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Monday, November 02, 2009

FASAB Issues ED, New Standard on Property, Plant, Equipment

The Federal Accounting Standards Advisory Board (FASAB)has announced that the board is seeking input on the Exposure Draft (ED), Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards. The American Institute of Certified Public Accountants' (AICPA) Statements on Auditing Standards (SAS) AU section 560, Subsequent Events, includes accounting and financial reporting guidance that is not discussed in the authoritative literature that establishes accounting principles. The objective of this proposed Statement is to incorporate that guidance into the authoritative literature of the FASAB. The exposure draft requests comments by Dec. 28, 2009. The exposure draft and specific questions raised are available at the FASAB website.

In other FASAB news, FASAB issued Statement of Federal Financial Accounting Standards (SFFAS) 35, Estimating the Historical Cost of General Property, Plant, and Equipment --Amending Statements of Federal Financial Accounting Standards 6 and 23. SFFAS 35 amends SFFAS 6 and 23 to clarify that reasonable estimates of original transaction data historical cost may be used to value general property, plant, and equipment. More information can be found at http://www.fasab.gov

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