal Accounting Standards Advisory Board (FASAB) is seeking comments on its Annual Report for Fiscal Year 2022 and Three-Year Plan.

March 30, 2022

FASAB proposes conforming amendments to 4 technical releases

A proposal issued Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board would amend four federal government accounting standards technical releases to conform with recently issued guidance.

November 30, 2021

FASAB clarifies federal accounting rules for debt cancellation

Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.

November 4, 2021

FASAB amends lease accounting requirements

Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.

March 5, 2021

FASAB reappoints Scott for second term as chair

The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.

December 10, 2020

Q&A: FASAB reaches milestone amid pandemic

After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.

November 5, 2020

New lease accounting guidance proposed for federal entities

The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.