Cyclopedia of Congressional Budget Law
Federal Accounting Standards Advisory Board (FASAB)
Summary
The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. FASAB is designated as the body that sets U.S. generally accepted accounting principles for the United States Government and its component entities, referred to as federal financial reporting entities.
See the History of the Federal Accounting Standards Advisory Board (FASAB) for further information on how it came into being and how it operates.
GAO Glossary of Terms and Definition (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 www.FASAB.gov. (For a discussion of the methods for tracking funds in the federal government, see app. III.)
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Resources
- Federal Financial Reports
Links to agency financial reports, including the consolidated financial report of the U.S. Government - Managerial Cost Accounting Resources
Links to managerial cost accounting resources from various sources that agencies might find helpful in their efforts to develop and/or enhance managerial costing at their agencies
- Implementation Guides to SFFAS 7
An explanation of concepts and standards contained in SFFAS 7, Accounting for Revenue and Other Financing Sources, that is intended to help practice and understanding - Original Pronouncements (Unamended)
FASAB pronouncements as they were originally issued, prior to subsequent amendments (for historical reference only) - Other Reports and Documents
Reports from task forces and others that are intended to provide a more in-depth understanding of various areas of federal financial management - Speeches and Presentations
Selection of speeches and presentations given by FASAB board members and staff - Training
Information about periodic forums and other training events hosted by FASAB - Accounting and Reporting for Non-federal Entities
- Archived Articles
- Archived Bimonthly Newsletters
- Archived News Releases
- Links to Other Helpful Web Sites
Links to federal financial management and other Web sites that users may find helpful
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