Transcription of Status - FASAB
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Status - FASAB
Page 1 - SFFAS 7 FASAB Handbook, Version 17 (06/18) Statement of Federal Financial Accounting Standards 7: Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial AccountingStatusIssuedMay 10, 1996 Effective DateFor fiscal years beginning after September 30, 1997. Interpretations and Technical ReleasesInterpretation No. 1, Reporting on Indian Trust Funds in General Purpose Financial Reports of the Department of the Interior and in the Consolidated Financial Statements of the GovernmentInterpretation No. 5, Recognition by Recipient Entities of Receivable Nonexchange RevenueAffects Paragraph 36(b), affects SFFAS 5, paragraphs 35-42 (Contingencies) by providing an exception to the general principle for accruing losses that are more likely than not on contracts for goods made to order or services provided to order. Paragraph 53, affects SFFAS 1, paragraph 41, by providing additional guidance regarding accruing accounts receivable.
document amends Statement of Federal Financial Accounting Concepts No. 2, Entity and Display , by adding a new concept to satisfy users’ needs for information that …
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