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• W307709211 abstract "January 22, 1996 The Honorable Albert Gore Jr. Vice President of the United States Dear Mr. Vice President: The National Performance Review set an ambitious goal for the Federal Accounting Standards Advisory Board (FASAB) to develop a comprehensive set of accounting and cost accounting standards that would set a framework for establishing excellence in financial reporting and accountability to the American public for the financial condition and results of current operations of their national government. FASAB has fully met this challenge as outlined below. Completion of these basic standards is a landmark achievement. However, agencies will confront many challenges to implement them successfully. Our perspectives on actions needed to help ensure effective implementation of FASAB standards are also included in this letter. Completion of Accounting and Cost Accounting Standards First, the basic accounting and cost accounting standards called for by the NPR are essentially complete. The FASAB principals (the Director of the Office of Management and Budget, the Secretary of the Treasury and the Comptroller General) have approved the eight standards and statements presented to them. Only one basic standard--the standard on revenue accounting--remains, and its approval is targeted for March 1996 [now approved]. This will complete the body of basic accounting and cost accounting standards for all federal departments and agencies to use in preparing financial reports and developing meaningful cost information that would provide not only fundamental accountability but also useful information for oversight and decision making. Second, the objectives of financial reporting have been approved by the FASAB principals. These objectives are very innovative and have as their goal relevant, useful financial reports that address (1) execution of the budget, (2) operating performance, including the cost of operations, (3) stewardship for assets and liabilities and (4) the adequacy of internal controls essential to eliminating fraud, waste and abuse. In this regard, an additional standard on stewardship reporting is scheduled for completion in March 1996 [now approved]. While not part of the package of basic standards, this additional standard will help inform the citizenry about the magnitude of federal resources (assets and other investments) and financial responsibilities (commitments to programs such as Social Security and Medicare) and the federal stewardship role over them. The completion of the accounting and cost accounting standards and the financial reporting objectives is a major step forward. As envisioned by the NPR, when fully implemented into department and agency accounting systems, the quality and reliability of financial and cost information available to managers, administrators, oversight committees and the public will be vastly improved and will, over time, significantly contribute to a more efficient and better run government, with accountability second to none. The Need for Major Overhaul of Financial Management Systems Remains The FASAB's work is part of a very large undertaking by many groups under the Chief Financial Officers (CFO) Act of 1990 to transform the federal government's financial management systems from ones that are antiquated and archaic to ones that are state of the art. The FASAB is currently working with organizations, such as the Treasury's Financial Management Service, the Department of Agriculture's Training Institute and the Association of Government Accountants, to educate and train federal accountants, budget analysts and financial managers in implementing the new accounting and cost accounting standards. Without full, effective implementation, the benefits of the standards will not be realized. Even in the best of circumstances, taking the standards from the conceptual stage to where they become routine, everyday practice will be a difficult challenge. …" @default.
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• W307709211 date "1996-07-01" @default.
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• W307709211 title "FASAB Chairman Elmer Staats Reports to NPR on Status of FASAB Work" @default.
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