FASAB April Board Meeting Starts Tomorrow

Sarah Woodman, Global events journalist
April 26, 2011 /

The Federal Accounting Standards Advisory Board (FASAB) will hold a meeting in the Government Accountability Office, Northwest, Washington DC  on April 27-28, 2011.

On the first day of the meeting, topics to be discussed are administrative matters such as clippings, 2012 calendar and FASB website update and the annual performance survey, 2006 strategic decisions addendum, exposure draft on deferred maintenance and repair, federal entity, reporting model and steering committee meeting.

On the second of the meeting, matters to be discussed are natural resources- technical bulletin, technical agenda, measurement attributes to approve final Statement of Federal Financial Accounting Concepts and earmarked funds to approve an exposure draft amending SFAS 27.

The minutes of the meeting will be posted in the FASAB website after approval. The minutes will be recorded and will be made part of public records. The recording will be available for use by the public upon request.

The meeting will start at 9AM and will end at 4PM every day.

The Financial Accounting Standards Board (FASB) is a private nonprofit organization whose primary aim is to develop generally accepted accounting principles (GAAP) within the United States in the public’s interest.

Generally Accepted Accounting Principles (GAAP) are accounting rules used to prepare, present and report financial statements for a wide variety of entities, including publicly-traded and privately-held companies, non-profit organizations, and governments. The term GAAP is usually confined to the United States but in a theoretical sense, generally accepted accounting principles encompass not only the US but also the entire industry of accounting. But outside the academic context, GAAP means US GAAP.


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