NEWS RELEASE - FASAB
Federal Accounting Standards Advisory Board
FOR MORE INFORMATION: November 22, 2016
Melissa Batchelor
(202) 512-5976
batchelorm@
NEWS RELEASE
AAPC Releases an Exposure Draft
Technical Release: Conforming Amendments to Technical Releases for SFFAS 50, Establishing Opening Balances for
General Property, Plant, and Equipment
The Accounting and Auditing Policy Committee (AAPC) is seeking input on the exposure draft of a proposed Federal Financial Accounting Technical Release (TR) entitled Conforming Amendments to Technical Releases for SFFAS 50, Establishing Opening Balances for General Property, Plant, and Equipment.
Statement of Federal Financial Accounting Standards (SFFAS) 50 amended SFFAS 6, Accounting for Property, Plant, and Equipment, and SFFAS 10, Accounting for Internal Use Software, and rescinded SFFAS 35, Estimating the Historical Cost of General Property, Plant, and Equipment: Amending SFFAS 6 and 23. This TR would provide amendments to previously issued TRs to acknowledge the rescission of SFFAS 35. It would also clarify that all standards-level implementation guidance for general property, plant, and equipment (with the exception of certain provisions applicable to internal use software) now resides in SFFAS 6, as amended.
Wendy Payne, executive director of the Federal Accounting Standards Advisory Board and chair of the AAPC, stated, “Comments received during the due process of SFFAS 50 made it apparent that users rely on the technical guidance provided in the TRs; therefore, it was important to make the necessary conforming amendments.”
The AAPC requests comments on the exposure draft by January 9, 2017. Respondents are encouraged to provide the reasons for their positions. The exposure draft in PDF format and the specific question raised in Word format are available at the FASAB website .
ABOUT AAPC
The AAPC was organized in May 1997 by the Department of the Treasury, the Office of Management and Budget (OMB), the Government Accountability Office (GAO), the Chief Financial Officers' Council (CFOC), and the Council of the Inspectors General on Integrity and Efficiency (CIGIE) [formally the President's Council on Integrity and Efficiency (PCIE)], as a body to research accounting and auditing issues requiring guidance.
The AAPC serves as a permanent committee established by the Federal Accounting Standards Advisory Board (FASAB). FASAB’s mission is to develop accounting standards after considering the financial and budgetary information needs of congressional oversight groups, executive agencies, and the needs of other users of federal financial information. The mission of the AAPC is to assist the federal government in improving financial reporting through the timely identification, discussion, and recommendation of solutions to accounting and auditing issues as they relate to the specific application of existing authoritative literature.
The AAPC is intended to address issues that arise in implementation, which are not specifically or fully discussed in federal accounting and auditing standards. The AAPC's guidance is cleared by FASAB before being published.
Additional background information on the AAPC is available from FASAB on its website:
□ “Charter of the Accounting and Auditing Policy Committee”
□ Accounting and Auditing Policy Committee Operating Procedures
For more information on FASAB, please visit our website: .
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