[Federal Register: September 11, 2003 (Volume 68, Number 176)]
[Notices]
[Page 53608-53609]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11se03-70]

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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


Notice of Availability of Two New Exposure Drafts

AGENCY: Federal Accounting Standards Advisory Board.

ACTION: Notice of Two New Exposure Drafts Auditing Estimates for Direct
Loan and Loan Guarantee Subsidies Under the Federal Credit Reform Act
(Amendments to Technical Release 3: Preparing and Auditing Direct Loan
and Loan Guarantee Subsidies Under the Federal Credit Reform Act) and
Preparing Estimates for Direct Loan and Loan Guarantee Subsidies Under
the Federal Credit Reform Act (Amendments to Technical Release 3:
Preparing and Auditing Direct Loan and Loan Guarantee Subsidies Under
the Federal Credit Reform Act).

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    Board Action: Pursuant to the Federal Advisory Committee Act (Pub.
L. No. 92-463), as amended, section 10(a)(2), and the FASAB Rules of
Procedure, as amended in October, 1999, notice is hereby given that the
Accounting and Auditing Policy Committee has published two new exposure
drafts, Auditing Estimates for Direct Loan and Loan Guarantee Subsidies
Under the Federal Credit Reform Act (Amendments to Technical Release 3:
Preparing and Auditing Direct Loan and Loan Guarantee Subsidies Under
the Federal Credit Reform Act) and Preparing Estimates for Direct Loan
and Loan Guarantee Subsidies Under the Federal Credit Reform Act
(Amendments to Technical Release 3: Preparing and Auditing Direct Loan
and Loan Guarantee Subsidies Under the Federal Credit Reform Act)
    A summary of the proposed Statements follows: The purpose of
proposed Technical Release 3 is to amend the guidance for auditors to
audit credit subsidy estimates provided in the original technical
release (July 1999). The most significant changes made in this amended
TR3 are (1) the removal of the preparation guidance from this amended
TR to only include the audit guidance and (2) procedural changes
updating the document to reflect new guidance and changes in
terminology in the area of credit reform (e.g., SFFAS 18 & 19; and OMB
Circular A-11).
    The purpose of proposed Technical Release 6 is to amend the
implementation guidance for agencies to prepare and report credit
subsidy estimates provided in the original technical release (July
1999). The most significant changes made between the original TR3 and
this amended TR are (1) the removal of the audit guidance from this
amended TR to only include the preparation guidance; (2) clarification
of OMB's role in the credit subsidy estimation and re-estimation
process; and (3) credit subsidy re-estimates may now include 6 months
of actual data and 6 months of projected estimates.
    Respondents are encouraged to comment on any part of the exposure
drafts. Written comments are requested by October 5, 2003, and should
be sent to: Wendy M. Comes, Executive Director, Federal Accounting
Standards Advisory Board, 441 G Street, NW., Suite 6814, Washington, DC
20548.
    Copies of the Exposure Drafts can be obtained by contacting FASAB
at 202-512-7350 or valentinem@fasab.gov. Additionally, the Exposure
Drafts will be available on FASAB's home page http://www.fasab.gov/.

FOR FURTHER INFORMATION CONTACT: Wendy Comes, Executive Director, 441 G
Street, NW., Mail Stop 6K17V, Washington, DC 20548, or call (202) 512-
7350.


[[Page 53609]]


    Authority: Federal Advisory Committee Act. Pub. L. No. 92-463.

    Dated: September 5, 2003.
Wendy M. Comes,
Executive Director.
[FR Doc. 03-23112 Filed 9-10-03; 8:45 am]

BILLING CODE 1610-01-M