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.
FASAB Accounting Requirements
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.
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.
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.