Our Due Process

The Federal Accounting Standards Advisory Board (FASAB) is subject to the Federal Advisory Committee Act[1] and follows rules of procedure that are designed to meet or exceed the requirements of the Act. FASAB follows an open process for considering accounting standards that includes the following steps:

  1. Identification of accounting issues and agenda decisions,
  2. Preliminary deliberations,
  3. Preparation of initial documents (discussion memorandums and/or issue papers),
  4. Release of documents for comment (e.g., exposure drafts) to the public, public hearings when necessary, and consideration of comments,
  5. Further deliberations and consideration of comments,
  6. Approval by at least a two-thirds majority affirmative vote,
  7. Submission of proposed Statement to the Principals for 90-day review (45 days for Interpretations), and
  8. Publication of final Statement or Interpretation.

See the rules of procedure (PDF) that FASAB follows to implement these steps for additional information.

As an adjunct to the deliberative process, task forces and roundtables may be used, as necessary, to gather information and advise the board on a variety of accounting matters. Task forces and roundtables play an important role in the accounting standards-setting process as they provide expert views and recommended solutions to issues or problems.

The board welcomes questions and comments regarding all aspects of its operations at any time. Comments may be submitted to the board by submitting an email to fasab@fasab.gov, faxing comments to 202-512-7366, or writing to the board at 441 G Street NW, Mailstop 6H19, Washington, DC 20548.

[1] 5 U.S.C. Appendix 2