[Federal Register Volume 67, Number 60 (Thursday, March 28, 2002)]
[Notices]
[Pages 14951-14952]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-7435]


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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


Report and Guidance Documents

AGENCY: Federal Accounting Standards Advisory Board

ACTION: Notice of New Exposure Draft Eliminating the Category National 
Defense Property, Plant, and Equipment.

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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 has published a new exposure draft, 
Eliminating the Category National Defense Property, Plant, and 
Equipment.
    A summary of the proposed Statement follows: On March 25, 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) 8, Supplementary Stewardship Reporting, 
and Statement of Federal Financial Accounting Standards (SFFAS) 6, 
Accounting for Property, Plant and Equipment. The amendment proposed in 
the ED would make the following changes. The term ``ND PP&E'' would be 
rescinded. All items previously considered ND PP&E would be classified 
as general PP&E. Accordingly, these items would be capitalized and, 
with the exception of land and land improvements that produce permanent 
benefits, depreciated. This ED also notes that all entities are 
permitted to use the composite or group depreciation methodology to 
calculate depreciation. The amendments proposed in this ED would take 
effect for accounting periods beginning after September 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 20, 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., 6814, Washington, D.C. 20548, or call (202) 512-7350.

[[Page 14952]]


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

    Dated: March 25, 2002.
Wendy M. Comes,
Executive Director.
[FR Doc. 02-7435 Filed 3-27-02; 8:45 am]
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