GAO Glossary of Terms and Definitions (September 2005)

Federal Accounting Standards Advisory Board (FASAB)

Sponsored under an agreement between the Department of the Treasury, the Office of Management and Budget (OMB), and Government Accountability Office (GAO).

FASAB promulgates Statements of Federal Financial Accounting Standards (SFFAS) after considering the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and other users of federal financial information. See (For a discussion of the methods for tracking funds in the federal government, see app. III.)

[Page 49]




Federal Credit