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
Showing posts with label Exposure Drafts. Show all posts
Showing posts with label Exposure Drafts. Show all posts
Monday, November 02, 2009
Wednesday, September 30, 2009
AGA's FMSB Comments on GASB Proposal
AGA's Financial Management Standards Board (FMSB) has issued a comment letter to the Governmental Accounting Standards Board (GASB) on its exposure draft of a proposed statement on Accounting and Financial Reporting for Service Concession Arrangements
Wednesday, April 01, 2009
FSIO - Standard Business Processes Document - Reimbursables Exposure Draft
The reimbursable management standard business process chapter is the fifth chapter of the standard business process document. This chapter puts forth best practice business processes for administering and managing interagency buy/sell transactions. These processes are focused on buy/sell reimbursable activity between Federal agency trading partners, and do not include fiduciary and non-expenditure transfer transactions.
The Reimbursable Management standard process spans the full lifecycle of an Interagency Agreement (IA) from establishing an agreement between a Buyer (requesting agency) and Seller (providing agency) where there is a bona fide need for an exchange of goods and/or services to close out of the IA. The review period for this exposure draft will end on May 1, 2009. Please submit your comments and questions in writing by close of business on May 1st to fsio@gsa.gov, using the comment template provided.
Document - [Word] - March 2009
FSIO Transmittal Letter - [Word] - March 2009
Comment Template - [Excel] - March 2009
The Reimbursable Management standard process spans the full lifecycle of an Interagency Agreement (IA) from establishing an agreement between a Buyer (requesting agency) and Seller (providing agency) where there is a bona fide need for an exchange of goods and/or services to close out of the IA. The review period for this exposure draft will end on May 1, 2009. Please submit your comments and questions in writing by close of business on May 1st to fsio@gsa.gov, using the comment template provided.
Document - [Word] - March 2009
FSIO Transmittal Letter - [Word] - March 2009
Comment Template - [Excel] - March 2009
Friday, February 27, 2009
Draft standard could improve financial reports
The Office of Management and Budget (OMB) and the Financial Systems Integration Office (FSIO) have published a draft version of a standard business process that agencies will use to produce required reports that are given OMB and the Treasury Department.
The processes are among several core standards that agencies are to adopt to improve financial management when they move to modernized financial systems, said a FSIO news release of Feb. 23. FSIO is an office in the General Services Administration. Implementing standard business processes is a component of OMB’s Financial Management Line of Business (FM LOB) consolidation effort.
Agencies would use the standard report management process to generate financial data and statements including for balance sheets and statement of budgetary resources, according to the draft document. Other standard business processes are for management of payments, funds control, accounts receivables or billing customers, and reimbursables or payments for goods and services.
FSIO said it plans to incorporate the business standards into the core financial system requirements after a comment period that ends March 25. Agencies must implement the standards by moving to systems that incorporate the business standards when they update their current financial systems, OMB has said. Agencies must move to these systems by using government or commercial shared-services providers that meet criteria under the FM LOB, OMB has said. Those providers are equipped to offer financial management systems and services to many agencies.
By standardizing processes, data and interfaces, agencies can provide more reliable financial data more quickly at lower cost for senior officials to use to make management decisions, Dianne Copeland, FSIO’s director, has said. Under the FM LOB effort, agencies are also beginning to use governmentwide accounting standards.
In another report about financial management, federal and industry executives said the FM LOB had already made significant progress, but the Obama administration needs a comprehensive strategy, improved governance and processes for interagency collaboration to advance the effort, according to a transition study group of the Industry Advisory Council.
The administration should increase the focus on financial management and its integration with key management support functions, including planning, acquisition, programming and budget management, said the report released Feb. 11.
Agencies need to modernize their financial management systems so they can produce reliable and timely financial and performance information throughout the year and at the fiscal year end, the IAC said. Current and accurate financial data will also be required for the administration’s transparency efforts, such as www.recovery.gov, to monitor how agencies spend money from the economic stimulus law, the report said.
In addition to a comprehensive plan and more effective governance, IAC recommended that the administration:
READ MORE...
The processes are among several core standards that agencies are to adopt to improve financial management when they move to modernized financial systems, said a FSIO news release of Feb. 23. FSIO is an office in the General Services Administration. Implementing standard business processes is a component of OMB’s Financial Management Line of Business (FM LOB) consolidation effort.
Agencies would use the standard report management process to generate financial data and statements including for balance sheets and statement of budgetary resources, according to the draft document. Other standard business processes are for management of payments, funds control, accounts receivables or billing customers, and reimbursables or payments for goods and services.
FSIO said it plans to incorporate the business standards into the core financial system requirements after a comment period that ends March 25. Agencies must implement the standards by moving to systems that incorporate the business standards when they update their current financial systems, OMB has said. Agencies must move to these systems by using government or commercial shared-services providers that meet criteria under the FM LOB, OMB has said. Those providers are equipped to offer financial management systems and services to many agencies.
By standardizing processes, data and interfaces, agencies can provide more reliable financial data more quickly at lower cost for senior officials to use to make management decisions, Dianne Copeland, FSIO’s director, has said. Under the FM LOB effort, agencies are also beginning to use governmentwide accounting standards.
In another report about financial management, federal and industry executives said the FM LOB had already made significant progress, but the Obama administration needs a comprehensive strategy, improved governance and processes for interagency collaboration to advance the effort, according to a transition study group of the Industry Advisory Council.
The administration should increase the focus on financial management and its integration with key management support functions, including planning, acquisition, programming and budget management, said the report released Feb. 11.
Agencies need to modernize their financial management systems so they can produce reliable and timely financial and performance information throughout the year and at the fiscal year end, the IAC said. Current and accurate financial data will also be required for the administration’s transparency efforts, such as www.recovery.gov, to monitor how agencies spend money from the economic stimulus law, the report said.
In addition to a comprehensive plan and more effective governance, IAC recommended that the administration:
- Communicate the value to Congress of the FM LOB.
- Support centralized services through a service-oriented architecture and an enterprise services bus to drive budgeting, reporting and influence business case decisions for information technology spending.
- Direct agency executives to establish and fund best practices and approaches in IT, such as centralizing business processes and IT infrastructure.
READ MORE...
Tuesday, January 20, 2009
FASAB Seeks Input on Exposure Drafts
The Federal Accounting Standards Advisory Board (FASAB) is seeking input on several exposure drafts:
Estimating the Historical Cost of General Property, Plant, and Equipment--Amending Statements of Federal Financial Accounting Standards 6 and 23.
Comments are due Jan. 30, 2009.
The Hierarchy of Generally Accepted Accounting Principles for Federal Entities, Including the Application of Standards Issued by the Financial Accounting Standards Board.
Comments are due Feb. 2, 2009.
Social Insurance Accounting, Revised.
Comments are due by Feb. 9, 2009.
Estimating the Historical Cost of General Property, Plant, and Equipment--Amending Statements of Federal Financial Accounting Standards 6 and 23.
Comments are due Jan. 30, 2009.
The Hierarchy of Generally Accepted Accounting Principles for Federal Entities, Including the Application of Standards Issued by the Financial Accounting Standards Board.
Comments are due Feb. 2, 2009.
Social Insurance Accounting, Revised.
Comments are due by Feb. 9, 2009.
Monday, November 24, 2008
New FASAB Exposure Drafts
FASAB Releases Exposure Draft on Social Insurance
The Federal Accounting Standards Advisory Board (FASAB) is seeking input on the exposure draft Social Insurance Accounting, Revised. Social Insurance comprises five programs; however, two programs, Social Security and Medicare, are of special significance because of the high rate of participation among citizens, the fiscal challenges related to the programs, and the challenges associated with incorporating estimates of future cash flows of this magnitude in financial statements.
From the outset, members have agreed on the objectives of financial reporting for social insurance programs but have had different views about how best to achieve the objectives and about the timing of the recognition of expense and liability for social insurance programs.
Chairman Tom Allen says that "this exposure draft represents a compromise. It proposes enhanced reporting but does not resolve the two strongly held views regarding when the obligating event occurs for social insurance programs and, thus, when the liability and expense definitions are met within those programs." Comments on the exposure draft are due by Feb. 9, 2009.
FASAB Releases ED on Estimating the Historical Cost of General Property, Plant and Equipment
The FASAB is seeking input on an exposure draft, Estimating the Historical Cost of General Property, Plant, and Equipment--Amending Statements of Federal Financial Accounting Standards 6 and 23.This Statement proposes to clarify that reasonable estimates of original transaction data historical cost may be used to value general property, plant, and equipment. Comments on the exposure draft are due by Jan. 30, 2009.
The Federal Accounting Standards Advisory Board (FASAB) is seeking input on the exposure draft Social Insurance Accounting, Revised. Social Insurance comprises five programs; however, two programs, Social Security and Medicare, are of special significance because of the high rate of participation among citizens, the fiscal challenges related to the programs, and the challenges associated with incorporating estimates of future cash flows of this magnitude in financial statements.
From the outset, members have agreed on the objectives of financial reporting for social insurance programs but have had different views about how best to achieve the objectives and about the timing of the recognition of expense and liability for social insurance programs.
Chairman Tom Allen says that "this exposure draft represents a compromise. It proposes enhanced reporting but does not resolve the two strongly held views regarding when the obligating event occurs for social insurance programs and, thus, when the liability and expense definitions are met within those programs." Comments on the exposure draft are due by Feb. 9, 2009.
FASAB Releases ED on Estimating the Historical Cost of General Property, Plant and Equipment
The FASAB is seeking input on an exposure draft, Estimating the Historical Cost of General Property, Plant, and Equipment--Amending Statements of Federal Financial Accounting Standards 6 and 23.This Statement proposes to clarify that reasonable estimates of original transaction data historical cost may be used to value general property, plant, and equipment. Comments on the exposure draft are due by Jan. 30, 2009.
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