The Federal Accounting Standards Advisory Board (FASAB) has issued Statement of Federal Financial Accounting Standards (SFFAS) No. 57, Omnibus Amendments 2019.
The Statement will:
Eliminate “the required supplementary stewardship information . . . category by rescinding [SFFAS] 8, Supplementary Stewardship Reporting.”
Update “references to leases in SFFAS 5, Accounting for Liabilities of the Federal Government, SFFAS 6, Accounting for Property, Plant, and Equipment, and SFFAS 49, Public-Private Partnerships: Disclosure Requirements.”
Make “a minor change to SFFAS 6.”
For more information, see the Statement on the FASAB’s Web site.