FASAB ED would step up cost measures.
The Federal Accounting Standards Advisory Board The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to develop generally accepted accounting principles for federal financial reporting entities. in April issued an exposure draft (ED), Inter-Entity Cost Implementation: Amending SFFAS SFFAS Statement of Federal Financial Accounting Standards
SFFAS San Francisco Fall Antiques Show
SFFAS Superfund Financial Assessment System (EPA) 4, Managerial Cost Accounting Standards and Concepts (www.fasab.gov/pdffiles/Inter-entity_cost.pdf). The earlier statement requires reporting entities to state the full costs of outputs in general-purpose gen·er·al-pur·pose
adj.
Designed for or suitable to more than one use; broadly useful: a general-purpose loan.
general-purpose
Adjective financial reports. Such costs should include those--known as "inter-entity costs"--covered by other reporting organizations. In recognition of the difficulty of providing such information, SFFAS 4 permitted gradual implementation of inter-entity costing. However, the ED would require full adoption of the standards by fiscal year 2008--10 years after the federal government implemented managerial cost accounting standards. Comments are due July July: see month. 31.
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