Federal Accounting Standards Advisory Board; Approval of Statements of Federal Financial Accounting Concepts and Standards

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The General Accounting Office, the Department of the Treasury, and the Office of Management and Budget (the FASAB principals) are announcing that they have agreed to modify their Memorandum of Understanding of October 1990, which established the Federal Accounting Standards Advisory Board (FASAB), to revise its accounting standard- setting process. The revised procedures provide that a Statement of Federal Financial Accounting Standards or Concepts will become final 90 days after FASAB has transmitted its proposed concept or standard to each of the three FASAB principals, so long as no principal, during that 90-day period, advises FASAB of an objection.