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Wednesday, February 18, 2009

FASAB Issues Concept Statement

The Federal Accounting Standards Advisory Board (FASAB) has issued Statement of Federal Financial Accounting Concepts 6, Distinguishing Basic Information, Required Supplementary Information, and Other Accompanying Information. The Statement amends Statement of Federal Financial Accounting Concepts 2, Entity and Display, to provide guidance for use by the FASAB in determining whether information should be basic information, required supplementary information (RSI), or other accompanying information (OAI). Existing concepts provide the FASAB with guidance on what information should be reported to achieve the reporting objectives and identifies different methods that may be used to communicate it to readers, such as financial statements and management's discussion and analysis (MD&A). The Statement expands the existing conceptual framework to provide a process the FASAB may apply in selecting whether an item of information should be considered basic information, RSI, or OAI.

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