The Federal Accounting Standards Boards (FASAB) issued a proposal on Money that would change lease accounting for federal government entities. Proposed Statement of Federal Financial Accounting Standards (SFFAS), Leases: An Amendment of SFFAS-5, Accounting for Liabilities of the Federal Government, and SFFAS 6, Accounting for Property, Plant, and equipment, is designed to provide relevant and… Read More

The chairman of the Federal Accounting Standards Advisory Board (FASAB), Scott Showalter, announced today that FASAB has issued Statement of Federal Financial Accounting Standards (SFFAS) 48, Opening Balances for Inventory, Operating Materials and Supplies, and Stockpile Materials. “The Board is committed to providing the Department of Defense (DoD) with a cost-effective means to adopt generally… Read More

The Chairperson of the Accounting and Auditing Policy Committee (AAPC), Wendy Payne, announced today the issuance of Statement of Federal Financial Accounting Technical Release 16 (TR 16), Implementation Guidance for Internal Use Software. The guide was developed by the Internal Use Software working group with representatives from 10 agencies and two private firms. Ms. Payne… Read More