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Committee Detail

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.


FASAB - 172 - Federal Accounting Standards Advisory Board - Agency Authority
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameFederal Accounting Standards Advisory BoardAgency NameFederal Accounting Standards Advisory Board
Fiscal Year2020Committee Number172
Original Establishment Date12/21/1990Committee StatusChartered
Actual Termination Date Committee URLhttps://fasab.gov/
New Committee This FYNoPresidential Appointments*No
Terminated This FYNoMax Number of Members*9
Current Charter Date10/30/2019Designated Fed Officer Position Title*Communications Specialist (DFO)
Date Of Renewal Charter10/30/2021Designated Federal Officer PrefixMs.
Projected Termination Date Designated Federal Officer First Name*Leigha
Exempt From Renewal*NoDesignated Federal Officer Middle NameKristina
Specific Termination AuthorityFASAB Memorandum of Understanding, Section 5Designated Federal Officer Last Name*Kiger
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*Established pursuant to joint agency authorities at Title 31 U.S.C. 3511(d)Designated Federal Officer Phone*(202) 512-7358
Effective Date Of Authority*12/3/2009Designated Federal Officer Fax*(202) 512-7366
Exempt From EO 13875 Discretionary CmteNot ApplicableDesignated Federal Officer Email*kigerl@fasab.gov
Committee Type*Continuing
Presidential*No
Committee Function*Non Scientific Program Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Continue
Legislation to Terminate RequiredNo
Legislation StatusNot Applicable
How does cmte accomplish its purpose?*In carrying out its purpose, the Board, after discussion, issues an Exposure Draft on a proposed accounting standard or other issuance, seeking public comment on it. The Board then considers all comments, and revises the proposal as appropriate. The Board then submits its federal financial accounting standard to its three sponsors. After all three sponsors review it, if neither OMB or GAO object, FASAB issues it. The standards are designed to improve the usefulness of financial reports based on the needs of users and on the primary characteristics of understandability, relevance, and reliability. The adopted accounting standards should support the common understanding of information in government-wide and agency financial reports.
How is membership balanced?*The Board's membership reflects the financial management viewpoints of the three principals: fiscal policy (Treasury), auditing (GAO), and management (OMB); and six non-federal members. Specifically, the Board's nine member composition consists of three federal and six non-federal members as follows:GAO,OMB,Treasury, and six non-federal members from the general financial community, the accounting and auditing community, and academia. Each of these members speaks from his/her own background and experience. The chair is drawn from among the non-federal members. Balance is maintained through the Appointments Panel convened to assist in selecting new non-federal members. The panel comprises both federal and non-federal members and considers the variety of experience and viewpoints represented in identifying new members for appointment.
How frequent & relevant are cmte mtgs?*Meetings are generally held every other month with occasional public hearings on a particular proposed accounting standard or concept. This approach provides continuity and opportunity for continuing dialogue among the members as a basis for developing accounting standards.
Why advice can't be obtained elsewhere?*No systematic detailed consideration, including due process, had ever been given to the development of federal accounting standards. FASAB is now carrying out this task, based on its mandate from the Secretary of the Treasury, the Comptroller General, and Director of the Office of Management and Budget. FASAB follows due process procedures that ensure the public has an opportunity to participate.Currently, the Board is considering accounting standards addressing public private partnerships, land, recognition of leased assets and related liabilities, and refinement of existing standards, as well as undertaking a comprehensive review of the federal financial reporting model.
Why close or partially close meetings?Meetings were partially closed for discussion of matters covered by 5 U.S.C. 552b(c)(2) and (6).
Recommendation Remarks
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentYesAction Reallocate ResourcesNo
Outcome Major Policy ChangesNoAction Issued New RegulationsYes
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryYesAction OtherNo
Outcome Increased Customer SatisfactionNoAction CommentNA
Outcome Implement Laws/Reg RequirementsYesGrants Review*No
Outcome OtherNoNumber Of Grants Reviewed0
Outcome CommentThe requirement for annual audited financial statements enhances trust in government and improves information available to decision makers to improve service delivery. Without accounting standards established in a transparent manner, the reports would not be comparable and consistent. The Board's work supports implementation of the CFO Act as amended.Number Of Grants Recommended0
Cost Savings*Unable to DetermineDollar Value Of Grants Recommended$0.00
Cost Savings CommentOne objective of federal financial reporting is information related to the operating performance of agencies including the cost of performance. We do not directly track efficiencies that result from improved internal information but expect that savings result.Grants Review CommentNA
Number Of Recommendations*111Access Contact Designated Fed. Officer*Yes
Number Of Recommendations CommentThe Board promulgates federal financial accounting standards, concepts and implementation guidance. During FY 2020 the Board issued one accounting standard, one concepts statement, one technical bulletin, and one proposal.Access Agency WebsiteYes
% of Recs Fully Implemented*100.00%Access Committee WebsiteYes
% of Recs Fully Implemented CommentNAAccess GSA FACA WebsiteYes
% of Recs Partially Implemented*0.00%Access PublicationsYes
% of Recs Partially Implemented CommentNAAccess OtherNo
Agency Feedback*YesAccess CommentN/A
Agency Feedback Comment*Members representing each sponsoring agency provide routine input to the Board including status reports on federal financial management improvements.Narrative Description*FASAB promulgates generally accepted accounting principles on behalf of the Office of Management and Budget, Department of the Treasury and the Government Accountability Office.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members*$172,724.00Est Payments to Non-Fed Members Next FY*$177,349.00
Payments to Federal Members*$176,400.00Est. Payments to Fed Members Next FY*$181,300.00
Payments to Federal Staff*$1,645,690.00Estimated Payments to Federal Staff*$1,742,483.00
Payments to Consultants*$0.00Est. Payments to Consultants Next FY*$12,809.00
Travel Reimb. For Non-Federal Members*$13,402.00Est Travel Reimb Non-Fed Members nextFY*$30,380.00
Travel Reimb. For Federal Members*$0.00Est Travel Reimb For Fed Members*$0.00
Travel Reimb. For Federal Staff*$19.00Est. Travel Reimb to Fed Staff Next FY*$5,000.00
Travel Reimb. For Consultants*$0.00Est Travel Reimb to Consultants Next FY*$0.00
Other Costs$84,641.00Est. Other Costs Next FY*$150,379.00
Total Costs$2,092,876.00Est. Total Next FY*$2,299,700.00
Federal Staff Support (FTE)*9.98Est. Fed Staff Support Next FY*9.98
Cost RemarksFY 2020 travel costs were substantially reduced due to the COVID-19 pandemic.Est Cost Remarks
Hide Section - Interest Areas

Interest Areas

Category
Area
Data
Data Integrity
Finance
Finance
Government
Internal Federal Government
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - SUBCOMMITTEES

SUBCOMMITTEES

Committee

Subcommittees

ActionCommittee System IDSubcommittee NameFiscal Year
 COM-032577Appointments Panel2020
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

No Documents Found
Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

 
ActionCommittee System IDCommittee NameFiscal Year
 COM-035295Federal Accounting Standards Advisory Board2019
 COM-032575Federal Accounting Standards Advisory Board2018
 COM-001628Federal Accounting Standards Advisory Board2017
 COM-002548Federal Accounting Standards Advisory Board2016
 COM-003872Federal Accounting Standards Advisory Board2015
 COM-004917Federal Accounting Standards Advisory Board2014
 COM-005982Federal Accounting Standards Advisory Board2013
 COM-006808Federal Accounting Standards Advisory Board2012
 COM-008113Federal Accounting Standards Advisory Board2011
 COM-008939Federal Accounting Standards Advisory Board2010
 COM-010174Federal Accounting Standards Advisory Board2009
 COM-010908Federal Accounting Standards Advisory Board2008
 COM-012019Federal Accounting Standards Advisory Board2007
 COM-012741Federal Accounting Standards Advisory Board2006
 COM-013906Federal Accounting Standards Advisory Board2005
 COM-014640Federal Accounting Standards Advisory Board2004
 COM-015815Federal Accounting Standards Advisory Board2003
 COM-016817Federal Accounting Standards Advisory Board2002
 COM-017598Federal Accounting Standards Advisory Board2001
 COM-018768Federal Accounting Standards Advisory Board2000
 COM-019530Federal Accounting Standards Advisory Board1999
 COM-020656Federal Accounting Standards Advisory Board1998
 COM-021484Federal Accounting Standards Advisory Board1997