Accounting Standards in the U.S. Federal Government

Accounting Standards in the U.S. Federal Government

• • Go the FASAB Website, located at www.FASAB.gov. Navigate to the “Our Mission” section under the “About” tab, the minutes of recent meetings from the “Board Activities” tab, and the current “Standards” section to prepare to discuss the following topics:
• • • Describe the make-up and selection process of the Board that disseminates federal accounting standards.
    • Separate accounting standards exist for the U.S. Federal Government in contrast to state and local governments; discuss why this is necessary.
    • Identify the government agency responsible for compiling the U.S. Federal Government financial reports and the agency responsible for auditing the reports.

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The Federal Accounting Standards Advisory Board was constituted by three different officials that were responsible for financial reporting. They include the Secretary of the treasury, the controller general of the US and the Director of the office of the management and budget. They wanted FASAB to come up with accounting standards and principles that could be used by the US government. The steering committee of the board is comprised of the chairperson. Board members from treasury, Government Accountability Office (GAO) and Office of Management and Budget (OMB)…..

APA

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