AGA FMSB Issues Three Comment Letters to FASAB

AGA's Financial Management Standards Board (FMSB) provided comments to the Federal Accounting Standards Advisory Board (FASAB) on its exposure drafts of two proposed statements: Estimating the Historical Cost of General Property, Plant and Equipment and The Hierarchy of Generally Accepted Accounting Principles, Including the Application of Standards Issued by the Financial Accounting Standards Board.

The FMSB also issued a comment letter on its exposure draft about Accounting for Social Insurance, Revised. In general, the FMSB commended the board for continuing its deliberations on this most important topic and for its continuing efforts to ensure that reporting for social insurance is transparent and useful. However, the FMSB remains concerned that the positions taken by some of the board members find their basis in other than established accounting and reporting principles. Read more FMSB comment letters.

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.