[Federal Register Volume 68, Number 118 (Thursday, June 19, 2003)]
[Notices]
[Page 36790]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-15510]


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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


Notice of Issuance of Technical Bulletin 2003-1

    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 Technical Bulletin 2003-1, Certain 
Questions and Answers Related to The Homeland Security Act of 2002.
    The primary effects of the Technical Bulletin are that:
    a. Legacy entities will segregate the net costs of continuing and 
transferred operations, and recognize a transfer-out for assets and 
liabilities transferred. Segregation of the net cost is required for 
both current and prior period net cost.
    b. Transferred entities will segregate the net costs of continuing 
and transferred operation for components of the transferred entity that 
(1) were not transferred from the legacy entity or (2) subsequent to 
the creation of the Department of Homeland Security were no longer 
included in the transferred entity's operations. Transferred entities 
will recognize a transfer-out for assets and liabilities transferred. 
Segregation of the net cost is required for both current and prior 
period net cost.
    c. Department of Homeland Security and other receiving entities 
will recognize assets and liabilities received at book value and 
recognize a ``transfer-in.'' Financial statements based on the 
transfers and actual operations subsequent to the transfer will be 
presented.
    The Technical Bulletin is available on the FASAB Web site at 
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: June 13, 2003.
Wendy M. Comes,
Executive Director.
[FR Doc. 03-15510 Filed 6-18-03; 8:45 am]
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