FASAB seeks feedback on its existing standards

May 15, 2023

The Federal Accounting Standards Advisory Board (FASAB) is seeking public comments as a part of its Reexamination of Existing Standards project.

The objective of the reexamination project, according to FASAB, is "to improve the standards and ensure that they are effective in providing financial information that supports public accountability and meets user needs."

Comments will be accepted through Sept. 15. Respondents should use the provided Microsoft Word file to share feedback.

Potential areas for commenters to consider include:

1. Streamlining authoritative guidance.
2. Eliminating or revising unclear requirements.
3. Eliminating disclosures and other required information that may no longer benefit users.
4. Filling gaps in the standards where the guidance either does not address or does not adequately address areas where federal financial reporting objectives are not being met.
5. Resolving inconsistencies in current practice.
6. Clarifying the standards (including addressing areas where the standards are difficult to apply).
7. Reconsidering areas where there is significant preparer or audit burden versus perceived value of the information or other cost/benefit concerns.
8. Considering overlaps or redundancy in requirements.

[Journal of Accountancy]