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This document outlines key updates from the Financial Accounting Standards Advisory Board (FASAB) as of March 27, 2014, including insights from the FY 2014 Auditor Roundtable. It discusses decisions on project priorities influenced by respondent feedback, and highlights current projects like Reporting Entity, Leases, and Risk Assumed. The plan also addresses the impact of DoD/IC and resource constraints. Key themes from the roundtable include the importance of customization in reports, net cost statements, and the value of audit precision. The document concludes with next steps and ongoing outreach to decision-makers.
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IC Financial Action Committee March 27, 2014 Wendy Payne FASAB Executive Director
Disclaimer • Views expressed are my own. The Board’s views are only expressed in official publications.
Overview • FASAB Three Year Plan and Annual Report – provide an update and/or decisions resulting from respondent comments and next steps, and DoD/IC impact • FY 2014 Auditor Roundtable Feedback - Based on the roundtable, what decisions on project priorities will be changed or considered • Reporting Entity Standard – decisions regarding changes resulting from respondent comments • Internal use Software – brief of IUS Task Force Report and progress
FASAB Three-year Plan • Plan recognizes effects of resource constraints • Current Projects: • Reporting Entity • Reporting Model • Leases • Risk Assumed • Public-Private Partnerships • Volunteer Effort – Review and Improve IUS • Research Projects: • Linking cost to performance and managerial cost accounting • Reconciling budget to accrual information • Tax expenditures • Natural resources
Three-year Plan, Continued • Respondent comments: • Endorsed completing current projects • Some suggest lease standards simply follow FASB results • Most often mentioned: • Managerial cost accounting • IUS • Tax expenditures • DoD Request for Guidance • Next Steps • Resource issues • Priorities mostly endorsed • DoD/IC impact • Ability of FASAB/AAPC to support audit readiness by resolving long-standing and emerging issues. • Resources • Funding • People
FY 2014 Auditor Roundtable Feedback Key Themes: • Customization adds value to reports but is not seen • Statement of Net Cost and Cost Accounting • Value from audit • Precision of estimates • Controls in right places Impact of the Roundtable: • Depends on FFMC action • Two Studies: • NAPA FASAB Study • AGA potential pilot
Reporting Entity • Proposal: • Include organizations: • In the budget • Controlled by elected officials • Owned • Consolidation entities or disclosure organizations • Administrative Assignments • Related parties • Significant changes: • Clarify, clarify, clarify: • Inclusion decision is from the perspective of the government as a whole • The exception for “in the budget” • Terminology • Temporary relationships • Federal Reserve required disclosures • Potential for adding illustrations
Internal Use Software • Thank you for the leadership and hard work. • Reported to the Board in March • Members want to know how to improve the value of information and minority of vocal members leaned toward expensing IUS if value cannot be shown or enhanced • Next steps • Outreach to decision makers (OMB, Project Managers and the Hill) • Continue work on implementation guidance
