The Treasury Department, the Office of Management and Budget and the General Accounting Office--the sponsors of the Federal Accounting Standards Advisory Board (FASAB)--sign a memorandum of understanding giving the board additional input from the federal government's legislative branch by adding a member from the Congressional Budget Office (CBO) (www.fasab.gov/pdf/mou05222003.pdf).
The Treasury Department, the Office of Management and Budget The Office of Management and Budget (OMB), formerly the Bureau of the Budget, is an agency of the federal government that evaluates, formulates, and coordinates management procedures and program objectives within and among departments and agencies of the Executive Branch. and the General Accounting Office--the sponsors of 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)--sign a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. giving the board additional input from the federal government's legislative branch by adding a member from the Congressional Budget Office The Congressional Budget Office (CBO) is responsible for economic forecasting and fiscal policy analysis, scorekeeeping, cost projections, and an Annual Report on the Federal Budget. The office also underdakes special budget-related studies at the request of Congress. (CBO) (www.fasab.gov/pdf/mou05222003.pdf). Dr. Douglas Holtz-Eakin, the CBO director, joins FASAB as its tenth member, bringing expertise in economics and public policy as well as additional insight into Congress's information needs.
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