[Federal Register Volume 65, Number 29 (Friday, February 11, 2000)]
[Notices]
[Pages 7076-7077]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-3174]


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OFFICE OF MANAGEMENT AND BUDGET


Accounting for Social Insurance

AGENCY: Office of Management and Budget.

ACTION: Notice of document availability.

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SUMMARY: This Notice indicates the availability of Statement of Federal 
Financial Accounting Standards (SFFAS) No. 17, ``Accounting for Social 
Insurance.'' The statement was recommended by the Federal Accounting 
Standards Advisory Board (FASAB) and adopted in its entirety by the 
Office of Management and Budget (OMB).

ADDRESSES: Copies of SFFAS No. 17, ``Accounting for Social Insurance,'' 
may be obtained for $12.00 each from the Superintendent of Documents, 
Government Printing Office, Washington, DC 20402-9325 (telephone 202-
512-1800), Stock No. 041-001-00540-4.

FOR FURTHER INFORMATION CONTACT: James Short (telephone: 202-395-3124), 
Office of Federal Financial Management, Office of Management and 
Budget, 725 17th Street, N.W., Room 6025, Washington, DC 20503.

SUPPLEMENTARY INFORMATION: This Notice indicates the availability of 
the seventeenth Statement of Federal Financial Accounting Standards 
(SFFAS), ``Accounting for Social Insurance.'' The standard was 
recommended by the Federal Accounting Standards Advisory Board (FASAB) 
and adopted in its entirety by the Office of Management and Budget 
(OMB) on November 19, 1999.
    Under a Memorandum of Understanding among the General Accounting 
Office, the Department of the Treasury, and OMB on Federal Government 
Accounting Standards, the Comptroller General, the Secretary of the 
Treasury, and the Director of OMB decide upon accounting principles and 
standards after considering the recommendations of FASAB. After 
agreement to specific principles and standards, a notice of document 
availability is published in the Federal Register and distributed 
throughout the Federal Government.
    On September 30, the FASAB Principals signed a revised MOU agreeing 
that future FASAB statements will become final 90 days after FASAB has 
submitted a proposed standard to each of the three FASAB Principals, so 
long as no Principal objects during the 90-day period. OMB, GAO, and 
Treasury would continue to have veto power over any FASAB action and, 
in addition, they would maintain their statutory authority to establish 
and adopt accounting standards for the Federal Government.
    Under this new agreement, FASAB will be responsible for the Federal 
Register notification process for future statements. Since this 
statement and one other were undergoing final review by September 30, 
they will be processed under the previous procedures. The other 
statement will be forwarded by OMB within the next few weeks for 
publication in the Federal Register.
    Under a Memorandum of Understanding among the General Accounting 
Office, the Department of the Treasury, and OMB on Federal Government 
Accounting Standards, the Comptroller General, the Secretary of

[[Page 7077]]

the Treasury, and the Director of OMB decide upon accounting principles 
and standards after considering the recommendations of FASAB. After 
agreement to specific principles and standards, a notice of document 
availability is published in the Federal Register and distributed 
throughout the Federal Government.
    This Notice is available on the OMB home page on the Internet which 
is currently located at http://www.whitehouse.gov/WH/EOP/omb, under the 
caption ``Federal Register Submissions.''

Joshua Gotbaum,
Executive Associate Director and Controller.
[FR Doc. 00-3174 Filed 2-10-00; 8:45 am]
BILLING CODE 3110-01-U