[Federal Register Volume 66, Number 201 (Wednesday, October 17, 2001)]
[Notices]
[Pages 52765-52766]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-26165]


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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. 20, Elimination of Certain Disclosures Related to 
Tax Revenue Transactions by the Internal Revenue Service, Customs, and 
Others--Amendment to SFFAS 7, Accounting for revenue and other 
financing sources.

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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. 20, Elimination of 
Certain Disclosures Related to Tax Revenue Transactions by the Internal 
Revenue Service, Customs, and Others, Amendments to SFFAS No. 7, 
Accounting for Revenue and Other Financing Sources.
    The Board approved the Statement in June 2001, and submitted it to 
FASAB principals for a 90-day review. The review period closed on 
September 29, 2001.
    SFFAS No. 20 rescinds paragraph 65.2 of SFFAS 7, the provisions of 
which could, absent very detailed explanations, result in information 
being given to readers of the financial statements that they might 
misinterpret.
    The standards prescribed in SFFAS No. 20 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.


[[Page 52766]]


    Dated: October 12, 2001.
Wendy M. Comes,
Executive Director.
[FR Doc. 01-26165 Filed 10-16-01; 8:45 am]
BILLING CODE 1610-01-M