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[Federal Register Volume 65, Number 223 (Friday, November 17, 2000)]
[Notices]
[Page 69557]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-29419]

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GENERAL ACCOUNTING OFFICE

Federal Accounting Standards Advisory Board Federal Financial 
Accounting Standards

AGENCY: Federal Accounting Standards Advisory Board.

ACTION: Notice of New Exposure Draft Eliminating Disclosures Related to 
Tax Revenue Transactions by the Internal Revenue Service, Customs, and 
Others.

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    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 has published a new exposure draft, 
Eliminating Disclosures Related To Tax Revenue Transactions By The 
Internal Revenue Service, Customs, and Others.
    A summary of the proposed Statement follows:
    On November 13, 2000, the Federal Accounting Standards Advisory 
Board (FASAB) released for public comment an exposure draft (ED) to 
amend Statement of Federal Financial Accounting Standards (SFFAS) 7, 
Accounting for Revenue and Other Financing Sources and Concepts for 
Reconciling Budgetary and Financial Accounting. The amendment would 
eliminate the current requirement to disclosure certain information 
about taxes receivable. The exposure draft, entitled Elimination of 
Disclosures Related to Tax Revenue Transactions by the Internal Revenue 
Service, Customs, and Others, Amending Statement of Federal Financial 
Accounting Standards No. 7, Accounting for Revenue and Other Financing 
Sources, will be out for comment until February 16, 2001.
    SFFAS No. 7 applies to entities collecting taxes on behalf of the 
Federal Government. The two entities collecting the vast majority of 
Federal taxes are the Internal Revenue Service (IRS) and the U.S. 
Customs Service (Customs). The Board has concluded that the disclosures 
required by SFFAS No. 7 do not accomplish a reconciliation of account 
balances and would mislead those attempting to evaluate IRS' and other 
tax-collecting entities' performance regarding taxes receivable. The 
disclosures include compliance activity that precedes the recognition 
of taxes receivable. Certain supplementary information on compliance 
assessments, preassessment work in process, claims for refunds, and 
write-offs would continue to be required as supplementary information.
    Two Board members disagree with the decision of the majority. They 
would retain the disclosure requirement.
    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 [email protected]. 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. For further information call Richard Fontenrose (202) 512-7358.
    Written comments are requested by February 16, 2001, 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, 441 G 
St., NW, Room 6814, Washington, DC 20548, or call (202) 512-7350.

    Authority: Federal Advisory Committee Act. Pub. L. No. 92-463.

    Dated: November 13, 2000.
Wendy M. Comes,
Executive Director.
[FR Doc. 00-29419 Filed 11-16-00; 8:45 am]
BILLING CODE 1610-01-M
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