Federal Accountability Evolution

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Federal Accountability - Evolution

• Wendy Payne
• Executive Director

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Disclaimer

• Views expressed are those of the speaker. The
  Board expresses its views in official
  publications.

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Changing Times

• About the time we can make the ends meet,
  somebody moves the ends.
• Blessed are the young for they shall inherit the
  national debt.
• President Hoover

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Transparency

• Transparency promotes accountability and provides
  information for citizens about what their
  Government is doing.  Information maintained by
  the Federal Government is a national asset. 
• President Obama, 2009

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Overview___________________________

• How we operate
• Concepts
• Elements
• Measurement
• Federal Financial Reporting Model
• Evaluating Existing Standards
• MDA
• Cost
• Deferred Maintenance
• General PPE

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How FASAB Operates___________________________

• Public deliberation
• Ten members
• Outreach
• More outreach
• Decisions
• Feedback loop
• AAPC role

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Concepts___________________________

• Integrated framework
• Discipline
• Expectations
• Components
• Objectives
• Qualitative Characteristics
• Elements
• Measurement
• Reporting Model

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Federal Financial Reporting Model________________
___________

• Why?
• User needs inventory
• Voids or Overkill
• Link to audit and internal controls

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Evaluating Existing Standards

• Why
• Cost/benefit issues?
• Communication challenges
• Expectations
• How
• Outreach to preparers, auditors and users
• Development of options
• Standards
• Barriers
• Leadership

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Managements Discussion Analysis

• Evaluation of Existing Standards
• Whats going well and whats missing?
• Relationship to pilot and citizens guides
• Solutions
• Standards revised
• Best practices identified

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Cost Accounting

• Evaluation of Existing Standards
• Whats going well and whats missing?
• Relationship to performance reporting
• Best practices
• Where does cost accounting work well?
• Solutions
• Standards revised
• Best practices identified

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Deferred Maintenance and Asset Impairment

• Deferred Maintenance
• SFFAS 6 as amended results in RSI - experimental
• Deferred maintenance viewed as critical
  management issue.
• Task force formed
• Asset Impairment
• SFFAS 6 covers complete impairment
• How does deferred maintenance relate to
• Depreciation
• Asset Impairment

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General PPE

• Proposal to extend guidance in SFFAS 23 regarding
  the use of estimates for general PPE
• Accounting and Auditing Policy Committee task
  force developing implementation guidance
• Acquisition of PPE
• Use of PPE
• Cleanup Cost
• Record Retention
• Evaluation of Existing Standards
• Replacement Cost?

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Contact and Website Information

• General inquiries can be directed to
  fasab_at_fasab.gov
• Phone [phone]
• www.FASAB.gov
• Listserv
• Exposure Drafts
• Active Projects