FASAB Issues Omnibus Amendments
September 30, 2019
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.”