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].