The Federal Accounting Standards Advisory Board: A View of Its Role One Year Later

The secretary of the Treasury, the Director of the Office of Management and Budget (OMB) and the comptroller general established the Federal Accounting Standards Advisory Board (FASAB) at the end of 1990. The Board recommends accounting principles for the United States government, including those to implement the Chief Financial Officers Act. This article reviews some results of research conducted by the Board during the past year and presents a conceptual framework for understanding the role of the Board and how it differs from the roles of FASB and GASB.