Transcription of Accounting for liabilities SFFAS No. 5 Office of ...
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Accounting for liabilities SFFAS No. 5 Office of ...
Accounting for liabilitiesSFFAS No. 5**Executive Office of the PresidentOffice of Management and Budget" Accounting FOR liabilities OF THE FEDERALGOVERNMENT"Statement of Federal Financial Accounting StandardsNumber 5 September 1995**This is the original Standard file; please check for the most recent update in the FASAB Handbook at **From Inside Front Cover**APPLICABILITY, MATERIALITY, AND TERMINOLOGYT hese standards apply to general purpose financialreports of government reporting standards need not be applied to immaterialitems. Statement of Federal Financial AccountingConcepts No. 2 (SFFAC No. 2), "Entity andDisplay", lists criteria for defining Governmentreporting entities . Paragraph 78 of "Entity andDisplay" notes that some of a reporting entity'scomponents may be required by law or policy toissue financial statements in accordance withaccounting standards other than those recommendedby the FASAB and issued by the OMB and the GAO, , Accounting standards issued by the FinancialAccounting Standards Board or by a regulatoryagency.
*****From Inside Front Cover***** APPLICABILITY, MATERIALITY, AND TERMINOLOGY These standards apply to general purpose financial reports of U.S. Government reporting entities.
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