[Federal Register Volume 66, Number 79 (Tuesday, April 24, 2001)]
[Notices]
[Page 20659]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-10147]


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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


Notice of New Exposure Draft Change in Certain Requirements for 
Reconciling Obligations and Net Cost of Operations--Amendment of SFFAS 
7, Accounting for Revenue and Other Financing Sources

AGENCY: Federal Accounting Standards Advisory Board.
    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 has published a new exposure draft, 
Change in Certain Requirements for Reconciling Obligations and Net Cost 
of Operations--Amendment to SFFAS 7, Accounting for Revenue and Other 
Financing Sources.
    A summary of the proposed Statement follows: On April 12, 2001, the 
Federal Accounting Standards Advisory Board (FASAB) released for public 
comment an exposure draft (ED) to amend Statement of Federal Financial 
Accounting Standards (SFFAS) 7, Accounting for Revenue and Other 
Financing Sources and Concepts for Reconciling Budgetary and Financial 
Accounting. The Chairman of the Federal Accounting Standards Advisory 
Board announced that the FASAB has issued an exposure draft of a 
proposed standard affecting the presentation of the reconciliation of 
obligations and the net cost of operations in the statement of 
financing. The new standard would delete the requirement to report 
changes in certain receivables from the public as a resource on the 
statement of financing. The effect of the change is that the location 
of this item in the statement of financing is no longer specified by 
the standard. The Board is deferring a final solution regarding the 
placement of this element until it can be addressed within the context 
of a fuller review of the statement of financing. In the interim, 
flexibility will be permitted by the amended standard. The exposure 
draft entitle Change in Certain Requirements for Reconciling 
Obligations and Net Cost of Operations, Amendment of SFFAS 7, 
Accounting for Revenue and Other Financing Sources, will be out for 
comment until June 8, 2001. The proposed amendment of SFFAS No. 7 would 
be effective for periods beginning after September 30, 2000.
    The exposure draft will be mailed to FASAB's mailing list 
subscribers. Additionally, it is available on FASAB's home page http://www.financenet.gov/fasab.htm. Copies fan be obtained by contacting 
FASAB at (202) 512-7350, or [email protected]. For further 
information call Richard Fontenrose (202) 512-7358.
    Written comments are requested by June 8, 2001, and should be sent 
to: Wendy M. Comes, Executive Director, Federal Accounting Standards 
Advisory Board, 441 G Street, NW, Suite 6814, Mail Stop 6K17V, 
Washington, DC 20548.

FOR FURTHER INFORMATION CONTACT: Wendy Comes, Executive Director, 441 G 
St., NW., Room 6814, Washington, DC 20548, or call (202) 512-7350.

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

    Dated: April 19, 2001.
Wendy M. Comes,
Executive Director.
[FR Doc. 01-10147 Filed 4-23-01; 8:45 am]
BILLING CODE 1610-01-M