Accounting for Inventory and Related Property. Statement of Federal FinancialAccounting Standards Number 3

摘要

This is the third statement of recommended accounting standards issued by theFederal Accounting Standards Advisory Board (referred to as FASAB or the Board). The standards presented in this document apply to several types of tangible property, other than long term fixed assets, held by federal government agencies. These accounting standards cover the following assets: inventory (i.e., items held for sale); operating materials and supplies; stockpile materials; seized and forfeited property; foreclosed property; and goods held under price support and stabilization programs (including nonrecourse loans and purchase agreements). The following tables summarize the provision in the recommended accounting standards. The tables highlight the major provisions; they should not be substituted for close review of the standards themselves.