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Federal Accounting Standards Advisory Board

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From Wikipedia, the free encyclopedia

Federal advisory committee

Not to be confused withFinancial Accounting Standards Board orGovernmental Accounting Standards Board.

Federal Accounting Standards Advisory Board
Agency overview

Formed	October 1990
Headquarters	Washington, DC
Agency executives	George A. Scott^[1], Chairman Monica R. Valentine^[2], Executive Director
Website	www.fasab.gov

TheFederal 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.^[3] FASAB is designated as the body that setsU.S. generally accepted accounting principles (GAAP) for the United States Government and its component entities, referred to as federal financial reporting entities.^[4] TheAICPA Council designated FASAB as the body that establishes GAAP for federal entities in 1999.^[5]

TheChief Financial Officers Act of 1990 required annual, audited financial statements for the United States Government and its federal reporting entities. In order to apply the statutes of the CFO Act of 1990, theSecretary of the Treasury, the Director of theOffice of Management and Budget (OMB), and theComptroller General established FASAB to develop the "applicable accounting principles" for the newly required financial statements.

FASAB issues the Statement of Federal Financial Accounting Standards (SFFAS), Interpretations, Technical Bulletins, Technical Releases, and Staff Implementation Guidance.^[6] FASAB standards are publicly available on its website--both by chapter and in the FASAB Handbook, which is updated annually.^[7]