Learn about the Federal Accounting Standards Advisory Board’s (FASAB) latest accounting standards, proposed standards, and major projects. FASAB has issued Statement of Federal Financial Accounting Standards (SFFAS) 51, Insurance Programs, and is finalizing standards for reporting tax expenditures. FASAB is also
proposing standards for reporting leases,
proposing standards for a new budget and accrual reconciliation to replace the existing Statement of Financing,
proposing concepts for federal financial reporting,
responding to the Department of Defense’s request for guidance,
performing research for reporting federal land,
performing research on performance reporting, and
performing research on additional risks assumed by the federal government other than insurance programs.
The panel members will provide an overview of these topics and discuss emerging issues.