by Bryan Strickland for Journal of Accountancy
The Federal Accounting Standards Advisory Board (FASAB) published its Annual Report for Fiscal Year 2023 and Three-Year Plan running through 2026.
The annual report for the fiscal year that ended Sept. 30 certified that, based on an annual board member survey, FASAB met the requirements to be recognized by the AICPA as the GAAP standard-setting body for federal government entities.
The three-year plan in the report highlighted the final issuances that FASAB published during the last fiscal year – one on intragovernmental leasehold reimbursable work agreements and one on omnibus amendments to lease-related topics – as well as the kickoff of a long-term project that will reexamine existing standards. FASAB also issued four exposure drafts during the fiscal year, including a long-awaited one on management discussion and analysis that is accepting comments through Dec. 7.
In addition, the report offered timetables for FASAB projects related to:
- intangible assets
- climate-related financial reporting
- public-private partnerships
- accounting and reporting of government land
Comments on the combined report are being accepted through Jan. 18 by email at fasab@fasab.gov.
— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.