[Federal Register Volume 67, Number 38 (Tuesday, February 26, 2002)]
[Notices]
[Pages 8800-8801]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-4535]


=======================================================================
-----------------------------------------------------------------------

FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


New Exposure Draft Reclassification of Stewardship 
Responsibilities and Eliminating the Current Services Assessment

AGENCY: Federal Accounting Standards Advisory Board.

ACTION: Notice of new exposure draft reclassification of stewardship 
responsibilities and eliminating the current services assessment.

-----------------------------------------------------------------------

    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 has published a new exposure draft, 
Reclassification of Stewardship Responsibilities and Eliminating the 
Current Assessment.
    A summary of the proposed Statement follows: On February 19, 2002, 
the Federal Accounting Standards Advisory Board (FASAB) released for 
public comment an exposure draft (ED) to amend Statement of Federal 
Financial Accounting Standards (SFFAS) 5, Accounting for Liabilities of 
the Federal Government; Statement of Federal Financial Accounting 
Standards (SFFAS) 8, Supplementary Stewardship Reporting, and Statement 
of Federal Financial Accounting Standards (SFFAS) 17, Accounting for 
Social Insurance. The amendment proposes that risk assumed information 
and the CSA be reclassified as required supplementary information 
(RSI).
    Because it is deemed essential to fair presentation, Social 
Insurance information would be reclassified as an integral part of the 
basic financial statements. The exposure draft includes the Alternative 
Views of one Board member. The exposure draft also proposes that the 
requirement to report the CSA be eliminated after FY 2003, because 
improved timeliness in issuing audited financial statements should mean 
that these statements will be available before the President's Budget 
is published. The President's Budget is the source of the CSA. The 
exposure draft, entitled Reclassification of Stewardship 
Responsibilities and Eliminating the Current Services Assessment, 
Amending Statement of Federal Financial Accounting Standards (SFFAS) 5, 
Accounting for Liabilities of the Federal Government, Statement of 
Federal Financial Accounting Standards (SFFAS) 8, Supplementary 
Stewardship Reporting, and Statement of Federal Financial Accounting 
Standards

[[Page 8801]]

(SFFAS) 17, Accounting for Social Insurance, will be out for comment 
until May 19, 2002.
    The exposure draft will soon be mailed to FASAB's mailing list of 
subscribers. Additionally, it is available on FASAB's home page http://www.fasab.gov/ Copies can be obtained by contacting FASAB at (202) 512-
7350, or [email protected]. Respondents are encouraged to comment on 
any part of the exposure draft.
    Written comments are requested by May 19, 2002, 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. 92-463.

    Dated: February 20, 2002.
Wendy M. Comes,
Executive Director.
[FR Doc. 02-4535 Filed 2-25-02; 8:45 am]
BILLING CODE 1610-01-M