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federal_accounting_standards_advisory_board.pptxFederal Accounting Standards Advisory Board
ROLES
Responsible for developing Accounting Standard and Principles for United States Government.
Cost and Benefit consideration of Financial Information in conformity with GAAP.
Participation by variety stakeholder’s regarding federal accounting standards-setting process.
Accounting standard guidance for formal and informal communication with preparers and auditors.
Developing Accounting Transparency; Consistent Government Practices for adherence to memorandum of understanding
Regulation Enforced
Enhancing Government Accountability by issuing federal financial accounting and reporting standards that adhere to industry best practices.
Compliance for Businesses
The Generally Accepted Accounting Standards formulated by FASAB are mandatory standards that are needed to be followed by all companies while filing financial reports such as 10-K. The Financial Statements are to be prepared in conformity with the GAAP issued by FASAB.
