U.S. GAAP and Federal Accounting Standards
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What We Need to Know
U.S. GAAP
and the relationship between
Federal Accounting Standards Advisory Board (FASAB) Office of
Management and Budget (OMB), and Treasury
CIGIE/GAO Financial Statement Audit Conference
1
FASAB
issues the Federal accounting standards, referred to as U.S.
Generally Accepted Accounting Policies (U.S. GAAP) for Federal entities.
OMB
provides guidance for Executive Branch entities required to submit
audited financial statements, Performance and Accountability Reports
(PARs) or Agency Financial Report (AFRs)A-136 prescribes the form and
content of Federal entities Financial Reporting Requirements.
The
USSGL
provides a uniform chart of accounts and technical guidance
for standardizing Federal agency accounting
.
What we need to know
2
What we need to know
3
Statement of Federal Financial Accounting Standards (SFFAS) 1 defines:
Accounts receivable
arise from claims to cash or other assets.
Accounts Payable
amounts owed by a federal entity for goods and services received from, progress in
contract performance made by, and rents due to other entities” and
excludes
“on-going continuous
expenses such as employees' salary and benefits.”
OMB Circular A-136
, section II.3.2.2, which states, “
entities
must
use the asset and liability line titles on
the numbered lines…”
Excerpt from:
OMB Circular A-136, Balance Sheet-subsection:
Lines 3 and 22 (Both-Intragovernmental)
FASAB and OMB
4
Treasury – Crosswalk for Receivables
5
Treasury – Crosswalk for Accounts Payable
6
Explore the relationship between FASAB, OMB, and Treasury in setting accounting standards for federal entities under U.S. GAAP. Learn about the issuance of financial reporting requirements, uniform chart of accounts, and definitions of accounts receivable and payable. Discover the guidance provided by OMB Circular A-136 and Treasury crosswalks for receivables and accounts payable.
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Presentation Transcript
What We Need to Know U.S. GAAP and the relationship between Federal Accounting Standards Advisory Board (FASAB) Office of Management and Budget (OMB), and Treasury CIGIE/GAO Financial Statement Audit Conference 1
What we need to know FASAB issues the Federal accounting standards, referred to as U.S. Generally Accepted Accounting Policies (U.S. GAAP) for Federal entities. OMB provides guidance for Executive Branch entities required to submit audited financial statements, Performance and Accountability Reports (PARs) or Agency Financial Report (AFRs)A-136 prescribes the form and content of Federal entities Financial Reporting Requirements. The USSGL provides a uniform chart of accounts and technical guidance for standardizing Federal agency accounting. 2
FASAB and OMB Statement of Federal Financial Accounting Standards (SFFAS) 1 defines: Accounts receivable arise from claims to cash or other assets. Accounts Payableamounts owed by a federal entity for goods and services received from, progress in contract performance made by, and rents due to other entities and excludes on-going continuous expenses such as employees' salary and benefits. OMB Circular A-136, section II.3.2.2, which states, entities must use the asset and liability line titles on the numbered lines Excerpt from: OMB Circular A-136, Balance Sheet-subsection: Lines 3 and 22 (Both-Intragovernmental) 4
