[Federal Register: October 8, 1999 (Volume 64, Number 195)]
[Notices]               
[Page 54898]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08oc99-116]                         

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GENERAL ACCOUNTING OFFICE

DEPARTMENT OF THE TREASURY

OFFICE OF MANAGEMENT AND BUDGET

 
Federal Accounting Standards Advisory Board; Approval of 
Statements of Federal Financial Accounting Concepts and Standards

AGENCY: GAO, Treasury, OMB.

ACTION: Notice.

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SUMMARY: The General Accounting Office, the Department of the Treasury, 
and the Office of Management and Budget (the FASAB principals) are 
announcing that they have agreed to modify their Memorandum of 
Understanding of October 1990, which established the Federal Accounting 
Standards Advisory Board (FASAB), to revise its accounting standard-
setting process. The revised procedures provide that a Statement of 
Federal Financial Accounting Standards or Concepts will become final 90 
days after FASAB has transmitted its proposed concept or standard to 
each of the three FASAB principals, so long as no principal, during 
that 90-day period, advises FASAB of an objection.

FOR FURTHER INFORMATION CONTACT: Mr. Richard Tingley, Federal 
Accounting Standards Advisory Board, 441 G Street, NW, Washington, DC 
20548; 202 512-7350.

SUPPLEMENTARY INFORMATION: The Federal Accounting Standards Advisory 
Board FASAB or the Board) was established by Memorandum of 
Understanding of the Secretary of the Treasury, the Comptroller 
General, and the Director of the Office of Management and Budget (the 
Board's principals) in October 1990 to consider and recommend 
accounting concepts and standards for the Federal Government. The 
Memorandum of Understanding directed the Board to determine detailed 
procedures to implement an accounting standard-setting process. In 
1991, the Board issued its Rules of Procedure, which were approved by 
its three principals.
    The Secretary of the Treasury, the Comptroller General, and the 
Director of the Office of Management and Budget have agreed to modify 
their Memorandum of Understanding of October, 1990 and the Board has 
determined to revise its rules of Procedure for implementing an 
accounting standard-setting process as follows. When the Board has 
developed a proposed concept or standard, the Board shall submit it to 
the Comptroller General, the Secretary of the Treasury, and the 
Director of OMB for their review. If, within 90 days after its 
submission, any one of these officials objects to the proposed concept 
or standard, then it shall be returned to the Board for further 
consideration. If, within 90 days after its submission, none of these 
officials objects to the proposed concept or standard, then it shall 
become a final concept or standard of the Board. The Board will publish 
notice of final concepts and standards in the Federal Register.
    The principals agree that standards set and promulgated following 
the Board's Rules of Procedure are recognized to have substantial 
authoritative support, and those accounting standards contrary to such 
promulgation are not. In accepting the revisions to the Memorandum of 
Understanding and the Board's Rules of Procedure, the principals retain 
their authorities, separately and jointly, to establish and adopt 
accounting standards for the Federal Government.

    Dated: October 4, 1999.
Philip T. Calder,
Chief Accountant, General Accounting Office.
    Dated: October 4, 1999.
Robert N. Reid,
Deputy Assistant Secretary for Accounting Operations, Department of the 
Treasury.
    Dated: October 4, 1999.
Sheila O. Conley,
Acting Controller, Office of Management and Budget.
[FR Doc. 99-26265 Filed 10-7-99; 8:45 am]
BILLING CODE 1610-01-M