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B-255473 1 (1993-12-01)

handle is hein.gao/gaobablht0001 and id is 1 raw text is: The Comptroller General of the United States Washington, D.C. 20548 B-255473 December 1, 1993 HEADS OF DEPARTMENTS AND AGENCIES Subject: Accounting Principles and Standards Accounting principles, standards, and related requirements for executive agencies are published in Title 2, Accounting, of the General Accounting Office's (GAO) Policy and Procedures Manual for Guidance of Federal Agencies, in accordance with 31 U.S.C. 3511. Historically, the Comptroller General has issued new standards after consultation with the Secretary of the Treasury and the Director of the Office of Management and Budget (OMB), and after considering the needs of executive agencies. Since the previous revision of Title 2, in 1984, a new process has been adopted to develop accounting standards. To facilitate the consultative process, in October 1990, the Comptroller General, the Secretary of the Treasury, and the Director of OMB agreed to establish the Federal Accounting Standards Advisory Board (FASAB). FASAB's purpose is to consider and recommend accounting principles, standards, and requirements to GAO, Treasury, and OMB. The Comptroller General, the Secretary of the Treasury, and the Director of OMB will decide upon new principles, standards, and requirements after considering FASAB's recommendations. The Comptroller General and the Director of 0MB will each publish the principles, standards, and requirements. This memorandum describes the comprehensive basis of accounting to be followed by executive agencies and announces GAO's policy for revising Title 2 to reflect accounting principles, standards, and related requirements agreed upon by the three principals. The Comptroller General, the Secretary of the Treasury, and the Director of OMB, have approved for issue FASAB's recommended statements on (1) Objectives of Federal Financial Reporting, (2) Accounting for Selected Assets and Liabilities, (3) Accounting for Direct Loans and Loan Guarantees, and (4) Accounting for Inventories and Related Property. The FASAB is currently addressing additional issues. 7 r8 5- -30

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