The Federal Accounting Standards Advisory
Board (FASAB) has approved a plan to review existing federal lease
accounting standards and consider whether changes are needed to
address the needs of federal departments.
Federal entities presenting general purpose
financial reports in conformance with Statements of Federal
Financial Accounting Standards (SFFAS) 34 will not need to follow
new lease accounting standards being devised by the Financial
Accounting Standards Board (FASB) and International Accounting
Standards Board (IASB).
SFFAS 34 incorporates the hierarchy of GAAP
into the FASB’s authoritative literature and provides interim
guidance for federal entities that begin preparing GAAP-based
financial statements for the first time.