99-24218. Recognition of Contingent Liabilities Arising from Litigation: An Amendment of SFFAS No. 5, Accounting for Liabilities of the Federal Government

[Federal Register Volume 64, Number 180 (Friday, September 17, 1999)]
[Notices]
[Pages 50545-50546]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-24218]


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OFFICE OF MANAGEMENT AND BUDGET


Recognition of Contingent Liabilities Arising from Litigation: An 
Amendment of SFFAS No. 5, Accounting for Liabilities of the Federal 
Government

AGENCY: Office of Management and Budget.

ACTION: Notice of Document Availability.

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SUMMARY: This Notice indicates the availability of the twelfth 
Statement of Federal Financial Accounting Standards (SFFAS), 
``Recognition of Contingent Liabilities Arising from Litigation: An 
Amendment of SFFAS No. 5, Accounting for Liabilities of the Federal 
Government.'' The statement was recommended by the Federal Accounting 
Standards Advisory Board (FASAB) and adopted in its entirety by the 
Office of Management and Budget (OMB).

ADDRESSES: Copies of SFFAS No. 12, ``Recognition of Contingent 
Liabilities Arising from Litigation: An Amendment of SFFAS No. 5, 
Accounting for Liabilities of the Federal Government,'' may be obtained 
for $2.50 each from the Superintendent of Documents, Government 
Printing Office, Washington, DC 20402-9325 (telephone [phone]), 
Stock No. 041-001-00527-7.

FOR FURTHER INFORMATION CONTACT: Kim Geier (telephone: [phone]), 
Office of Federal Financial Management, Office of Management and 
Budget, 725

[[Page 50546]]

17th Street, NW, Room 6025, Washington, DC 20503.

SUPPLEMENTARY INFORMATION: This Notice indicates the availability of 
the twelfth Statement of Federal Financial Accounting Standards 
(SFFAS), ``Recognition of Contingent Liabilities Arising from 
Litigation: An Amendment of SFFAS No. 5, Accounting for Liabilities of 
the Federal Government.'' The standard was recommended by the Federal 
Accounting Standards Advisory Board (FASAB) and adopted in its entirety 
by the Office of Management and Budget (OMB) on February 1, 1999.
    Under a Memorandum of Understanding among the General Accounting 
Office, the Department of the Treasury, and OMB on Federal Government 
Accounting Standards, the Comptroller General, the Secretary of the 
Treasury, and the Director of OMB decide upon accounting principles and 
standards after considering the recommendations of FASAB. After 
agreement to specific principles and standards, a notice of document 
availability is published in the Federal Register and distributed 
throughout the Federal Government.
    This Notice is available on the OMB home page on the Internet which 
is currently located at http://www.whitehouse.gov/OMB/, under the 
caption ``Federal Register.''

Sheila Conley,
Acting Controller.
[FR Doc. 99-24218 Filed 9-16-99; 8:45 am]
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