Federal Accounting Standards Advisory Board

From Wikicpa

The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to develop the United States generally accepted accounting principles for federal financial reporting entities.

The Chief Financial Officers Act of 1990 required annual, audited financial statements for the United States Government and its component entities, referred to as federal reporting entities. In order to apply the statues of the CFO Act of 1990, the United States Secretary of the Treasury, the Director of the Office of Management and Budget (OMB), and the United States Comptroller General established FASAB to develop the “applicable accounting principles” for the newly required financial statements.

FASAB mission

The mission of the FASAB is to promulgate federal accounting standards after considering the financial and budgetary information needs of citizens, congressional oversight groups, executive agencies, and the needs of other users of federal financial information. Accounting and financial reporting standards are essential for public accountability and for an efficient and effective functioning of our democratic system of government. Thus, federal accounting standards and financial reporting play a major role in fulfilling the government's duty to be publicly accountable and can be used to assess (1) the government's accountability and its efficiency and effectiveness, and (2) the economic, political, and social consequences of the allocation and various uses of federal resources. This website provides access to all publications issued by FASAB including exposure drafts, the volumes presenting original pronouncements and current text, newsletters, minutes and meeting agendas.

External links

• Official site of the FASAB