Financial Management: DoD's Liability for the Disposal of Conventional Ammunition Can Be Estimated
GENERAL ACCOUNTING OFFICE WASHINGTON DC ACCOUNTING AND INFORMATION MANAGEMENT DIV
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In October 1990, the Federal Accounting Standards Advisory Board FASAB was established by the Secretary of the Treasury, the Director of the Office of Management and Budget OMB, and the Comptroller General of the United States to consider and recommend accounting standards to address the financial and budgetary information needs of the Congress, executive agencies, and other users of federal financial information. Using a due process and consensus building approach, the nine-member Board, which has since its formation included a member from DOD recommends accounting standards for the federal government. Once FASAB recommends accounting standards, the Secretary of the Treasury, the Director of OMB, and the Comptroller General decide whether to adopt the recommended standards. If they are adopted, the standards are published as Statements of Federal Financial Accounting Standards SFFAS by OMB and by GAO. In addition, the Federal Financial Management Improvement Act of 1996, as well as the Federal Managers Financial Integrity Act, require federal agencies to implement and maintain financial management systems that will permit the preparation of financial statements that substantially comply with applicable federal accounting standards.
- Economics and Cost Analysis