31324 Federal Register / Vol. 65, No. 96 / Wednesday, May 17, 2000 / Notices

the agreement and proposed order, or to

modify in any way their terms.

By direction of the Commission.

Donald S. Clark,

Secretary.

[FR Doc. 00–12382 Filed 5–16–00; 8:45 am]

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GENERAL ACCOUNTING OFFICE

Federal Accounting Standards

Advisory Board

AGENCY: General Accounting Office.

ACTION: Notice of new exposure draft on

accounting for Direct Loans and Loan

Guarantees.

Board Action: Pursuant to the Federal

Advisory Committee Act (Pub. L. No.

92–463), as amended, and the FASAB

Rules of Procedure, as amended in

October 1999, notice is hereby given

that the Federal Accounting Standards

Advisory Board (FASAB) has released

for public comment an exposure draft

(ED) on accounting for Direct Loans and

Loan Guarantees. Comments are

solicited and should be submitted by

August 10, 2000.

A summary of the proposed Statement

follows:

FASAB Published a New Exposure

Draft on Accounting for Direct Loans

and Loan Guarantees

On May 10, 2000, the Federal

Accounting Standards Advisory Board

(FASAB) released for public comment

an exposure draft (ED) on accounting for

Direct Loans and Loan Guarantees.

Contained in the ED is a proposed

standard that would require that in a

note to their financial statements,

reporting entities display for each major

program and for the entity as a whole

reconciliations between the beginning

and ending balances of: (a) The subsidy

cost allowance for direct loans and (b)

the liability for loan guarantees. Entity

management would be responsible for

identifying major programs on the basis

of each reporting entity’s specific

circumstances. The proposed standard

states that the major programs that are

reconciled individually should

constitute at least 75 percent of the face

amount of the reporting entity’s

outstanding direct or guaranteed loans.

The reconciliation of other programs

should be displayed in aggregate.

The proposed requirement for

program-by-program reconciliation for

major credit programs follows the

Board’s adoption in SFFAS No. 18 a

requirement that reporting entities

display reconciliation for direct loan

subsidy allowance and loan guarantee

liability reported on the entity’s balance

sheet. The Board believed that while the

entity-wide reconciliation will provide

information on the aggregate operating

results of all credit programs under the

entity’s management, the program-byprogram reconciliation would provide

information on the performance of

specific programs. Since the entity-wide

reconciliation has been adopted in

SFFAS No. 18, it is not a subject of the

ED. Comments are requested on the

proposed requirement for program-byprogram reconciliation for major

programs.

Comments are also solicited on a

number of proposed technical

amendments to SFFAS No. 2,

Accounting for Direct Loans and Loan

Guarantees. Some of those technical

amendments are proposed to clarify that

the accounting standards are consistent

with the cash flow discount method

required by the amendment enacted in

July 1997 to the Federal Credit Reform

Act of 1990. Other technical

amendments proposed in this ED would

clarify: (a) The use of discount rates

adjusted by interest rate reestimates,

and (b) the measurement of default costs

of direct loans and loan guarantees.

The exposure draft will soon be

mailed to FASAB’s mailing list

subscribers. Additionally, it is available

on FASAB’s home page http://

www.financenet.gov/fasab.htm. Copies

can be obtained by contacting FASAB at

(202) 512–7350, or

mayor.fasab@gao.gov. The Board has

posed specific questions for comment.

Respondents are encouraged to address

those questions and to comment on any

part of the exposure draft.

Written comments are requested by

August 10, 2000, and should be sent to:

Wendy M. Comes, Executive Director,

Federal Accounting Standards Advisory

Board, 441 G Street, NW, Suite 6814,

Mail Stop 6K17V, Washington, DC

20548.

FOR FURTHER INFORMATION, CONTACT:

Wendy Comes, Executive Director, 4412

G St. NW, Room 6814, Washington, DC

20548, or call (202) 512–7350.

Authority: Federal Advisory Committee

Act. Pub. L. No. 92–463.

Dated: May 12, 2000.

Wendy M. Comes,

Executive Director.

[FR Doc. 00–12434 Filed 5–16–00; 8:45 am]

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GENERAL ACCOUNTING OFFICE

Federal Accounting Standards

Advisory Board

AGENCY: General Accounting Office.

ACTION: Notice of meeting on June 8 and

9, 2000.

Board Action: Pursuant to the Federal

Advisory Committee Act (Pub. L. 92–

463), as amended, and the FASAB Rules

of Procedure, as amended in October

1999, notice is hereby given that the

Federal Accounting Standards Advisory

Board (FASAB) will meet on Thursday,

June 8 from 9 a.m. to 4 p.m., and Friday,

June 9, 2000 from 9 a.m. to 4 p.m. in

room 7C13, the Elmer Staats Briefing

Room, 441 G St. NW, Washington, DC.

The purpose of the meeting is to:

Review a draft exposure draft on

Stewardship Responsibilities,

Discuss Stewardship PP&E and review a

draft exposure draft,

Discuss National Defense PP&E, and

Discuss other topics as necessary.

A Steering Committee meeting of the

Board’s Principal Board members will

be held immediately after the Board

meeting on Friday. Topics to be

discussed include:

Action Plan for Transition Effort (Status

report and review) and

Auditing and Accounting Policy

Committee (AAPC) Charter and

Operating Procedures (review and

approval).

Any interested person may attend the

meeting as an observer. Board

discussion and reviews are open to the

public.

FOR FURTHER INFORMATION CONTACT:

Wendy Comes, Executive Director, 441

G St. NW, Room 6814, Washington, DC

20548, or call (202) 512–7350.

Authority: Federal Advisory Committee

Act. Pub. L. 92–463.

Dated: May 12, 2000.

Wendy M. Comes,

Executive Director.

[FR Doc. 00–12433 Filed 5–16–00; 8:45 am]

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