Federal Accounting Standards Advisory Board (FASAB) Annual Report, Fiscal Year Ended September 30, 2011

摘要

This is the Federal Accounting Standards Advisory Board (FASAB) Annual Report for FY 2011. The FASAB ('the Board') was established in October, 1990, by three federal officials responsible for federal financial reporting: the Secretary of the Treasury, the Director of the Office of Management and Budget (OMB), and the Comptroller General of the United States. These three officials possess legal authority under various laws to establish accounting and financial reporting standards for the federal government. Together, they entered into and have periodically modified a memorandum of understanding creating the board as a federal advisory committee. The mission of the FASAB is to develop accounting standards after considering the financial and budgetary information needs of congressional oversight groups, executive agencies, and the needs of other users of federal financial information.