[Federal Register Volume 65, Number 103 (Friday, May 26, 2000)]
[Notices]
[Page 34187]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-13306]


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GENERAL ACCOUNTING OFFICE


Federal Accounting Standards Advisory Board

AGENCY: General Accounting Office.

ACTION: Notice of Issuance of Statement of Federal Financial Accounting 
Standards (SFFAS) No. 18).

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    Board Action: Pursuant to the Federal Advisory Committee Act (Pub. 
L. No. 92-463), as amended, and the FASAB Rules Of Procedure, as 
amended in October, 1999, notice is hereby given that the Federal 
Accounting Standards Advisory Board (FASAB) has issued Statement of 
Federal Financial Accounting Standards (SFFAS) No. 18, Amendments to 
Accounting Standards for Direct Loans and Loan Guarantees in SFFAS No. 
2.
    The Board approved the Statement in February 2000, and submitted it 
to FASAB principals for a 90-day review. The review period closed on 
May 19, 2000.
    SFFAS No. 18 provides the following new requirements to improve 
financial reporting for subsidy costs and performance of Federal credit 
programs:
     Report subsidy reestimates in two distinct components: the 
interest rate reestimate and the technical/default reestimate. The 
former is a reestimate due to a change in interest rates used in 
calculating the subsidy expense. The latter is a reestimate due to 
changes made in projected cash flows after reevaluating all the risk 
factors as of the financial statement date.
     Display a reconciliation on an entity-wide basis between 
the beginning and the ending balances of the subsidy cost allowance for 
direct loans and the liability for loan guarantees, reported in an 
entity's balance sheet.
     Provide a narrative to disclose and discuss events and 
changes in economic conditions and legislation that have had a 
significant and measurable effect on the subsidy costs of direct loans 
and loan guarantees.
    The standards prescribed in SFFAS No. 18 are effective for periods 
beginning after September 30, 2000. Hard copies of the statement will 
be mailed to the FASAB mailing list. It is also available on the FASAB 
web site at www.financenet.gov/fasab.htm or by calling 202-512-7350.

FOR FURTHER INFORMATION CONTACT: Wendy Comes, Executive Director, 441 G 
St., NW., Mail Stop 6K17V, Washington, DC 20548, or call (202) 512-
7350.

    Authority: Federal Advisory Committee Act. Pub. L. No. 92-463.

    Dated: May 23, 2000.
Wendy M. Comes,
Executive Director.
[FR Doc. 00-13306 Filed 5-25-00; 8:45 am]
BILLING CODE 1610-01-M