[Federal Register Volume 64, Number 195 (Friday, October 8, 1999)]
[Notices]
[Page 54898]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-26265]
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GENERAL ACCOUNTING OFFICE
DEPARTMENT OF THE TREASURY
OFFICE OF MANAGEMENT AND BUDGET
Federal Accounting Standards Advisory Board; Approval of
Statements of Federal Financial Accounting Concepts and Standards
AGENCY: GAO, Treasury, OMB.
ACTION: Notice.
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SUMMARY: The General Accounting Office, the Department of the Treasury,
and the Office of Management and Budget (the FASAB principals) are
announcing that they have agreed to modify their Memorandum of
Understanding of October 1990, which established the Federal Accounting
Standards Advisory Board (FASAB), to revise its accounting standard-
setting process. The revised procedures provide that a Statement of
Federal Financial Accounting Standards or Concepts will become final 90
days after FASAB has transmitted its proposed concept or standard to
each of the three FASAB principals, so long as no principal, during
that 90-day period, advises FASAB of an objection.
FOR FURTHER INFORMATION CONTACT: Mr. Richard Tingley, Federal
Accounting Standards Advisory Board, 441 G Street, NW, Washington, DC
20548; 202 512-7350.
SUPPLEMENTARY INFORMATION: The Federal Accounting Standards Advisory
Board FASAB or the Board) was established by Memorandum of
Understanding of the Secretary of the Treasury, the Comptroller
General, and the Director of the Office of Management and Budget (the
Board's principals) in October 1990 to consider and recommend
accounting concepts and standards for the Federal Government. The
Memorandum of Understanding directed the Board to determine detailed
procedures to implement an accounting standard-setting process. In
1991, the Board issued its Rules of Procedure, which were approved by
its three principals.
The Secretary of the Treasury, the Comptroller General, and the
Director of the Office of Management and Budget have agreed to modify
their Memorandum of Understanding of October, 1990 and the Board has
determined to revise its rules of Procedure for implementing an
accounting standard-setting process as follows. When the Board has
developed a proposed concept or standard, the Board shall submit it to
the Comptroller General, the Secretary of the Treasury, and the
Director of OMB for their review. If, within 90 days after its
submission, any one of these officials objects to the proposed concept
or standard, then it shall be returned to the Board for further
consideration. If, within 90 days after its submission, none of these
officials objects to the proposed concept or standard, then it shall
become a final concept or standard of the Board. The Board will publish
notice of final concepts and standards in the Federal Register.
The principals agree that standards set and promulgated following
the Board's Rules of Procedure are recognized to have substantial
authoritative support, and those accounting standards contrary to such
promulgation are not. In accepting the revisions to the Memorandum of
Understanding and the Board's Rules of Procedure, the principals retain
their authorities, separately and jointly, to establish and adopt
accounting standards for the Federal Government.
Dated: October 4, 1999.
Philip T. Calder,
Chief Accountant, General Accounting Office.
Dated: October 4, 1999.
Robert N. Reid,
Deputy Assistant Secretary for Accounting Operations, Department of the
Treasury.
Dated: October 4, 1999.
Sheila O. Conley,
Acting Controller, Office of Management and Budget.
[FR Doc. 99-26265 Filed 10-7-99; 8:45 am]
BILLING CODE 1610-01-M
