The results of staff’s research will be used to determine whether additional reporting should be required for any of the entities that primarily apply FASB GAAP in order to meet users’ needs and federal financial reporting objectives.Ī roundtable on reporting by federal entities that primarily apply standards issued by the Financial Accounting Standards Board was held on Wednesday, September 9, 2009. Further progress on this project will depend on workload demands of projects that have been designated as higher priority.Īt the October 22, 2009, meeting, the board directed staff to begin work on the proposed project approach, starting with analyzing characteristics of federal entities that primarily apply generally accepted accounting principles (GAAP) issued by the Financial Accounting Standards Board (FASB), grouping them by type, and determining the primary users’ needs of each major grouping. Staff is continuing research to determine whether additional reporting should be required for any of the entities that primarily apply FASB GAAP in order to meet users’ needs and federal financial reporting objectives. Staff plans to present a revised project plan to the board at the June board meeting. If there are outstanding questions or issues remaining at the end of the Federal Entity project and the board agrees at a future agenda-setting session that the issues are a priority, the project can always be reopened. At the board’s request, no further research or outreach will be conducted with respect to this project. As a result of this decision, staff will close the project and move it from the Active Projects to the Archived Projects. NOTE: This project was archived in August 2011 following board deliberations at the June 2011 meeting.Īt the June 22, 2011, meeting, after discussing a draft project plan and approach, the majority view of the board members was that the project should be dropped. HISTORY OF BOARD DELIBERATIONS (reverse chronology) The primary objective of this project is to consider the appropriate source of GAAP for federal entities. For example, federal government corporations, the US Postal Service, certain component entities of the Department of Treasury, and some smaller entities in the executive and legislative branches have historically applied FASB GAAP and continue to do so. Nevertheless, some federal entities follow GAAP for nongovernmental entities promulgated by the private sector Financial Accounting Standards Board (FASB GAAP). Since October 1999, the American Institute of Certified Public Accountants (AICPA) has recognized the Federal Accounting Standards Advisory Board (FASAB) as the standard-setting body for federal governmental entities therefore, the pronouncements resulting from the FASAB process represent generally accepted accounting principles (GAAP) for the entire federal government (FASAB GAAP).
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