Cyclopedia of Congressional Budget Law

Federal Accounting Standards Advisory Board (FASAB)


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. 

FASAB Main Page

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 (For a discussion of the methods for tracking funds in the federal government, see app. III.)

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