Inter-Entity Cost Implementation Amending SFFAS 4, Managerial Cost …

Short Description
Specifically, the CFO Council’s Cost Accounting Implementation Guide. and the Joint Financial Management Improvement Program’s System Requirements for …

Website: www.fasab.gov | Filesize: 236kb

Content
Inter-Entity Cost Implementation
Amending SFFAS 4, Managerial Cost Accounting
Standards and Concepts
Federal Accounting Standards Advisory Board
Statement of Federal Financial Accounting Standards 30
August 15, 2005
____________________________________________________________________THE FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD
The Federal Accounting Standards Advisory Board (FASAB or “the Board”) was established
by the Secretary of the Treasury, the Director of the Office of Management and Budget
(OMB), and the Comptroller General in October 1990. It is responsible for promulgating
accounting standards for the United States Government. These standards are recognized as
generally accepted accounting principles (GAAP) for the Federal Government.
An accounting standard is typically formulated initially as a proposal after considering the
financial and budgetary information needs of citizens (including the news media, state and
local legislators, analysts from private firms, academe, and elsewhere), Congress, Federal
executives, Federal program managers, and other users of Federal financial information. The
proposed standard is published in an Exposure Draft for public comment. In some cases, a
discussion memorandum, invitation for comment, or preliminary views document may be
published before an exposure draft is published on a specific topic. A public hearing is
sometimes held to receive oral comments in addition to written comments. The Board
considers comments and decides whether to adopt the proposed standard, with or without
modification. After review by the three officials who sponsor FASAB, the Board…