How are accounting standards and concepts developed for the Federal Government?
The Federal Accounting Standards Advisory Board (FASAB) develops accounting standards and principles for the United States government. Refer to Exhibit 1 for a list of all FASAB members and the Board’s history. FASAB considers comments received from the public, Congress, managers, and other users of Federal financial information on its proposed standards and concepts, which are widely distributed as exposure drafts. After the Board concludes its deliberations on the information presented in exposure drafts, the Board presents a draft Statement to the Principals (Secretary of the Treasury, the Director, Office of Management and Budget, Comptroller of the United States) who have 90 days within which to review and deliberate. If none of the Principals object, the Statement is published by FASAB and becomes generally accepted accounting principles to be adhered to by Federal financial reporting entities. 5.3 What is Service policy for collecting and maintaining Service financial informatio
