[Federal Register Volume 68, Number 32 (Tuesday, February 18, 2003)]
[Notices]
[Page 7790]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-3766]


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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


Issuance of Statement of Federal Financial Accounting Standards 
(SFFAS) No. 24

AGENCY: Federal Accounting Standards Advisory Board.

ACTION: Notice of Issuance of Statement of Federal Financial Accounting 
Standards (SFFAS) No. 24.

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    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 issued Statement of Federal Financial 
Accounting Standards (SFFAS) No. 24. Selected Standards for the 
Consolidated Financial Report of the United States Government.
    The Board approved the Statement in October 2002, and submitted it 
to FASAB principals for a 90-day review. The review period closed on 
January 27, 2003.
    SFFAS No. 24 states for the first time that all SFFAS's apply to 
all Federal entities (including the consolidated Government-wide 
entity) unless a standard specifically provides otherwise. In addition, 
it clarifies that the Statement of Budgetary Resources and Statement of 
Financing, while relevant for agencies executing the budget, are not 
required for the Government-wide CFR.
    However, SFFAS 24 requires new statements for the CFR, but not for 
agencies or departments. The new statements provide information on net 
operating revenue (or cost), budget surplus (or deficit), and cash. The 
new statements are principal CFR financial statements and are to be 
presented on a comparative basis.
    The standards prescribed in SFFAS No. 24 are effective for periods 
beginning after September 30, 2001. Hard copies of the statement will 
be mailed to the FASAB mailing list. It is also available on the FASAB 
web site at http://www.fasab.gov 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. 92-463.

    Dated: February 10, 2003.
Wendy M. Comes,
Executive Director.
[FR Doc. 03-3766 Filed 2-14-03; 8:45 am]
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