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QUESTION
Accounting Standards in the U.S. Federal Government
- Go the FASAB Website, located at www.FASAB.gov. Navigate to the “Our Mission” section under the “About” tab, the minutes of recent meetings from the “Board Activities” tab, and the current “Standards” section to prepare to discuss the following topics:
- Describe the make-up and selection process of the Board that disseminates federal accounting standards.
- Separate accounting standards exist for the U.S. Federal Government in contrast to state and local governments; discuss why this is necessary.
- Identify the government agency responsible for compiling the U.S. Federal Government financial reports and the agency responsible for auditing the reports.
