AICPA Comments on FASAB Exposure Draft

March 27, 2013

The American Institute of CPAs (AICPA) expressed support in its January 29, 2013, letter for the Federal Accounting Standards Advisory Board (FASAB) proposal to defer, for one year, the effective date of the provision in Statement of Federal Financial Accounting Standards (SFFAS) 36, Comprehensive Long-Term Projections for the U.S. Government, that would transition the presentation of certain long-term fiscal projections and related disclosures in the consolidated financial report of the U.S. government from required supplementary information (RSI) to basic information. 

The FASAB Exposure Draft (ED), Deferral of the Transition to Basic Information for Long-Term Projections, would provide for full implementation of SFFAS 36 for reporting periods beginning after September 30, 2013. 

The AICPA supports the FASAB’s proposal and believes that the deferral being proposed by FASAB will allow the audit community, working with the federal community, the time needed to consider audit issues related to the presentation of forward-looking information in the basic financial statements, such as that required by SFFAS 36 and SFFAS 17, Accounting for Social Insurance.  It also will provide the federal preparer community time to better plan for their audits under any revised guidance that is issued.