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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.