Transcription of Harvard Law School
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Harvard Law School federal Budget Policy Seminar Briefing Paper FASAB & The Financial Statements of the United States: Comparing Budget Aggregates to Financial Statements David Burd Takeshi Fujitani Submitted: May 3, 2005 2 INTRODUCTION While the United States government ultimately engages in one set of financial activities, it measures and records them in different ways. On the one hand, each year, the Department of the Treasury files a Financial Report of the United States Government ( Financial Report ), which includes a variety of Financial Statements of the United States ( Financial Statements ) and other explanatory documents about the government s financial activities.
The story of how the Federal Accounting Standards Advisory Board (FASAB) came to set accounting principles and standards, pursuant to generally accepted accounting principles (GAAP), and how the Financial Report and the Financial Statements came to be required, on the
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Overview of Federal Accounting Concepts and Standards, Federal Accounting Standards Advisory, Federal Accounting Concepts and Standards, Accounting Standards, Federal, Accrual Estimates for Grant Programs Federal, Accounting, Federal Accounting Standards, GOVERNMENT ACCOUNTING STANDARDS AND POLICIES, S. Federal Accounting Standards Advisory Board, Chapter 4 STANDARD-SETTING, Defense Logistics Agency, Accounting Standards Advisory, Federal Accounting Standards Advisory Board 441, 1-1 Revised: 6/2016, Standards