[Federal Register Volume 66, Number 60 (Wednesday, March 28, 2001)]
[Notices]
[Page 16940]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-7567]


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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


Notice of Issuance of Statement of Federal Financial Accounting 
Standards

AGENCY: Federal Accounting Standards Advisory Board.

ACTION: Notice of issuance of statement of federal financial accounting 
standards (SFFAS) No. 19).

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Board Action

    Pursuant to the Federal Advisory Committee Act (Pub. L. 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. 19, Technical Amendments to Accounting Standards 
for Direct Loans and Loan Guarantees in Statement of Federal Financial 
Accounting Standards No. 2.
    The Board approved the Statement in December 2000, and submitted it 
to FASAB principals for a 90-day review. The review period completed on 
March 20, 2001.
    In SFFAS No. 19, the Board adopted a number of technical amendments 
to SFFAS No. 2 for the following purposes:
    (a) Clarify that the cash flow discount method used in the 
accounting standards prescribed in SFFAS No. 2 is consistent with the 
method required in the Federal Credit Reform Act of 1990, as amended in 
July 1997.
    (b) Clarify that the effective interest rate of a cohort of direct 
loans or loan guarantees is the interest rate adjusted for the interest 
rate re-estimate, as defined in paragraph 9(A), SFFAS No. 18, 
Amendments to Accounting Standards for Direct Loans and Loan Guarantees 
in SFFAS No. 2.
    (c) Clarify that the measurement for the default costs of direct 
loans and loan guarantees should include and exclude certain cash flow 
elements.
    The standards prescribed in SFFAS No. 19 are effective for periods 
beginning after September 30, 2002. 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., N.W., Mail Stop 6K17V, Washington, D.C. 20548, or call (202) 512-
7350.

    Authority: Federal Advisory Committee Act. Pub. L. 92-463.

    Dated: March 22, 2001.
Wendy M. Comes,
Executive Director.
[FR Doc. 01-7567 Filed 3-27-01; 8:45 am]
BILLING CODE 1610-01-M