1. FASAB WHAT’S COMING YOUR WAY

2. Disclaimer Views expressed are those of the speaker.
The Board expresses its views in official
publications.

3. Agenda Which projects are in the pre-proposal stage?
What guidance has been proposed?
What guidance has been recently completed & what are the effective dates?
Why is FASAB evaluating existing standards?
How does FASAB set accounting standards?
What is in the Annual Report & Three-Year Plan?
How can you get involved in the standards-setting process?
How to stay connected!

4. 1. Which projects are in the pre-proposal stage?

5. Pre-proposal Projects
Note Disclosures
Risk Reporting
Reporting Model

6. Note Disclosure Concepts
Pre-proposal
Note Disclosure Concepts
Overview of Project:
Improve relevance, clarity, consistency, and comparability of note disclosures among the federal entities
Two-phase approach to research note disclosure principles and related topics
Phase I concentrates on developing conceptual principles
Conceptual Principles: note disclosure goals, note content, and disclosure relevance & objectives

7. Note Disclosure Concepts
Pre-proposal
Note Disclosure Concepts
Status:
Working group formed in August 2017
Survey conducted in September 2017
Phase I: Develop a principle framework outline
Board is deliberating on the draft concepts with working group input
FASAB staff member: Grace Wu
For more information please review the Note Disclosure/Materiality project page at:

8. Risk Reporting Overview of Project: Risk Reporting is in phase II
Pre-proposal
Risk Reporting
Overview of Project:
Risk Reporting is in phase II
To provide concise, meaningful, and transparent information regarding material financial impact of significant risks - other than events covered in SFFAS 51 - to major federal programs & significant risk events
Phase I was completed January 18, 2017, with the issuance of SFFAS 51, Insurance Programs

9. Risk Reporting Pre-proposal
Status:
Risk Assumed renamed to Risk Reporting in August to determine how to integrate risk reporting information in Management’s Discussion and Analysis (MD&A)& Notes
Developing Interpretation for paragraph 3 of SFFAS MD&A - for forward-looking Information
Conducted interviews
Present interview findings & recommendations for Interpretation at April Board meeting
FASAB staff member: Robin Gilliam
For more information please review the Risk Reporting project page at:

10. Reporting Model Pre-proposal Overview of Project: Phase I
Improving MD&A
Reporting stewardship investments
Phase II
Considering the reporting model of the future
Are user needs impacted by changes in technology such as digitized data and data visualizations?

11. Reporting Model Status: FASAB staff member: Ross Simms
Pre-proposal
Reporting Model
Status:
Developing proposal to amend SFFAS 15
Permit flexibility in organizing required content
Proposing to rescind SFFAS 8
Eliminate RSSI category
FASAB staff member: Ross Simms
For more information please review the Reporting Model project page at: and

12. 2. What guidance has been proposed?

13. Proposed Guidance Land Liabilities Interpretation Materiality
Conforming Amendments to TR for SFFAS 54
Omnibus Amendments

14. Accounting and Reporting of Government Land
Proposed Guidance
Accounting and Reporting of Government Land
Overview of Proposal: To ensure consistent accounting treatment and reporting for land holdings while considering user information needs
Proposal:
reclassify G-PP&E land as a non-capitalized asset
clarify definition for the stewardship land category
require reporting of G-PP&E land and SL using three predominant use sub-categories: conservation and preservation land; operational land; and commercial use land
require consistent and comparable disclosures of information for land

15. Accounting and Reporting of Government Land
Proposed Guidance
Accounting and Reporting of Government Land
Status:
Exposure draft released on April 30, 2018
Respondent comments were due on July 30, 2018
Clarification sessions held on October 24 – 25, 2018
Proposal is currently being deliberated by the Board
FASAB staff member: Domenic Savini
For more information please review the Land project page at:

16. Liabilities Interpretation
Proposed Guidance
Liabilities Interpretation
Overview of Proposal:
Provide guidance to assist in the application of identified general liability standards and principles at the component reporting entity level.
Interpretation would provide clarification for contingent liabilities when one or more sub-component reporting entities within a single component reporting entity are designated to manage litigation and/or pay any resulting liabilities on behalf of one or more other sub-component reporting entities.
Interpretation would also provide guidance regarding cleanup cost liabilities when the component reporting entity responsible for reporting on an asset during its useful life is different from the component reporting entity that will eventually be responsible for environmental remediation upon disposal of that asset.
Assigning Liabilities
Liabilities arising from government-related events may be caused by one component of a large department but paid for by another component. There is presently no authoritative guidance to aid management in deciding which component should report each liability
The focus is on contingent liabilities and cleanup costs
The Interpretation would provide clarification for contingent liabilities when one or more sub-component reporting entities within a single component reporting entity are designated to manage litigation and/or pay any resulting liabilities on behalf of one or more other sub-component reporting entities.
The Interpretation would also provide guidance regarding cleanup cost liabilities when the component reporting entity responsible for reporting on an asset during its useful life is different from the component reporting entity that will eventually be responsible for environmental remediation upon disposal of that asset.

17. Liabilities Interpretation
Proposed Guidance
Liabilities Interpretation
Guidance on Recognizing Liabilities Involving Multiple Component Reporting Entities: An Interpretation of SFFAS 5
Status:
Exposure draft released on October 17, 2018
Respondent comments were due on March 11, 2019
Proposal is currently being deliberated by the Board
FASAB staff member: Melissa Batchelor
For more information please review the Evaluation of Existing Standards project page at:

18. Materiality Overview of Proposal
Proposed Guidance
Materiality
Overview of Proposal
Clarify the existing materiality guidance
Proposing concepts on the application of materiality in the federal financial reporting environment.
Concepts statement would
Provide materiality concepts
Specify the scope of materiality
List factors to consider when applying materiality
Survey Results
Disclosures detailed
Disclosures complex
Task group formed

19. Materiality Materiality Concepts: Amending SFFAC 1 and SFFAC 3 Status:
Proposed Guidance
Materiality
Materiality Concepts: Amending SFFAC 1 and SFFAC 3
Status:
Exposure draft released on October 15, 2018
Respondent comments were due on March 11, 2019
Proposal is currently being deliberated by the Board
FASAB staff member: Grace Wu
For more information please review the Note Disclosure/Materiality project page at:

20. Conforming Amendments to Technical Releases for Leases
Proposed Guidance
Conforming Amendments to Technical Releases for Leases
Overview of Proposal:
Proposal would provide amendments to existing TRs to acknowledge the guidance in SFFAS 54
TR 10 and 16 include references to lease terminology or lease criteria that have been amended by SFFAS 54.
Proposal would make conforming changes to terminology related to leases
Clarify how reporting entities should capitalize the cost of internal use software (IUS), including software licenses
Lease accounting concepts would no longer apply to IUS.

21. Conforming Amendments to Technical Releases for Leases
Proposed Guidance
Conforming Amendments to Technical Releases for Leases
Status:
Exposure draft released on February 14, 2019
Respondent comments were due on April 1, 2019
Proposal is currently being deliberated by the Board
FASAB staff member: Monica Valentine
For more information please review the AAPC SFFAS 54 project page at:

22. Omnibus Amendments Overview of Proposal:
Proposed Guidance
Omnibus Amendments
Overview of Proposal:
Eliminate the required supplementary stewardship information (RSSI) category by rescinding SFFAS 8, Supplementary Stewardship Reporting
Update references to leases in SFFAS 5, SFFAS 6, and SFFAS 49
A minor change for clarity in SFFAS 5

23. Proposed Guidance
Omnibus Amendments
Omnibus Amendments: Rescinding Statement of Federal Financial Accounting Standards (SFFAS) 8 and Amending SFFAS 5, 6, and 49
Status:
Exposure draft released on February 22, 2019
Respondent comments are due on April 23, 2019
Respondent comments currently being accepted
FASAB staff members: Ross Simms and Monica Valentine
For more information please review the FASAB Omnibus project page at:

24. 3. What guidance has been recently completed & what are the effective dates?

25. Recently Completed Guidance
SFFAS 51: Insurance Programs
- Effective for Periods Beginning after September 30, 2018

26. Recently Completed Guidance
SFFAS 52: Tax Expenditures
- Effective for Periods Beginning after September 30, 2017

27. Recently Completed Guidance
SFFAS 53: Budget and Accrual Reconciliation
Effective for Periods Beginning after September 30, 2018

28. Recently Completed Guidance
SFFAS 54: Leases
- Effective for Periods Beginning after Sept 30, 2020
(early adoption not permitted)

29. Recently Completed Guidance
SFFAS 55: Inter-entity Costs
- Effective for Periods Beginning after September 30, 2018
Technical Release 19:
Rescission of Technical Release 8
Issued and Effective: January 15, 2019

30. Recently Completed Guidance
SFFAS 56: Classified Activities
– Issued & Effective October 4, 2018
Interpretation of Federal Financial Accounting Standards 8:
An Interpretation of Statement of Federal Financial Accounting Standards 56, Classified Activities
Issued & Effective: March 15, 2019

31. Recently Completed Guidance
Staff Implementation Guidance 6.1
Issued & Effective July 17, 2018

32. 4. Why is FASAB evaluating existing standards?

33. Evaluating Existing Standards
Objective
Identify opportunities to clarify requirements and assess if any requirements should be eliminated
Approach
Considering particular topics, especially for requests that benefits clearly exceed costs
Part of Evaluation of Existing Standards Project
Objective
Identify opportunities to clarify requirements and assess if any requirements should be eliminated
Approach
Considering particular topics, especially for requests that benefits clearly exceed costs.
NOTE: Completed Topics
Imputed cost (SFFAS 55, Amending Inter-entity Cost Provisions)
Intragovernmental exchange transactions (Technical Bulletin 2017-, Intragovernmental Exchange Transactions)
Assigning Assets (Technical Bulletin , Assigning Assets to Component Reporting Entities)
Clarification of Paragraphs of SFFAS 6, Accounting for Property, Plant, and Equipment, as amended (Staff Implementation Guidance 6.1, Clarification of Paragraphs of SFFAS 6, Accounting for Property, Plant, and Equipment, as amended)

34. Evaluating Existing Standards
Status
Currently considering how to assign liabilities when multiple component reporting entities are involved
If you wish to propose an existing standard or topic to be evaluated – contact Melissa Batchelor at:
Assigning Liabilities
Liabilities arising from government-related events may be caused by one component of a large department but paid for by another component. There is presently no authoritative guidance to aid management in deciding which component should report each liability
The focus is on contingent liabilities and cleanup costs

35. 5. How does FASAB set accounting standards?

36. Translating User Needs into Accounting Standards
Potential Project
Three-Year Plan
CONSIDER INPUT
Pre-Proposal
TASK FORCE
Board Deliberation
Formal Proposal
Rinse and Repeat or
Finalize Standards / Guidance
When to get involved
Why get involved
How to get involved
Write or Call anytime…

37. 6. What is in the Annual Report and Three-Year Plan?

38. Annual Report & Three-Year Plan
Statement from the Chair
Three-year plan for the technical agenda
Status of current projects
Potential projects
This is your opportunity to let the board know what important areas should be addressed through standards. Two ways to provide input – the online survey (look at the home page for a link) or send us a comment letter.

39. 7. How can you get involved in the standards-setting process?

40. Get Involved by: Reviewing Three-Year Plan and providing comments
Joining work groups and task forces
Providing education sessions in your areas of expertise
Completing FASAB surveys
Attending Board meetings – in person or virtual
Submitting answers to exposure drafts
Submitting technical inquiries when necessary

41. 8. How to Stay Connected! Sign up for our listserv
Listen to FASAB Bits and Bytes podcast
Follow us on Twitter
Follow us on LinkedIn

42. Contact Information
Grace Wu
Assistant Director