[Federal Register Volume 66, Number 92 (Friday, May 11, 2001)]
[Notices]
[Pages 24138-24139]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-11935]


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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


Notice of New Exposure Draft Reporting Corrections of Errors and 
Changes in Accountng--Amendment of SFFAS 7, Accounting for Revenue and 
Other Financing Sources

    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, 
Reporting Corrections of Errors and Changes in Accounting Principles--
Amendment to SFFAS 7, Accounting for Revenue and Other Financing 
Sources.
    A summary of the proposed Statement follows: On May 11, 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 amending the reporting requirements for errors, 
discovered in the current year, that would have materially affected 
prior year financial statements. The current standard requires that 
adjustments be recognized as a change in cumulative results of 
operations (rather than as an element of net results of operations for 
the period) and that prior period financial statements not be restated 
for prior period adjustments recognized in the current period. The 
proposed amendment requires that when material errors are discovered in 
prior year financial statements, all statements presented must be 
restated to correct the error. The primary reason for proposing the 
amendment is to allow reporting entities to present comparative 
statements. The exposure draft, entitled Reporting Corrections of 
Errors and Changes in Accounting Principles, Amendment of SFFAS 7, 
Accounting for Revenue and Other Financing Sources, will be out for 
comment until June 11, 2001. The proposed amendment of SFFAS No. 7 
would be effective for periods beginning after September 30, 2001.
    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/

[[Page 24139]]

fasab.htm. Copies can be obtained by contacting FASAB at (202) 512-
7350, or [email protected]. For further information call Andrea Palmer 
(202) 512-7360.
    Written comments are requested by June 11, 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: May 8, 2001
Lucy Lomax,
Assistant Executive Director.
[FR Doc. 01-11935 Filed 5-10-01; 8:45 am]
BILLING CODE 1610-01-M