FASAB proposes modifications in accordance with 4 technical versions

Four technical versions of the federal government’s accounting standards would be amended to conform to newly released guidance under a proposal released Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board (FASAB).

A proposed technical version of Federal Financial Accounting (TR) titled Omnibus 2022 Technical Release Changes: Compliance Changes would provide changes consistent with:

  • TR 10, Implementation guidance on asbestos cleanup costs associated with installed facilities and equipment;
  • TR 11, Implementation guidance on cleaning costs associated with equipment;
  • TR 14, Implementation guidance on accounting for the disposal of general property, plant and equipment; and
  • TR 20, Implementation guide for leases.

The proposal is designed to conform the technical versions to the following statements:

  • SFFAS 40, Deferred maintenance and repairs: definition changes;
  • SFFAS 42, Deferred Maintenance and Repairs: Amendment to Statements of Federal Financial Accounting Standards 6, 14, 29 and 32;
  • SFFAS 44, Accounting for impairment of general property, plant and equipment remaining in service;
  • SFFAS 54, Leases: an amendment to Federal Financial Accounting Standards (SFFAS) 5, Accounting for Federal Government Liabilities, and SFFAS 6, Accounting for Tangible Capital Assets;
  • SFFAS 60, General Amendments 2021: Topics related to leases;
  • Interpretation 9, Cleanup Cost Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5 and 6; and
  • Technical Bulletin 2017-2, Assign Assets to Component Reporting Entities.

Comments on the Exposure Draft are requested by May 31 and respondents are encouraged to provide reasons for their comments.

— To comment on this article or suggest an idea for another article, contact Ken Tysiac at [email protected].

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