GAE2502. FASAB Update

The Federal Accounting Standards Advisory Board (FASAB) serves the public interest by improving federal financial reporting through issuing generally accepted accounting principles (GAAP) and providing guidance after considering the needs of external and internal users of federal financial information. In this session, we will provide an overview of FASAB and present a general update on FASAB projects, stakeholder engagements, and potential accounting issues on the horizon.

Learning Objectives:

• Discuss the FASAB GAAP hierarchy and identify how FASAB meets financial statement user needs through its due process.
• Identify and discuss the status of FASAB’s active projects, recently issued guidance, and recent accounting and financial reporting related developments in the federal government.
• Identify and discuss the ways that FASAB engages with stakeholders for developing new guidance and helping apply issued guidance.