Overview
Employees
11-50 employees
Revenue
Less than $1 million (USD) per year
Headquarters
Washington, DC
The Federal Accounting Standards Advisory Board serves the public interest by improving federal financial reporting through issuing federal financial accounting standards and providing guidance after considering the needs of external and internal users of federal financial information. The Mission Supports Public Accountability Financial reports, which include financial statements prepared in conformity with generally accepted accounting principles, are essential for public accountability and for an efficient and effective functioning of our democratic system of government. Thus, the Board plays a major role in fulfilling the government’s responsibility to be publicly accountable. Federal financial reports should be useful in assessing (1) the government’s accountability and its efficiency and effectiveness, and (2) the economic, political, and social consequences, whether positive or negative, of the allocation and various uses of federal resources. The Federal Accounting Standards Advisory Board (FASAB) doesn't want any government accounting scandals. The FASAB develops federal accounting standards that are used to determine government's accountability and efficiency and the consequences of the various uses of federal funds. It is funded by the Treasury, the Office of Management and Budget (OMB), the Congressional Budget Office, and the General Accounting Office (GAO). It also advises government financial agencies on implementing proper accounting standards. The board is independent, non-partisan, and designed to be neutral. The heads of the Treasury, OMB, and GAO formed FASAB in 1990.
