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Essentials of Accounting for Governmental and
NotforProfit Organizations
Chapter 14
Financial Reporting by the Federal Government
Copyright © 2015 McGrawHill Education. All rights reserved.
Chapter 14 – Learning objectives
Describe the reporting requirements of federal agencies and the US government.
Understand the purpose and composition of the required financial statements of federal government units.
Prepare journal entries for typical transactions of a federal government unit, applying budgetary and proprietary accounting practices.
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Federal Accounting Standards
The Office of Management and Budget, together with the Government Accountability Office (GAO) and the Department of the Treasury are the primary organizations charged with financial management of the federal government. Together they created the Federal Accounting Standards Advisory Board.
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Federal Accounting Standards
Federal Accounting Standards Advisory Board (FASAB). The purpose of the FASAB is to develop and issue federal accounting standards. The Board is comprised of ten members:
two from the executive branch, two from the legislative and
six who are not employees of the federal government.
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Federal Accounting Standards Advisory Board
The standards (called Statements of Federal Financial Accounting Standards) are recognized as the highest level of authoritative standard in the AICPA’s Code of Professional Conduct for federal government entities.
Like the FASB and GASB, the FASAB has developed a conceptual framework to guide the Board in the development of new standards
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