FACACLASSIC

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FASAB - 172 - Federal Accounting Standards Advisory Board - Agency Authority

GENERAL INFORMATION

Committee Name	Federal Accounting Standards Advisory Board	Agency Name	Federal Accounting Standards Advisory Board
Fiscal Year	2025	Committee Number	172
Original Establishment Date	12/21/1990	Committee Status	Chartered
Actual Termination Date		Committee URL	https://fasab.gov/
Actual Merged Date		Presidential Appointments*	No
New Committee This FY	No	Max Number of Members*	9
Terminated This FY	No	Designated Fed Officer Position Title*	Communications Specialist (DFO)
Merged This FY		Designated Federal Officer Prefix
Current Charter Date	10/27/2023	Designated Federal Officer First Name*	Leigha
Date Of Renewal Charter	10/27/2025	Designated Federal Officer Middle Name
Projected Termination Date		Designated Federal Officer Last Name*	Kiger
Exempt From Renewal*	No	Designated Federal Officer Suffix
Specific Termination Authority	FASAB Memorandum of Understanding, Section 5	Designated Federal Officer Phone*	(202) 512-7358
Establishment Authority*	Agency Authority	Designated Federal Officer Fax*	(202) 512-7366
Specific Establishment Authority*	Established pursuant to joint agency authorities at Title 31 U.S.C. 3511(d)	Designated Federal Officer Email*	kigerl@fasab.gov
Effective Date Of Authority*	12/3/2009
Exempt From EO 13875 Discretionary Cmte	Not Applicable
Committee Type*	Continuing
Presidential*	No
Committee Function*	Non Scientific Program Advisory Board

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*	Continue
Legislation to Terminate Required	Not Applicable
Legislation Status	Not Applicable
How does cmte accomplish its purpose?*	The Federal Accounting Standards Advisory Board (FASAB or "the Board') has three government agency sponsors: the Department of the Treasury, the Office of Management and Budget, and the Government Accountability Office. 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 land, climate-related financial reporting, intangible assets, leases, omnibus amendments, public-private partnerships, reexamination of existing standards, omnibus concepts amendments, management's discussion and analysis, and SFFAS 3: seized and forfeited digital assets.
Why close or partially close meetings?	Appointments Panel meetings may be closed to the public. The reason for the closures is that matters covered by 5 U.S.C. 552b(c)(2) and (6) are discussed.
Recommendation Remarks	The non-federal members (special government employees) are appointed by all three sponsoring agencies: the Department of the Treasury, the Office of Management and Budget, and the Government Accountability Office.

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*	No	Action Reorganize Priorities*	No
Outcome Trust In Government	Yes	Action Reallocate Resources	No
Outcome Major Policy Changes	No	Action Issued New Regulations	Yes
Outcome Advance In Scientific Research	No	Action Proposed Legislation	No
Outcome Effective Grant Making	No	Action Approved Grants Or Other Payments	No
Outcome Improved Service Delivery	Yes	Action Other	No
Outcome Increased Customer Satisfaction	No	Action Comment	NA
Outcome Implement Laws/Reg Requirements	Yes	Grants Review*	No
Outcome Other	No	Number Of Grants Reviewed	0
Outcome Comment	The 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 Recommended	0
Cost Savings*	Unable to Determine	Dollar Value Of Grants Recommended	$0.00
Cost Savings Comment	One 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 Comment	NA
Number Of Recommendations*	126	Access Contact Designated Fed. Officer*	Yes
Number Of Recommendations Comment	The Board promulgates federal financial accounting standards, concepts and implementation guidance. During FY 2024, the Board issued one concepts statement, three accounting standards, one technical bulletin, two technical releases, and two proposals.	Access Agency Website	Yes
% of Recs Fully Implemented*	100.00%	Access Committee Website	Yes
% of Recs Fully Implemented Comment	NA	Access GSA FACA Website	Yes
% of Recs Partially Implemented*	0.00%	Access Publications	Yes
% of Recs Partially Implemented Comment	NA	Access Other	No
Agency Feedback*	Yes	Access Comment	N/A
Agency Feedback Comment*	Members representing each sponsoring agency provide routine input to the Board including status reports on federal financial management improvements. The public can obtain information on this feedback from meeting briefing materials and minutes at FASAB’s website.	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.

COSTS

1. Payments to Non-Federal Members*		1. Est Paymnts to Non-Fed Membrs Nxt FY*
2. Payments to Federal Members*		2. Est. Payments to Fed Members Next FY*
3. Payments to Federal Staff*		3. Estimated Payments to Federal Staff*
4. Payments to Consultants*		4. Est. Payments to Consultants Next FY*
5. Travel Reimb. For Non-Federal Membrs*		5. Est Travel Reimb Non-Fed Membr nxtFY*
6. Travel Reimb. For Federal Members*		6. Est Travel Reimb For Fed Members*
7. Travel Reimb. For Federal Staff*		7. Est. Travel Reimb to Fed Staf Nxt FY*
8. Travel Reimb. For Consultants*		8. Est Travel Reimb to Consltnts Nxt FY*
10. Other Costs		10. Est. Other Costs Next FY*
11. Total Costs	$0.00	11. Est. Total Next FY*	$0.00
Date Cost Last Modified	1/21/2025 2:32 PM	Est. Fed Staff Support Next FY*
Federal Staff Support (FTE)*		Est Cost Remarks
Cost Remarks

Interest Areas

Category Area Data Data Integrity Finance Finance Government Internal Federal Government

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