The Federal Accounting Standards Advisory Board (FASAB) issued two statements of federal financial accounting standards (SFFAS) (www.fasab.gov/standards.html).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. (FASAB FASAB Federal Accounting Standards Advisory Board FASAB Financial Accounting Standards Advisory Board ) issued two statements of federal financial accounting standards (SFFAS SFFAS Statement of Federal Financial Accounting Standards SFFAS San Francisco Fall Antiques Show SFFAS Superfund Financial Assessment System (EPA) ) (www.fasab.gov/ standards.html). SFFAS 27, Identifying and Reporting Earmarked Funds, clarifies the term trust fund, which, in the federal budget, pertains to nonfiduciary assets--mostly government-owned assets intended to fully or partially finance specific federal programs. The guidance in SFFAS 27 is effective for periods beginning after September 30, 2005. SFFAS 28, Deferral of the Effective Date of Reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of the Statement of Social Insurance, defers for one year the effective dates of SFFAS 25, Reclassification of Stewardship Responsibilities and Eliminating the Current Services Assessment, and SFFAS 26, Presentation of Significant Assumptions for the Statement of Social Insurance: Amending SFFAS 25. |
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