Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government 

Requirements: Implementing Statement of Federal Financial 

Accounting Concepts 4 “Intended Audience and Qualitative 

Characteristics for the Consolidated Financial Report of the 

United States Government” 

Statement of Federal Financial Accounting Standards 32 

September 28, 2006 
 THE FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD 

The Federal Accounting Standards Advisory Board (FASAB or "the Board") was established by 

the Secretary of the Treasury, the Director of the Office of Management and Budget (OMB), and 

the Comptroller General in October 1990. It is responsible for promulgating accounting standards 

for the United States Government. These standards are recognized as generally accepted 

accounting principles (GAAP) for the Federal Government. 

An accounting standard is typically formulated initially as a proposal after considering the 

financial and budgetary information needs of citizens (including the news media, state and local 

legislators, analysts from private firms, academe, and elsewhere), Congress, Federal executives, 

Federal program managers, and other users of Federal financial information. The proposed 

standard is published in an exposure draft for public comment. In some cases, a discussion 

memorandum, invitation for comment, or preliminary views document may be published before 

an exposure draft is published on a specific topic. A public hearing is sometimes held to receive 

oral comments in addition to written comments. The Board considers comments and decides 

whether to adopt the proposed standard with or without modification. After review by the three 

officials who sponsor FASAB, the Board publishes adopted standards in a Statement of Federal 

Financial Accounting Standards. The Board follows a similar process for Statements of Federal 

Financial Accounting Concepts, which guide the Board in developing accounting standards and 

formulating the framework for Federal accounting and reporting. 

Additional background information is available from the FASAB: 

 • "Memorandum of Understanding among the General Accounting Office, the Department 

of the Treasury, and the Office of Management and Budget, on Federal Government 

Accounting Standards and a Federal Accounting Standards Advisory Board." 

 • "Mission Statement: Federal Accounting Standards Advisory Board."

Federal Accounting Standards Advisory Board 

441 G Street, NW, Suite 6814 

Mailstop 6K17V 

Washington, DC 20548 

Telephone (202) 512-7350 

Fax (202) 512-7366 

www.fasab.gov

This is a work of the U.S. government and is not subject to copyright protection in the 

United States. It may be reproduced and distributed in its entirety without further 

permission from FASAB. However, because this work may contain copyrighted images or 

other material, permission from the copyright holder may be necessary if you wish to reproduce 

this material separately.
Table of Contents 3 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Table of Contents 

Table of Contents....................................................................................................................... 3

Introduction................................................................................................................................ 4

Accounting Standard.................................................................................................................. 5

Amendments to Existing Standards........................................................................................ 5

Disclosure Requirements Applicable to the U. S. Government-wide Financial Statements..... 7

Inventory............................................................................................................. 7

Operating Materials and Supplies ....................................................................... 8

Stockpile Materials.............................................................................................. 8

Seized Property .................................................................................................. 8

Forfeited Property ............................................................................................... 8

Foreclosed Property............................................................................................ 9

Commodities....................................................................................................... 9

Property, Plant, and Equipment .......................................................................... 9

Deferred Maintenance ........................................................................................ 9

Cleanup Cost...................................................................................................... 9

Taxes.................................................................................................................10

Direct Loans and Loan Guarantees ...................................................................10

References to Component Entity Reports..............................................................................10

Required Note 1 on Significant Accounting Policies Disclosures ...........................................10

Appendix A: Basis for Conclusions............................................................................................12

Background........................................................................................................12

Objectives of the Standard.................................................................................12

Board Approval and Dissent ..............................................................................14

Appendix B: Relationship of Amendments to New Requirements.............................................16

Appendix C: List of Abbreviations .............................................................................................31
Introduction 4

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Introduction 

1. Statement of Federal Financial Accounting Standards 24, Selected Standards for the 

Consolidated Financial Report of the United States Government, issued in January 2003 

clarified that all existing and future standards apply to all federal entities unless a 

standard specifically provides otherwise. 

2. This standard amends standards issued prior to January 2003 to specify disclosure 

requirements appropriate for the Financial Report of the United States Government 

(CFR) based on the guidance contained in Statement of Federal Financial Accounting 

Concepts (SFFAC) 4, Intended Audience and Qualitative Characteristics for the 

Consolidated Financial Report of the United States Government. 

3. Some disclosure requirements contained in previously issued standards have been 

modified to allow aggregation and reduce detail for government-wide reporting while 

other disclosure requirements have been eliminated because of excessive detailed 

information required that is inappropriate for a government-wide report consistent with 

the guidance contained in SFFAC 4. 

4. Appendix B provides a non-authoritative summary of the effect of these changes on 

disclosure requirements. It presents amended text of existing standards and related new 

requirements in a table format. 

5. This standard also contains CFR disclosure requirements for Note 1 Significant 

Accounting Policies. 

Scope 

6. This statement provides financial accounting standards for the CFR. It does not change 

financial accounting standards for component entity reports. 

Effective Date 

7. This standard is effective for periods beginning after September 30, 2005. 
Accounting Standard 5

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Accounting Standard 

Amendments to Existing Standards 

8. Statement of Federal Financial Accounting Standards (SFFAS) 1, Accounting for 

Selected Assets and Liabilities, is amended by inserting in par. 86 the following final 

sentence – “The U. S. government-wide financial statements need not include this 

disclosure.” 

9. SFFAS 2, Accounting for Direct Loans and Loan Guarantees, par. 56 is amended by 

inserting the following final sentence – “The U. S. government-wide financial statements 

need not include this disclosure.” 

10. SFFAS 3, Accounting for Inventory and Related Property, is amended as follows: 

a. The text “The above listed disclosure requirements are not applicable to the U. S. 

government-wide financial statements. SFFAS 32 provides for disclosures applicable 

to the U.S. government-wide financial statements for these activities.” is added 

following the existing text of these paragraphs: Par. 28, 35, 50, 56, 66, 78, 91, and 

109. 

b. The text “The U.S. government-wide financial statements need not separately report 

or disclose the difference between the carrying amount of the inventory and its 

expected net realizable value.” is added to par. 30 as the final sentence. 

c. The text “The U.S. government-wide financial statements need not separately report 

or disclose any difference between the carrying amount of the stockpile materials 

held for sale and their estimated selling price.” is added to par. 55 as the final 

sentence. 

d. The text “The U.S. government-wide financial statements are not subject to the 

disclosure requirements for forfeited property that cannot be sold due to legal 

restrictions.” is added to par. 71 as the final sentence. 

11. SFFAS 5, Accounting for Liabilities of the Federal Government, is amended as follows: 

a. The text “The U.S government-wide financial statements need not follow the required 

disclosures described below.” is added to par. 117 as the final sentence. 

b. The text “The U.S. government-wide financial statements need not separately report 

or disclose all components of the liability for future policy benefits with a description 

of each amount and an explanation of its projected use and any other potential 

uses.” is added to par. 121 as the final sentence. 

12. SFFAS 6, Accounting for Property, Plant, and Equipment, is amended as follows: 

a. The text “The above listed disclosure requirements are not applicable to the U.S. 

government-wide financial statements. SFFAS 32 provides for disclosures applicable 
Accounting Standard 6

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

to the U.S. government-wide financial statements for these activities.” is added 

following the existing text for par. 45. 

b. The text “The above listed required supplementary information is not applicable to 

the U.S. government-wide financial statements. SFFAS 32 provides for required 

supplementary information applicable to the U.S. government-wide financial 

statements for these activities.” is added as a separate bullet following the existing 

text for par. 83. 

c. The text “The U.S. government-wide financial statements need not separately report 

stratification between critical and non-critical amounts of maintenance needed to 

return each major class of asset to its acceptable operating condition as well as 

management’s definition of these categories. SFFAS 32 provides for optional 

information applicable to the U.S. government-wide financial statements for these 

activities.” is added to par. 84 as the final sentences. 

d. The text “The U.S. government-wide financial statements need not disclose the 

sources of cleanup requirements.” is added to par. 107 as the final sentence. 

e. The text “The U.S. government-wide financial statements need not disclose the 

method for assigning estimated cleanup costs to current operating periods.” is added 

to par. 108 as the final sentence. 

f. The text “SFFAS 32 provides for disclosure requirements for the U.S. governmentwide financial statements regarding the unrecognized portion of estimated total 

cleanup cost associated with general PP&E.” is added to par. 109 as the final 

sentence. 

g. The text “The U.S. government-wide financial statements need not disclose material 

changes in total estimated cleanup costs due to changes in laws, technology, plans, 

or the portion of the change in estimate that relates to prior period operations.” is 

added to par. 110 as the final sentence. 

h. The text “The U.S. government-wide financial statements need not disclose the 

nature of estimates and information regarding possible changes due to inflation, 

deflation, technology, or applicable laws and regulations.” is added to par. 111 as the 

final sentence. 

13. SFFAS 7, Accounting for Revenue and Other Financing Sources and Concepts for 

Reconciling Budgetary and Financial Accounting, is amended as follows: 

a. The text ”The U.S. government-wide financial statements need not break out gross 

costs of providing goods, services, benefit payments, or grants that did not earn 

exchange revenue, separately from those programs that earned exchange revenue.” 

is added to par. 43 as the final sentence. 

b. The text “The above listed disclosure requirements are not applicable to the U.S. 

government-wide financial statements.” is added following the existing text for par. 

46. 
Accounting Standard 7

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

c. The text “The U.S. government-wide financial statements need not disclose factors 

affecting collectibility and timing of categories of accounts receivable and the 

amounts involved.” is added to par. 65.1 as the final sentence. 

d. The text “The U.S. government-wide financial statements need not disclose 

cumulative cash collections and refunds by tax year and type of tax for the reporting 

period and for sufficient prior periods to illustrate (1) the historical timing of tax 

collections and refunds, and (2) any material trends in collection and refund patterns. 

SFFAS 32 provides for disclosures applicable to the U.S. government-wide financial 

statements.” is added to par. 65.3 as the final sentences. 

14. SFFAS 10, Accounting for Internal Use Software, par. 35 is amended by inserting the 

text “The above listed disclosure requirements are not applicable to the U.S. 

government-wide financial statements. SFFAS 32 provides for disclosures applicable to 

the U.S. government-wide financial statements for these activities.” is added following 

the existing text for par. 35. 

15. SFFAS 18, Amendments to Accounting Standards for Direct Loans and Loan 

Guarantees, is amended as follows: 

a. The text “The U.S. government-wide financial statements need not disclose a 

reconciliation between the beginning and ending balances of the subsidy cost 

allowance for the outstanding direct loans and the liability for outstanding loan 

guarantees reported in the U.S. government-wide financial statements.” is added to 

par. 10 as the final sentence. 

b. The text “The above listed disclosure requirements are not applicable to the U.S. 

government-wide financial statements. SFFAS 32 provides for disclosures applicable 

to the U.S. government-wide financial statements for these activities.” is added 

following the existing text for par. 11. 

Disclosure Requirements Applicable to the U. S. Government-wide Financial Statements 

Inventory 

16. The U.S. government-wide financial statements should include the following 

disclosures1

: 

a. broad descriptions of inventory categories, 

b. a general reference to component entity2

 reports, and 

 

1

 Disclosure is “Reporting information in notes or narrative regarded as an integral part of the 

basic financial statement.” 

2 The term “component entity” is used to distinguish between the U. S. Federal government and 

its components. The U. S. Federal government is composed of organizations that manage 
Accounting Standard 8

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

c. balances for each of the following categories of inventory: 

1) inventory held for current sale, 

2) inventory held in reserve for future sale, 

3) excess, obsolete, and unserviceable inventory; and 

4) inventory held for repair. 

Operating Materials and Supplies 

17. The U.S. government-wide financial statements should include the following disclosures: 

a. broad descriptions of operating materials and supplies categories, 

b. a general reference to component entity reports, and 

c. balances for each of the following categories of operating materials and supplies: 

1) operating materials and supplies held for use, 

2) operating materials and supplies held in reserve for future use, and 

3) excess, obsolete, and unserviceable operating materials and supplies. 

Stockpile Materials 

18. The U.S. government-wide financial statements should include the following disclosures: 

a. broad descriptions of stockpile material categories, 

b. a general reference to component entity reports, and 

c. balances for each of the following categories of stockpile materials: 

1) stockpile materials, and 

2) stockpile materials held for sale. 

Seized Property 

19. The U.S. government-wide financial statements should include the following disclosures: 

a. a broad description of seized property, and 

b. a general reference to component entity reports. 

Forfeited Property 

20. The U.S. government-wide financial statements should include the following disclosures: 

a. a broad description of forfeited property, and 

b. a general reference to component entity reports. 

 

resources and are responsible for operations, i.e., delivering services. These include major 

departments and independent agencies, which are generally divided into sub organizations, i.e., 

smaller organizational units with a wide variety of titles, including bureaus, administrations, 

agencies, and corporations. (SFFAC No. 2, Entity and Display, paragraphs 11-12) 
Accounting Standard 9

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Foreclosed Property 

21. The U.S. government-wide financial statements should include the following disclosures: 

a. a broad description of foreclosed property, and 

b. a general reference to component entity reports. 

Commodities 

22. The U.S government-wide financial statements should include the following disclosures: 

a. a broad description of commodities, and 

b. a general reference to component entity reports. 

Property, Plant, and Equipment 

23. The U.S. government-wide financial statements should include the following disclosures: 

a. a broad description of PP&E, 

b. the cost, associated accumulated depreciation, and book value by major class, 

and 

c. a general reference to component entity reports. 

Deferred Maintenance 

24. The U.S. government-wide financial statements should include the following required 

supplementary information: 

a. a broad description of deferred maintenance, 

b. amounts or ranges of amounts of deferred maintenance for each major asset 

category (i.e., general property, plant, and equipment; heritage assets, and 

stewardship land) for which maintenance has been deferred, 

c. a general reference to component entity reports, and 

d. optional reporting of the stratification between critical and non-critical amounts of 

maintenance needed to return each major asset category to its acceptable 

operating condition. 

Cleanup Cost 

25. The U.S. government-wide financial statements should include the following disclosures: 

a. a broad description of cleanup cost, 

b. the unrecognized portion of estimated total cleanup costs associated with 

general PP&E, and 

c. a general reference to component entity reports. 
Accounting Standard 10

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Taxes 

26. The U.S. government-wide financial statements should disclose the cumulative cash 

collections and refunds by tax year and type of tax for the reporting periods. 

 Direct Loans and Loan Guarantees 

27. The U.S. government-wide financial statements should include the following disclosures: 

a. a broad description of direct loan and loan guarantee programs, 

b. the face value of loans outstanding for direct loan and loan guarantee programs, 

c. the long term cost3

 of loans and guarantees outstanding for direct loan and loan 

guarantee programs, 

d. net loans receivable for direct loan programs, 

e. the amount guaranteed by the Government for guaranteed loan programs, 

f. the subsidy expense for the reporting year for direct loan and loan guarantee 

programs, and 

g. a general reference to component entity reports. 

References to Component Entity Reports 

28. For each “general reference to component entity reports” required in par. 16 through 27 

above, it is required that the preparer indicate, in the relevant note, agencies that are 

disclosing significant detailed information about the item. Selecting individual agencies to 

refer readers to requires judgment. The preparer should consider both quantitative and 

qualitative criteria in selecting such agencies. 

Required Note 1 on Significant Accounting Policies Disclosures 

29. Describe the reporting entity and identify its major components. Summarize the 

accounting principles and methods of applying those principles that management has 

concluded are appropriate for presenting fairly the entity’s assets, liabilities, net cost of 

operations, and changes in net position. Disclosure of accounting policies should identify 

and describe the accounting principles followed by the reporting entity and the methods 

of applying those principles. In general, the disclosure should encompass important 

judgments as to the valuation, recognition, and allocation of assets, liabilities, expenses, 

revenues and other financing sources. Disclosures of accounting policies should not 

duplicate details presented elsewhere as part of the notes to the financial statements. 

30. In addition, the summary of significant accounting policies should disclose any significant 

changes in the composition of the reporting entity or significant changes in the manner in 

which the reporting entity aggregates information for financial reporting purposes. These 

 

3

 “Long-term cost of direct loans and loan guarantees” is the sum of (1) the subsidy cost 

allowance for post-1991 direct loans, (2) the liability for post-1991 and pre-1992 loan 

guarantees, and (3) allowance for uncollectible amounts for post-1991 direct loans and loan 

guarantees. 
Accounting Standard 11

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

changes, in effect, result in a new reporting entity, and their impact should be reported 

by restating the financial statements for all prior periods presented in order to show the 

new reporting entity for all periods presented. 

The provisions of this Statement need not be applied to 

immaterial items. 
Appendix A: Basis for Conclusions 12

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Appendix A: Basis for Conclusions 

This appendix discusses some factors considered significant by Board members in 

reaching the conclusions in this standard. It includes the reasons for accepting certain 

approaches and rejecting others. Individual members gave greater weight to some 

factors than to others. The standards enunciated in this statement---not the material in 

this appendix---should govern the accounting for specific transactions, events or 

conditions. 

Background 

31. The fiscal year 2003 CFR was discussed by the Board members at the April 2004 

FASAB meeting. During the discussion of the FY 2003 CFR, several board members 

indicated a desire for the CFR to be more accessible to the intended audience identified 

in SFFAC 4: citizens and citizen intermediaries. The members believed this would 

require a concise presentation. The member representing the Department of the 

Treasury (Treasury) agreed and explained that the current CFR omitted certain required 

disclosures for a variety of reasons. Had these disclosure requirements been included 

the FY 2003 CFR it would have been much less accessible. The member noted that 

earlier FASAB standards made no distinction between component entity disclosure 

requirements and CFR disclosure requirements and to fully comply with all disclosure 

requirements would further lengthen the CFR. 

32. Members agreed that it would be appropriate to review disclosure requirements 

established prior to the issuance of SFFAC 4 and tailor CFR disclosure requirements to 

meet the current concepts. This approach has been adopted for standards developed 

since SFFAC 4 was issued and the Board indicated a willingness to review past 

standards if resources were not diverted from ongoing projects. Chairman David Mosso 

asked Treasury to prepare a list of items it does not consider appropriate to the CFR in 

light of SFFAC 4. 

33. At the October 2004 FASAB meeting, the Board considered a proposal prepared by 

Treasury’s Financial Management Service (FMS). The project proposal included a table 

of items identified for amendment. Based on Treasury’s offer to staff the project, the 

Board agreed to go forward with the project. 

Objectives of the Standard 

34. At the May 4-5, 2005 FASAB meeting, Board members held a general discussion of the 

issues associated with the project. SFFAC 4 notes that the CFR has grown in size and 

complexity and some have questioned whether the CFR is trying to satisfy too many 

audiences with different needs in one format. SFFAC 4 provides that citizens and citizen 

intermediaries should be the audience to whom the CFR is primarily directed and it is 

particularly fundamental that the CFR be timely and understandable to the primary 

audience. 
Appendix A: Basis for Conclusions 13

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

35. FASAB has been diligent in ensuring that its requirements are consistent with the 

guidance contained in SFFAC 4 since the January 2003 issuance of SFFAS 24. SFFAS 

24 clarified that SFFAS’s apply to all federal entities unless a current or subsequent 

standard specifically provides otherwise. Many earlier SFFAS’s were issued without 

considering the need for less detailed disclosures for the CFR. 

36. This SFFAS revisits standards issued before January 2003 and amends many of those 

standards to specify substitute disclosure requirements for the CFR or eliminate certain 

requirements. In its deliberations the Board assumed that the disclosures being 

amended were material disclosures but understood that SFFAC 4 was issued to provide 

guidance in addressing material items since immaterial items are not required to be 

reported or disclosed by FASAB standards. 

37. The basis for the Board’s actions with respect to this SFFAS emanates entirely from the 

need to implement SFFAC 4 and do retroactively what the Board has done prospectively 

since January 2003. However, the Board has indicated that disclosure requirements 

eliminated or modified for the CFR should not result in allowing the preparer to exclude 

significant unusual items needed to explain changes in balances between years. 

38. This standard eliminates or modifies disclosure requirements that are useful for 

assessing operating performance for a particular program within an agency. For 

example, disclosures of restrictions on the use of foreclosed property and average 

holding period for foreclosed property have been eliminated. Also, disclosures of the 

gross cost associated with exchange revenue and certain pricing policies have been 

eliminated. If information relevant to assessing operating performance for individual 

programs were included in the CFR it would not be concise. A concise CFR will be more 

appealing and therefore more accessible to citizens and citizen intermediaries. The 

Board believes that including references to other sources of information appropriately 

balances the appeal of a concise CFR with the disaggregated information necessary to 

assess operating performance. 

39. In general, the specific changes reduce the level of detail provided regarding specific 

assets and liabilities. Such disaggregated information is inconsistent with SFFAC 4. For 

readers seeking additional detail for particular items, the Board proposes to substitute a 

reference to component entity reports disclosing significant detailed information about 

the item. 

40. Significant accounting policies disclosures are required by this Statement to ensure that 

the preparer of the CFR informs readers about management’s conclusions regarding fair 

presentation and the basis of such conclusions. This is intended to address concerns 

about the sufficiency of disclosures in view of the elimination or modification of 

disclosures that are required for agency level reporting. 
Appendix A: Basis for Conclusions 14

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Exposure Draft 

41. FASAB published the exposure draft (ED) Consolidated Financial Report of the United 

States Government Requirements: Implementing SFFAC 4 “Intended Audience and 

Qualitative Characteristics for the Consolidated Financial Report of the United States 

Government”, on October 27, 2005. Upon release of the ED, notices and/or press 

releases were provided to: The Federal Register, the FASAB News, the Journal of 

Accountancy, AGA Today, the CPA Journal, Government Executive, the CPA Letter, 

Government Accounting and Auditing Update, JFMIP News, the Financial Statement 

Audit Network, the Federal Financial Managers Council, and committees of professional 

associations commenting on past exposure drafts. 

42. Twelve letters were received from the following sources: 

FEDERAL 

(Internal) 

NON-FEDERAL 

(External) 

Users, academics, others 0 6 

Auditors 2 1 

Preparers and financial managers 3 0 

Responses to the ED 

43. The majority of the respondents agreed with the proposed changes to the disclosure 

requirements for the CFR. Additionally, a majority of respondents felt disclosure 

requirements for component entity reports should be the same as those required in the 

CFR. 

44. Many respondents believed it would be useful to (a) provide a summary report designed 

for citizen users, (b) develop a central link to agency reports on the website, and (c) 

study the needs of citizen users. The Board agrees that these are useful ideas and will 

consider these suggestions as it prioritizes future work. 

45. Specific concerns raised by respondents related to the omission of disclosures of 

liabilities not covered by budgetary resources, forfeited property not available for sale 

due to legal restrictions, details regarding modifications to loans and loan guarantees, 

and the process used by the Financial Management Service to prepare the CFR. The 

Board did not believe that the concerns outweighed the benefits derived from reducing 

the disclosures required for the CFR. 

Board Approval and Dissent 

46. This Statement was approved for issuance by nine members of the Board. Mr. Dacey 

dissented.
Appendix A: Basis for Conclusions 15

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

47. Mr. Dacey believes differences in reporting between the CFR and other federal entities 

should be limited to unique or unusual reporting issues present in the federal reporting 

environment. 

48. Mr. Dacey noted that other accounting standard setters do not differentiate reporting 

requirements between consolidated and component entities. However, based on 

materiality, the information presented in consolidated financial statements typically is 

aggregated and in less detail than in component entity financial statements. Mr. Dacey 

also noted that FASAB standards reinforce that the standards need not be applied to 

immaterial items. 

49. Mr. Dacey believes that certain information that is (1) required in component entity 

reports, (2) generally consistent with requirements of other accounting standard setters, 

and (3) material to the CFR, should be required to be presented in the CFR. Such 

information, some of which is currently reported in the CFR, relates to disclosure of: 

a. the general composition of and the basis for determining values for inventory, 

operating materials and supplies, and stockpile materials, 

b. estimated useful lives and depreciation methods for each major class of property, 

plant, and equipment, and related capitalization thresholds, and 

c. certain credit reform information for material programs, currently reported in the 

CFR. 

50. Based on the Government Accountability Office’s analysis, Mr. Dacey believes that the 

incremental information necessary to report the above information and conform with 

existing FASAB standards would likely be nominal in relation to the current CFR (i.e., 

less than one page). 

51. Mr. Dacey notes the “Basis for Conclusions” indicates that if the currently required 

information was included in the CFR, the CFR would be less accessible to users. In 

other words, it would lengthen the CFR and make it less appealing to users. However, 

Mr. Dacey does not believe that the length would be significantly affected. Also, requiring 

users to locate and read individual entity financial statements to obtain such information 

would increase the burden on users of the CFR and likely result in the information being 

less easily accessible to users. While Mr. Dacey strongly supports the notion that 

financial information about the federal government as a whole should be presented in a 

manner that appeals to the broadest range of potential users, he feels there are other 

means to meet this objective. For example, Mr. Dacey noted that several agencies 

publish brief summary annual reports, in addition to their financial statements, that are 

intended for broader distribution and are written to be more understandable to a nonfinancial user. 
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Appendix B: Relationship of Amendments to New Requirements The disclosure items addressed by this statement have either been modified to allow aggregation or rescinded tgovernment-wide reporting consistent with guidance contained in Statement of Federal Financial Accounting CoAudience and Qualitative Characteristics for the Consolidated Financial Report of the United States Governmenpurposes of understanding the impacts of the provisions of this statement, this appendix presents the text of amstandards along with the text of the new requirements applicable to the CFR. 

Relationship of Amendments to New Requirements 

See Par. 

Text of Amendment to Existing Standards See Par. Summary of Changes 

8 The reporting entity should disclose the amount of current 

liabilities not covered by budgetary resources. The U. S. 

government-wide financial statements need not include this disclosure. (SFFAS 1.86) 

 No CFR disclosure would b

9 Disclosure is made in notes to financial statements to 

explain the nature of the modification of direct loans or loan guarantees, the discount rate used in calculating the modification expense, and the basis for recognizing a gain or loss related to the modification. The U. S. governmentwide financial statements need not include this disclosure.

(SFFAS 2.56) 

27 and 28 No CFR disclosure would b

modifications of direct loans A general reference to agenprovided. 

10 The criteria considered by management in identifying 

inventory held in reserve for future sale shall be disclosed. Examples of factors to be considered in developing the criteria are (1) all relevant costs associated with holding these items (including the storage and handling costs), (2) the expected replacement cost when needed, (3) the time required to replenish inventory, (4) the potential for deterioration or pilferage; and, (5) the likelihood that a 

16, 28, 29 and 30 

The CFR should provide: (1of inventory categories; (2) to agency reports that disclodetailed information about ibalances for each of the folinventory – inventory held foinventory held in reserve foobsolete and unserviceable 
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

supply of items will be available in the future. The above listed disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32

provides for disclosures applicable to the U.S. 

government-wide financial statements for these activities.

(SFFAS 3.28) The difference between the carrying amount of the inventory before identification as excess, obsolete, or unserviceable and its net realizable value shall be recognized as a loss (or gain) and either separately reported or disclosed. The U.S. government-wide financial 

statements need not separately report or disclose the difference between the carrying amount of the inventory and its expected net realizable value. (SFFAS 3.30) 

Disclosures of (1) general composition of inventory; (2) basis for determining inventory values including the valuation method and any cost flow assumptions; (3) changes from prior year’s accounting methods if any; (4) balances for each of the following categories of inventory – inventory held for current sale, inventory held in reserve for future sale, excess, obsolete and unserviceable inventory, and inventory held for repair unless otherwise presented on the financial statements; (5) restrictions on the sale of material; (6) the decision criteria for identifying the category to which inventory is assigned; and, (7) changes in the criteria for identifying the category to which inventory is assigned. The above listed disclosure 

requirements are not applicable to the U.S. governmentwide financial statements. SFFAS 32 provides for disclosures applicable to the U.S. government-wide financial statements for these activities.

inventory held for repair. In addition, the CFR should accounting principles used applying those principles. 
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

(SFFAS 3.35) 

10 Disclosures of: (1) general composition of operating 

materials and supplies; (2) basis for determining operating materials and supplies values (including valuation method and any cost flow assumptions); (3) changes from prior year’s accounting methods, if any; (4) balances for operating materials and supplies held for use, operating materials and supplies held in reserve for future use, and excess, obsolete and unserviceable operating materials and supplies; (5) restrictions on the use of material; (6) decision criteria for identifying the category to which operating materials and supplies are assigned; and, (7) changes in the criteria for identifying the category to which operating materials and supplies are assigned. The above 

listed disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32

provides for disclosures applicable to the U.S. 

government-wide financial statements for these activities.

(SFFAS 3.50) 

17, 28, 29 and 30 

The CFR should provide: (1of operating materials and s(2) a general reference to adisclose significant detailed operating materials and supbalances for each of the foloperating materials and supmaterials and supplies held materials and supplies held use, and excess, obsolete aoperating materials and supIn addition, the CFR should accounting principles used applying those principles. 

10 For stockpile materials held for sale, any difference 

between the carrying amount and their estimated selling price shall be disclosed. The U.S. government-wide 

financial statements need not separately report or disclose any difference between the carrying amount of the stockpile materials held for sale and their estimated selling price. (SFFAS 3.55) 

Disclosures of: (1) general composition of stockpile materials; (2) basis for valuing stockpile materials including valuation method and any cost flow assumptions; (3) changes from prior year’s accounting 

18, 28, 29 and 30 

The CFR should provide: (1of stockpile material categoreference to agency reports significant detailed informatmaterials; and, (3) balances following categories of stocstockpile materials and stocfor sale. In addition, the CFR should accounting principles used applying those principles. 
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

methods if any; (4) restrictions on the use of materials; (5) balances for stockpile materials and stockpile materials held for sale; (6) decision criteria for categorizing stockpile materials as held for sale; and, (7) changes in criteria for categorizing stockpile materials as held for sale. The above listed disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32

provides for disclosures applicable to the U.S governmentwide financial statements for these activities.

(SFFAS 3.56) 

10 Disclosures about seized property: (1) explanation of what 

constitutes a seizure and a general description of the composition of seized property; (2) method(s) of valuing seizures; (3) changes from prior year’s accounting methods if any; (4) analysis of change in seized property including the dollar value and number of seized properties that are (a) on hand at the beginning of the year, (b) seized during the year, (c) disposed of during the year, and (d) on hand at the end of the year as well as known liens or other claims against the property. This information should be presented by type of seized property and method of disposition where material. The above listed 

disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32

provides for disclosures applicable to the U.S governmentwide financial statements for these activities. (SFFAS 

3.66) 

19, 28, 29 and 30 

The CFR should provide a bseized property and a geneagency reports that disclose information about seized pr

10 Forfeited property that cannot be sold due to legal 

restrictions but which may be either donated or destroyed shall be subject to the disclosure requirements described below (see paragraph 78). However, no financial value shall be recognized for these items. The U.S. government20, 28, 29 and 30 The CFR should provide a b

forfeited property and a genagency reports that disclose information about forfeited p
Appendix B: Relationship of Amendments to New Requirements 

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Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

wide financial statements are not subject to the disclosure requirements for forfeited property that cannot be sold due to legal restrictions. (SFFAS 3.71) 

 Disclosures for forfeited property: (1) composition of forfeited property; (2) method(s) of valuing forfeited property; (3) restrictions on use or disposition of forfeited property; (4) changes from prior year’s accounting method if any; (5) analysis of change in forfeited property providing the dollar value and number of forfeitures that (a) are on hand at the beginning of the year, (b) are made during the year, (c) are disposed of during the year and the method of disposition, and (d) are on hand at the end of the year (This information would be presented by type of property forfeited where material.); (6) if available an estimate of the value of property or funds to be distributed to federal state and local agencies in future reporting periods. The 

above listed disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32

provides for disclosures applicable to the U.S governmentwide financial statements for these activities.

 (SFFAS 3.78) 

10 Disclosures when the government acquires foreclosed 

assets in full or partial settlement of a direct or guaranteed loan: (1) valuation basis used for foreclosed property, (2) changes from prior year's accounting methods, if any, (3) restrictions on the use/disposal of the property, (4) balances in the categories described above (i.e., pre-1992 foreclosed property and post-1991 foreclosed property), (5) number of properties held and average holding period by type or category, (6) number of properties for which foreclosure proceedings are in process at the end of the 

21, 28, 29 and 30 

The CFR should provide a bforeclosed property and a gagency reports that disclose information about foreclose
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

period. The above listed disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32 provides for disclosures applicable to the U.S government-wide financial statements for these activities. (SFFAS 3.91) 

10 Disclosures for goods held under price support and 

stabilization programs (commodities): (1) basis for valuing commodities including the valuation method and any cost flow assumptions; (2) changes from prior year’s accounting method if any; (3) restrictions on the use, disposal, or sale of commodities; (4) an analysis of change in the dollar value and volume of commodities, including those (a) on hand at the beginning of the year, (b) acquired during the year, (c) disposed of during the year by method of disposition, (d) on hand at the end of the year, (e) on hand at year’s end and estimated to be donated or transferred during the coming period, and (f) that may be received as a result of surrender of collateral related to non-recourse loans outstanding. The analysis should also show the dollar value and volume of purchase agreement commitments. The above listed disclosure 

requirements are not applicable to the U.S. governmentwide financial statements. SFFAS 32 provides for disclosures applicable to the U.S government-wide financial statements for these activities. (SFFAS 3.109) 

22, 28, 29 and 30 

The CFR should provide a bcommodities and a general reports that disclose significinformation about commodi

11 The U.S. government-wide financial statements need not 

follow the required disclosures described below.

Disclosures required by applicable private sector standards: FASB SFAS 60 Accounting and Reporting by Insurance Enterprises, FASB SFAS 97 Accounting and Reporting by Insurance Enterprises for Certain Long-

 No CFR disclosure would b
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Duration Contracts and for Realized Gains and Losses from the Sale of Investments, and FASB SFAS 120 Accounting and Reporting by Mutual Life Insurance Enterprises and by Insurance Enterprises for Certain Long-Duration Participating Contracts and AICPA Statement of Position (SOP) 95-1 Accounting for Certain Insurance Activities of Mutual Life Insurance Enterprises. (SFFAS 5.117) 

11 Additional whole life insurance disclosure required by 

FASAB: All components of the liability for future policy benefits (i.e., the net level premium reserve for death and endowment policy and the liability for terminal dividends) should be separately disclosed in a footnote with a description of each amount and an explanation of its projected use and any other potential uses (e.g., reducing premiums, determining and declaring dividends available, and/or reducing federal support in the form of appropriations related to administrative cost or subsidies). The U.S. government-wide financial statements need not 

separately report or disclose all components of the liability for future policy benefits with a description of each amount and an explanation of its projected use and any other potential uses. (SFFAS 5.121) 

 No CFR disclosure would b

12 The following are minimum general PP&E disclosure 

requirements: (1) the cost, associated accumulated depreciation, and book value by major class; (2) the estimated useful lives for each major class; (3) the method(s) of depreciation for each major class; (4) capitalization threshold(s) including any changes in threshold(s) during the period; and, (5) restrictions on the use or convertibility of general PP&E. The above listed 

23, 28, 29 and 30 

The CFR should provide: (1of PP&E; (2) the cost, assodepreciation, and book valuand, (3) a general reference that disclose significant detaabout PP&E. In addition, the CFR should 
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32

provides for disclosures applicable to the U.S governmentwide financial statements for these activities. (SFFAS 

6.45) 

accounting principles used applying those principles. 

12 At a minimum, the following required supplementary 

information shall be presented for all PP&E: identification of each major class of asset for which maintenance has been deferred and the method of measuring deferred maintenance for each major class of PP&E. If the condition assessment survey method of measuring deferred maintenance is used, the following should be presented for each major class of PP&E: (1) description of requirements or standards for acceptable operating condition; (2) any changes in the condition requirements or standards; and, (3) asset condition and a range estimate of the dollar amount of maintenance needed to return it to its acceptable operating condition. If the total life-cycle cost method is used, the following should be presented for each major class of PP&E: (1) the original date of maintenance forecast and explanation for any changes to the forecast; (2) prior year balance of cumulative deferred maintenance amount; (3) the dollar amount of maintenance that was defined by professionals who designed, built, or manage (sic) the PP&E as required maintenance for the period; (4) the dollar amount of maintenance actually performed during the period; (5) the difference between forecast and actual maintenance; (6) any adjustments to scheduled amounts deemed necessary by PP&E managers; and, (7) the ending cumulative balance for the period for each major class of asset experiencing deferred maintenance. The above 

24, 28, 29 and 30 

The CFR should provide: (1of deferred maintenance; (2major asset category (i.e., gplant, and equipment, heritastewardship land) for which been deferred; (3) a generareports that report significanabout deferred maintenancereporting of the stratification non-critical amounts of mainreturn each major asset catacceptable operating conditIn addition, the CFR should accounting principles used applying those principles. 
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

listed required supplementary information is not applicable to the U.S. government-wide financial statements. SFFAS 32 provides for required supplementary information

applicable to the U.S government-wide financial 

statements for these activities. (SFFAS 6.83) 

Optional RSI reporting – Stratification between critical and non-critical amounts of maintenance needed to return each major class of asset category to its acceptable operating condition. If management elects to report critical and non-critical amounts, the report shall include management’s definition of these categories. The U.S. 

government-wide financial statements need not separately report stratification between critical and non-critical amounts of maintenance needed to return each major class of asset to its acceptable operating condition as well as management’s definition of these categories. SFFAS 32 provides for optional information applicable to the U.S. government-wide financial statements for these activities.

(SFFAS 6.84) 

12 Disclosures of: 

The sources (applicable laws and regulations) of cleanup requirements. The U.S. government-wide financial 

statements need not disclose the sources of cleanup requirements. (SFFAS 6.107) 

 The method for assigning estimated cleanup cost to current operating periods (e.g., physical capacity versus passage of time). The U.S. government-wide financial 

statements need not disclose the method for assigning estimated cleanup costs to current operating periods.

(SFFAS 6.108) 

25, 28, 29 and 30 

The CFR should provide: (1of cleanup cost; (2) the unreestimated total cleanup cosgeneral PP&E; and, (3) a geagency reports that disclose information about cleanup cIn addition, the CFR should accounting principles used applying those principles. 
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

For cleanup costs associated with general PP&E, the unrecognized portion of estimated total cleanup costs (e.g., the estimated total cleanup costs less the cumulative amounts charged to expense at the balance sheet date). SFFAS 32 provides for disclosure requirements for the U.S. government-wide financial statements regarding the unrecognized portion of estimated total cleanup cost associated with general PP&E. (SFFAS 6.109) 

Material changes in total estimated cleanup costs due to changes in laws, technology, or plans and the portion of the change relating to prior periods. The U.S. governmentwide financial statements need not disclose material 

changes in total estimated cleanup costs due to changes in laws, technology, plans, or the portion of the change in estimate that relates to prior period operations. (SFFAS 

6.110) The nature of estimates and information regarding possible changes due to inflation, deflation, technology, or applicable laws and regulations. The U.S. governmentwide financial statements need not disclose the nature of 

estimates and information regarding possible changes due to inflation, deflation, technology, or applicable laws and

regulations. (SFFAS 6.111) 

13 Exchange revenue should be recognized in determining 

the net cost of operations of the reporting entity during the period. The exchange revenue should be recognized regardless of whether the entity retains the revenue for its own use or transfers it to other entities. Gross and net cost should be calculated as appropriate to determine the cost 

 No CFR reporting would be 
Appendix B: Relationship of Amendments to New Requirements 

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Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

of outputs and the total net cost of operations of the reporting entity. The components of the net cost calculation should separately include the gross cost of providing goods or services that earned exchange revenue, less the exchange revenue earned, and the resulting difference. The components of net cost should also include separately the gross cost of providing goods, services, benefit payments, or grants that did not earn exchange revenue. The U.S. government-wide financial statements need not break-out gross costs of providing goods, services, benefit payments, or grants that did not earn exchange revenue, separately from those programs that earned exchange revenue. (SFFAS 7.43) 

13 Each reporting entity that provides goods or services to 

the public or another Government entity should disclose the following: (1) differences in pricing policy from the full cost or marketing pricing guidance for exchange transactions with the public as set forth in OMB Circular No. A-25, User Charges (July 8, 1993) or in subsequent amendments in circulars that set forth pricing guidance; (2) exchange transactions with the public in which prices are set by law or executive order and are not based on full cost or on market price; (3) the nature of intragovernmental exchange transactions in which the entity provides goods or services at a price less than the full cost or does not charge a price at all, for disparities between the billing (if any) and full cost; and, (4) the full amount of the expected loss when specific goods are made to order under a contract, or specific services are produced to order under a contract and a loss on the contract is probable (more likely than not) and measurable (reasonably estimable). The above listed disclosure 

 No CFR disclosure would b
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

requirements are not applicable to the U.S. governmentwide financial statements. (SFFAS 7.46) 

13 Disclosure of factors affecting collectibility and timing of 

categories of accounts (taxes) receivable and amounts involved. The U.S. government-wide financial statements 

need not disclose factors affecting collectibility and timing of categories of accounts receivable and the amounts involved. (SFFAS 7.65.1) 

 No CFR disclosure would b

 Disclosure of cumulative cash collections and refunds by 

tax year and type of tax. Cash collections and refunds by tax year and type of tax should include cash collections and cash refunds for the reporting period and for sufficient prior periods to illustrate (1) the historical timing of tax collections and refunds, and (2) any material trends in collection and refund patterns. Sufficient prior periods for each type of tax are the periods which end when the statutory period for collection ends. Collecting entities may shorten these periods if evidence for prior tax years indicates that a shorter period would reflect at least 99 percent of the collectible taxes. The U.S. government-wide 

financial statements need not disclose cumulative cash collections and refunds by tax year and type of tax for the reporting period and for sufficient prior periods to illustrate (1) the historical timing of tax collections and refunds, and (2) any material trends in collection and refund patterns. SFFAS 32 provides for disclosures applicable to the U.S. government-wide financial statements. (SFFAS 7.65.3) 

26 The CFR should disclose cu

collections and refunds by ttax for the reporting periods

14 The disclosures required by SFFAS No. 6, paragraph 45, 

for general PP&E are applicable to general PP&E software. Thus, for material amounts, the following should 

23, 28, 29 and 30 

The CFR should provide: (1accumulated depreciation, a(2) a general reference to a
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

be disclosed in the financial statements regarding the software: (1) the cost, associated amortization, and book value; (2) the estimated useful life for each major class of software; and (3) the method(s) of amortization. The above listed disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32

provides for disclosures applicable to the U.S. 

government-wide financial statements for these activities.

(SFFAS 10.35) 

disclose significant detailed PP&E. In addition, the CFR should accounting principles used applying those principles. 

15a In a note to the financial statements, reporting entities 

should display a reconciliation between the beginning and ending balances of the subsidy cost allowance for outstanding direct loans and the liability for outstanding loan guarantees reported in the entities’ balance sheet. The reconciliation is accomplished by adding to or subtracting from the beginning balance the dollar amounts of the following items: (a) the subsidy expense recognized in the four components as defined in paragraphs 25 through 29 (interest subsidy cost, the default cost, the present value of fees and other collections, and other subsidy costs) for direct or guaranteed loans disbursed during the reporting year, (b) the two types of subsidy reestimates as defined in paragraph 32 (i.e., the subsidy cost allowance for direct loans and the liability for loan guarantees), and (c) other adjustments. For direct loans, the other adjustments include loan modifications, fees received, loans written off, foreclosed property or other recoveries acquired, and subsidy allowance amortization. For loan guarantees, the other adjustments include loan guarantee modifications, fees received, interest supplements paid, claim payments made to lenders, foreclosed property or other recoveries acquired, and 

28 No reconciliation is required 

general reference to agency provided. 
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

interest accumulated on the loan guarantee liability. The requirement to display reconciliation applies to direct loans and loan guarantees obligated or committed on or after October 1, 1991, the effective date of the Federal Credit Reform Act of 1990. Reporting entities are encouraged but not required to display reconciliations for direct loans and loan guarantees obligated or committed prior to October 1, 1991, in schedules separate from the direct loans and loan guarantees obligated or committed after September 30, 1991. The U.S. government-wide financial statements need not disclose a reconciliation between the beginning and ending balances of the subsidy cost allowance for the outstanding direct loans and the liability for outstanding loan guarantees reported in the U.S. government-wide financial statements. (SFFAS 18.10) 

15b Disclosure and Discussion Requirements: (A) Reporting 

entities should provide a description of the characteristics of programs and disclose for each program: (a) the total amount of direct or guaranteed loans disbursed for the current reporting year and the preceding reporting year, (b) the subsidy expense by components recognized for the direct or guaranteed loans disbursed in those years, and (c) the subsidy re-estimates by components for those years. (B) Reporting entities should also disclose at the program level the subsidy rates for the total subsidy cost and its components for the interest subsidy costs, default costs (net of recoveries), fees and other collections, and other costs, estimated for direct loans and loan guarantees in the current year’s budget for the current year’s cohorts. Each subsidy rate is the dollar amount of the total subsidy 

27, 28, 29 and 30 

The CFR should provide: (1) a broad description of diguarantee programs; (2) the face value of loans oloan and loan guarantee pro(3) the long term cost of loacost allowance for post-199allowance for uncollectible adirect loans) and guaranteeloan guarantees) outstandinloan guarantee programs; (4) net loans receivable for (5) amount guaranteed by tguaranteed loan programs; (6) the subsidy expense for direct loan and loan guaran(7) a general reference to a
Appendix B: Relationship of Amendments to New Requirements 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

or a subsidy component as a percentage of the direct or guaranteed loans obligated in the cohort. Entities may use trend data to display significant fluctuations in subsidy rates. Such trend data, if used, should be accompanied with analysis to explain the underlying causes for the fluctuations. (C) Reporting entities should disclose, discuss, and explain events and changes in economic conditions, other risk factors, legislation, credit policies, and subsidy estimation methodologies and assumptions, that have had a significant and measurable effect on subsidy rates, subsidy expense, and subsidy re-estimates. The disclosure and discussion should also include events and changes that have occurred and are more likely than not to have a significant impact but the effects of which are not measurable at the reporting date. Changes in legislation or credit policies include, for example, changes in borrowers’ eligibility, the levels of fees or interest rates charged to borrowers, the maturity terms of loans, and the percentage of a private loan that is guaranteed.  (D) The above listed disclosure requirements are not applicable to the U.S. government-wide financial statements. SFFAS 32 provides for disclosures applicable to the U.S. government-wide financial statements for these activities. (SFFAS 18.11) 

indicating agencies that are detailed information about dguarantee programs. In addition, the CFR should accounting principles used applying those principles. 
Appendix C: List of Abbreviations 31 

Federal Accounting Standards Advisory Board 

Consolidated Financial Report of the United States Government Requirements 

September 28, 2006 

Appendix C: List of Abbreviations 

CFR Consolidated Financial Report of the United States Government 

FASAB Federal Accounting Standards Advisory Board 

FASB Financial Accounting Standards Board 

FMS Financial Management Service (Treasury) 

FY Fiscal Year 

OMB Office of Management and Budget 

PP&E Property, Plant, and Equipment 

SFAS Statement of Financial Accounting Standards 

SFFAC Statement of Federal Financial Accounting Concepts 

SFFAS Statement of Federal Financial Accounting Standards 

U.S. United States 
 

FASAB Board Members

David Mosso, Chairman 

Tom L. Allen 

Claire Gorham Cohen 

Robert F. Dacey 

John A. Farrell 

Donald B. Marron 

James M. Patton 

Robert N. Reid 

Alan H. Schumacher 

Danny Werfel 

FASAB Staff

Wendy M. Comes, Executive Director 

Project Staff: 

Allan Lund (FMS, retired) 

Gary Ward (FMS) 

 __________________________________________ 

Federal Accounting Standards Advisory Board

441 G Street NW 

Suite 6814 

Mailstop 6K17V 

Washington, DC 20548 

Telephone (202) 512-7350 

FAX (202) 512-7366 

www.fasab.gov 

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