1. The Federal Accounting Standards Advisory Board FASAB Update 2007 PCIE / GAO Financial Statement Audit Roundtable February 28, 2007 Wendy Comes, CGFM, CPA

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

3. Recent Activity – Standards Completed in FY 2005:Completed in FY 2005: –Inter-entity costing (FY 2009) –Stewardship Land and Heritage Assets (FY 2009) –Earmarked Funds (FY 2006) Completed in FY 2006:Completed in FY 2006: –Fiduciary Activities (FY 2009) –Consolidated Financial Report Requirements (FY 2006) –Technical Bulletin on Asbestos-Related Cleanup Costs Under Review –interpretation regarding remanufactured assetsUnder Review –interpretation regarding remanufactured assets

4. Recent Requests for Comment Elements of Accrual-Basis Financial StatementsElements of Accrual-Basis Financial Statements Accounting for Social Insurance, Preliminary ViewsAccounting for Social Insurance, Preliminary Views AAPC – Clarifying Accounting for Space Exploration EquipmentAAPC – Clarifying Accounting for Space Exploration Equipment

5. Soon to Be Exposed Exposure Drafts currently in progress:Exposure Drafts currently in progress: –Natural Resources (Oil and Gas) –AAPC – Inter-entity Costs –AAPC – Stewardship Land and Heritage Assets

6. FASAB On-Line Resources www.fasab.govwww.fasab.gov –All exposure drafts and final pronouncements. –Electronic mailing list for updates including newsletter and requests for comment. –Active project pages including briefing materials.