Academic journal article Journal of Accountancy

FASAB Recommends Standards on Supplementary Stewardship Reporting

Academic journal article Journal of Accountancy

FASAB Recommends Standards on Supplementary Stewardship Reporting

Article excerpt

The Federal Accounting Standards Advisory Board has issued an exposure draft recommending standards for reporting on the federal government's stewardship over certain resources entrusted to it and certain responsibilities it has assumed. The ED, Supplementary Stewardship Reporting, is directed to heads of federal agencies and users, preparers and auditors of federal financial information.

The proposed standards address stewardship reporting for various elements of stewardship over property, plant and equipment and investments either in state and local governmentowned (but federally financed) properties and education and training programs or in research that is designed to maintain or increase U.S. economic productive capacity or to provide future benefits.

Costs of these resources are currently treated as expenses in the government's financial statements, the ED noted. According to FASAB project manager Philip Calder, "These new standards would require financial reports to demonstrate accountability for resources entrusted to the federal government, significant investments in human and intellectual capital (neither capitalized for financial statement purposes) and expenditures for which accruals have not have been made but which will have to be made in the future if certain programs, such as Social Security and Medicare, are to continue in their present form. …

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