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Monday, July 16, 2007

FASAB Seeks Comments on Two Exposure Drafts

The chairperson of the Federal Accounting Standards Advisory Board's Accounting and Auditing Policy Committee (AAPC), Wendy Comes, CGFM, has announced that the AAPC has issued an exposure draft of a new Federal Financial Accounting Technical Release titled, Implementation Guide for Statement of Federal Financial Accounting Standards 29: Heritage Assets and Stewardship Land. Comes stated that the proposed technical release "addresses important implementation questions regarding assets for which financial representations do not satisfy federal reporting objectives." Specific questions for respondents are included in the exposure draft and other comments are welcome. Responses are requested by Aug. 13, 2007.

AAPC has also issued an exposure draft of a new Federal Financial Accounting Technical Release titled, Clarification of Standards Relating to Inter-Entity Cost. Full implementation of the inter-entity cost provisions of Statement of Federal Financial Accounting Standards (SFFAS) 4 is required by SFFAS 30, Inter-Entity Cost Implementation Amending SFFAS 4, Managerial Cost Accounting Standards and Concepts, which becomes effective Sept. 30, 2008. Responses to the exposure draft are requested by Aug. 6, 2007.

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