Learn about the Federal Accounting Standards Advisory Board’s (FASAB) latest accounting standards, proposed standards, and major projects. FASAB has issued several new Statements of Federal Financial Accounting Standards (SFFAS) and proposed SFFAS during the year.
Participants will hear an overview and discussion of these topics:
• new standards for reporting leases, • the new budget and accrual reconciliation, • efforts to improve disclosures and other required information, • evolving concepts for federal financial reporting, • proposals regarding reporting on federal land, • new guidance related to the Department of Defense’s implementation efforts, and • progress on reporting risks assumed by the federal government.
After this session attendees will be able to:
-Recall the issues the Federal Accounting Standards Advisory Board views as a priority in the near term and why. -Recognize newly issued standards. -Recall tentative decisions of the Board on key projects. -Identify emerging issues.