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FAF adopts GASB scope of authority policy

  • FAF (US Financial Accounting Foundation)  Image
  • GASB (Governmental Accounting Standards Board) (blue) Image

Nov 20, 2013

The Financial Accounting Foundation (FAF) Board of Trustees has adopted a new policy, “GASB Scope of Authority: Consultation Process Policy,” which outlines the GASB and FAF’s Standard-Setting Process Oversight Committee’s pre-agenda consultation process when determining whether information may be considered in the GASB’s standard-setting activity.

The policy provides three groups of classification for governmental financial accounting and reporting information.

  • “Group 1: Information that the GASB assesses is clearly within its standard-setting authority that meets the objectives, and has the characteristics, of governmental financial reporting currently described in GASB Concepts Statement No. 1, Objectives of Financial Reporting, and GASB Concepts Statement No. 3, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements;
  • Group 3: Information that the GASB assesses as clearly outside GASB’s standard-setting authority (such as information that has no relationship to information presented in general purpose external financial reporting, or does not meet at least one of the objectives of governmental financial reporting as defined in GASB Concepts Statement 1 and GASB Concepts Statement 3); and
  • Group 2: Information that does not clearly possess the characteristics of Groups 1 or 3, but that meets at least one of the objectives of governmental financial accounting currently set forth in the GASB’s existing Concepts Statements 1 and 3.”

For additional information, please see (links to FAF’s Web site):

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