GAE2115. FASAB Update: The Nuts and Bolts of What’s Happening at FASAB This Year

The Federal Accounting Standards Advisory Board (FASAB) serves the public interest by improving federal financial reporting through issuing generally accepted accounting principles and providing guidance after considering the needs of external and internal users of federal financial information. Federal financial reports are essential for public accountability and for an efficient and effective functioning of our democratic system of government. In this session, we will present a general update on current FASAB challenges, project statuses, and stakeholder engagements.

Learning Objectives:

• Identify current external challenges, including COVID-19, and discuss ways that FASAB is committed to resolving stakeholder difficulties.
• Identify and discuss the current status of all FASAB research topics, active projects, and proposed guidance.
• Identify and discuss the ways that FASAB engages with stakeholders for developing guidance and outreach efforts.