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FASAB – Vision for 2015

This document outlines the FASAB's major projects, including the conceptual framework, objectives, elements, and fiduciary activities. It also discusses the challenges and accomplishments of the Board, as well as future goals for federal financial reporting.

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FASAB – Vision for 2015

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  1. FASAB – Vision for 2015 The Federal Accounting Standards Advisory Board David Mosso, CPA Tom Allen, CPA

  2. Disclaimer Views expressed are those of the speaker. The Board expresses its views in official publications.

  3. Status of Major Projects • Conceptual Framework • Objectives • Elements • Social Insurance and Liabilities • Natural Resources • Fiduciary Activities

  4. Conceptual Framework Phases • Objectives and qualitative characteristics • Elements and Recognition Criteria • Financial Reporting Model and Sustainability Reporting • Measurement Attributes • Entity

  5. Social Insurance • A majority of the Board tentatively agrees that an obligation exists prior to due and payable (40 quarters work in covered employment) • Issues: • Supplementary Medical Insurance Elections • Assigning costs to periods • Treatment of changes in estimates

  6. Natural Resources • Recognizing oil and gas proved reserves at current value • Results in information on: • Quantity of proved reserves • Value of proved reserves • Royalty revenue and depletion of reserves • Extensive disclosure and RSI

  7. Key Accomplishments

  8. Strategic Planning

  9. Roundtable Meetings - Objectives of Federal Financial Reporting • Objective 1 – Budgetary Integrity

  10. Reporting Objectives - continued • Objective 2 – Operating Performance • Objective 3 – Stewardship • Objective 4 – Systems and Control

  11. White Paper on Objectives of Federal Financial Reporting • Defining the Board’s role and priorities in meeting the broad objectives of SFFAC 1

  12. LOOKING AHEAD

  13. Refining/Completing the Federal Reporting Model • Inclusion of all assets/liabilities and appropriately recording changes in them. • The reporting entity • Reporting beyond the traditional balance sheet and operating statement

  14. Additional Reporting • Statement of Social Insurance • Sustainability Reporting • Articulation of these Statements to traditional Balance Sheet and Operating Statements

  15. Expanded Outreach to Potential Federal Financial Report Users • Increase due process feedback • FASAB’s educational role • User focus meetings

  16. My Perception of FASAB’s Biggest Challenges • Independence • Resources

  17. Initial Assessment • Competent staff • Committed Board • Generally strong agency support

  18. FASAB On-Line Resources • www.fasab.gov • All exposure drafts and final pronouncements. • Electronic mailing list for updates including newsletter and requests for comment. • Active project pages including briefing materials.

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