Introduction to FASAB

Article Abstract:

The Federal Accounting Standards Advisory Board (FASAB) was created under the terms of Federal Advisory Committee Act (5 U.S.C. app.) and was sponsored by the Comptroller General of the US, the Director of the Office of Management and Budget (OMB) and the Secretary of the Treasury of the US. The FASAB mission is to promulgate federal accounting standards, considering the financial and budgetary information of citizens, congressional over sight groups and executive agencies.

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FASAB-Major progress after 15 years, but still a long way to go

Article Abstract:

The Federal Accounting Standards Advisory Board (FASAB) has led the way in accrual accounting, which results in reporting the financial effects of transactions and other events and circumstances in the periods in which they occur rather than only in the periods in which cash is received or paid by the entity. Applying distinctions in the accounting of government-acknowledged and government-related events like environmental cleanup is a problem to tackle.

Accrual Accounting, Accrual basis accounting, Accounting periods

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2006 GASB technical plan

Article Abstract:

The 2006 GASB technical plan lays out an ambitious work agenda which envisions the publication of no fewer than six due process documents and has planned three final pronouncements. The SASB 2006 is also planning the annual update of the Comprehensive Implementation Guide and the twice-yearly update of Governmental Accounting Research System with final pronouncements expected to be issued with proposed standards.

Management dynamics, Management, Company business management, Governmental Accounting Standards Board

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