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FASAB – Coming of Age

FASAB – Coming of Age. The Federal Accounting Standards Advisory Board Tom Allen, CPA Wendy Comes, CPA. Disclaimer. Views expressed are those of the speaker. The Board expresses its views in official publications. Recent Issuances Becoming Effective. Trust Funds: Earmarked Funds

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FASAB – Coming of Age

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  1. FASAB – Coming of Age The Federal Accounting Standards Advisory Board Tom Allen, CPA Wendy Comes, CPA

  2. Disclaimer Views expressed are those of the speaker. The Board expresses its views in official publications.

  3. Recent Issuances Becoming Effective • Trust Funds: • Earmarked Funds • Fiduciary Funds • Technical Bulletin - Asbestos

  4. Implementation Guidance for Standards in Development • Stewardship Land & Heritage Assets • Inter-Entity Costs • NASA – Theme Assets • Interpretation – Remanufactured Items

  5. Status of Major Projects • Conceptual Framework • Objectives • Elements • Social Insurance and Research on Other Liabilities • Natural Resources

  6. Conceptual Framework Phases • Objectives and qualitative characteristics • Elements and Recognition Criteria • Financial Reporting Model and Sustainability Reporting • Measurement Attributes • Entity

  7. Objectives • Roundtables • Strategic Planning & White Paper • Defining the Board’s role and priorities in meeting the broad objectives of SFFAC 1

  8. Roundtable Meetings - Objectives of Federal Financial Reporting • Objective 1 – Budgetary Integrity • Objective 2 – Operating Performance

  9. Reporting Objectives - continued • Objective 3 – Stewardship • Objective 4 – Systems and Control

  10. Elements • An asset is a resource that embodies economic benefits or services that the federal government can control. • A liability is a present obligation of the federal government to provide assets or services to another entity at a determinable date, when a specified event occurs, or on demand.

  11. Recognition Criteria • An item meets the definition of an element. • The item is measurable. (Quantifiable in monetary terms.)

  12. Sustainability • A major component of the federal reporting model under consideration. • Fiscal outlook • A task force approved at the July meeting.

  13. Measurement Attributes • Identification of the universe of attributes (measurement techniques versus attributes) • Determine when it is appropriate to use each attribute

  14. Reporting Entity • SFFAC 2 – Entity and Display • Review the characteristics of entities that make them “reporting entities” • Test the criteria for inclusion in a reporting entity • Control • Financial interdependence • Standards implementing concepts • Work beginning next quarter

  15. History of Social Insurance • Deliberated in 70’s and 80’s • Deliberated during SFFAS 5 • SFFAS 17 Compromise: • Actuarial NPVs • Cash flows in relation to GDP • Beneficiary to worker ratios • Tax needed for actuarial balance • SFFAS 25 (as amended) • Made the Statement of Social Insurance basic

  16. Social Insurance • A majority of the Board tentatively agrees that an obligation exists prior to due and payable (40 quarters work in covered employment)

  17. Social Insurance Issues • Understandability • Ability to change law • Size and volatility • Not useful from a budgetary perspective

  18. Natural Resources • Recognizing oil and gas proved reserves at calculated current value • Results in information on: • Quantity of proved reserves • Value of proved reserves • Royalty revenue and depletion of reserves • Extensive disclosure and RSI

  19. Natural Resources, continued • Applying the oil and gas framework to: • Coal • Timber • Grazing • Other

  20. LOOKING AHEAD

  21. Refining/Completing the Federal Reporting Model • Inclusion of all assets/liabilities and appropriately recording changes in them. • The reporting entity • Reporting beyond the traditional balance sheet and operating statement

  22. Additional Reporting • Statement of Social Insurance • Sustainability Reporting • Articulation of these Statements to traditional Balance Sheet and Operating Statements

  23. Expanded Outreach to Potential Federal Financial Report Users • Increase due process feedback • FASAB’s educational role • User focus meetings

  24. My Perception of FASAB’s Biggest Challenges • Independence • Resources

  25. Initial Assessment • Competent staff • Committed Board • Generally strong agency support

  26. FASAB On-Line Resources • www.fasab.gov • All exposure drafts and final pronouncements. • Electronic mailing list for updates including newsletter and requests for comment. • Active project pages including briefing materials.

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