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AICPA testifies before FASAB on its first ed.

Joseph F. Moraglio, American Institute of CPAs vice-president-federal government, testified before the Federal Accounting Standards Advisory Board on the release of its first exposure draft, Financial Resources, Funded Liabilities, and Net Financial Resources of Federal Entities.

In his testimony, Moraglio urged the recently formed advisory board to "develop standards for external financial reporting to taxpayers, the Congress, creditors and others to which the federal government is accountable. "

Moraglio called for consistent accounting and reporting for similar operations and transactions at all levels of government, saying, "Consistent reporting standards make it easier for users of financial reports to compare and analyze information." He also encouraged the advisory board to establish standards "consistent with generally accepted accounting principles .. and the Financial Accounting Standards Board ... unless the transactions or events are truly unique to the federal government. " He pointed out that the advisory board "could capitalize on the extensive research done by those standard-setting bodies and accelerate its ability to develop and implement uniform standards in those unique areas."
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Title Annotation:American Institute of Certified Public Accountants, Federal Accounting Standards Advisory Board
Publication:Journal of Accountancy
Date:May 1, 1992
Words:166
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