The Federal Accounting Standards Advisory Board (FASAB) is seeking feedback on its existing standards as a part of its Reexamination of Existing Standards project.
The project’s objective is “to improve the standards and ensure that they are effective in providing financial information that supports public accountability and meets user needs.”
Potential areas for constructive feedback include streamlining FASAB’s authoritative guidance, eliminating or revising unclear requirements, eliminating disclosures that may no longer benefit users and resolving inconsistencies in current practice.
FASAB will accept comments on its existing standards through Friday, Sept. 15.