[Federal Register Volume 68, Number 176 (Thursday, September 11, 2003)]
[Notices]
[Pages 53608-53609]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-23112]


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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD


Notice of Availability of Two New Exposure Drafts

AGENCY: Federal Accounting Standards Advisory Board.

ACTION: Notice of Two New Exposure Drafts Auditing Estimates for Direct 
Loan and Loan Guarantee Subsidies Under the Federal Credit Reform Act 
(Amendments to Technical Release 3: Preparing and Auditing Direct Loan 
and Loan Guarantee Subsidies Under the Federal Credit Reform Act) and 
Preparing Estimates for Direct Loan and Loan Guarantee Subsidies Under 
the Federal Credit Reform Act (Amendments to Technical Release 3: 
Preparing and Auditing Direct Loan and Loan Guarantee Subsidies Under 
the Federal Credit Reform Act).

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    Board Action: Pursuant to the Federal Advisory Committee Act (Pub. 
L. No. 92-463), as amended, section 10(a)(2), and the FASAB Rules of 
Procedure, as amended in October, 1999, notice is hereby given that the 
Accounting and Auditing Policy Committee has published two new exposure 
drafts, Auditing Estimates for Direct Loan and Loan Guarantee Subsidies 
Under the Federal Credit Reform Act (Amendments to Technical Release 3: 
Preparing and Auditing Direct Loan and Loan Guarantee Subsidies Under 
the Federal Credit Reform Act) and Preparing Estimates for Direct Loan 
and Loan Guarantee Subsidies Under the Federal Credit Reform Act 
(Amendments to Technical Release 3: Preparing and Auditing Direct Loan 
and Loan Guarantee Subsidies Under the Federal Credit Reform Act)
    A summary of the proposed Statements follows: The purpose of 
proposed Technical Release 3 is to amend the guidance for auditors to 
audit credit subsidy estimates provided in the original technical 
release (July 1999). The most significant changes made in this amended 
TR3 are (1) the removal of the preparation guidance from this amended 
TR to only include the audit guidance and (2) procedural changes 
updating the document to reflect new guidance and changes in 
terminology in the area of credit reform (e.g., SFFAS 18 & 19; and OMB 
Circular A-11).
    The purpose of proposed Technical Release 6 is to amend the 
implementation guidance for agencies to prepare and report credit 
subsidy estimates provided in the original technical release (July 
1999). The most significant changes made between the original TR3 and 
this amended TR are (1) the removal of the audit guidance from this 
amended TR to only include the preparation guidance; (2) clarification 
of OMB's role in the credit subsidy estimation and re-estimation 
process; and (3) credit subsidy re-estimates may now include 6 months 
of actual data and 6 months of projected estimates.
    Respondents are encouraged to comment on any part of the exposure 
drafts. Written comments are requested by October 5, 2003, and should 
be sent to: Wendy M. Comes, Executive Director, Federal Accounting 
Standards Advisory Board, 441 G Street, NW., Suite 6814, Washington, DC 
20548.
    Copies of the Exposure Drafts can be obtained by contacting FASAB 
at 202-512-7350 or [email protected]. Additionally, the Exposure 
Drafts will be available on FASAB's home page http://www.fasab.gov/.

FOR FURTHER INFORMATION CONTACT: Wendy Comes, Executive Director, 441 G 
Street, NW., Mail Stop 6K17V, Washington, DC 20548, or call (202) 512-
7350.


[[Page 53609]]


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

    Dated: September 5, 2003.
Wendy M. Comes,
Executive Director.
[FR Doc. 03-23112 Filed 9-10-03; 8:45 am]
BILLING CODE 1610-01-M