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Federal Accounting Standards Advisory Board ___ December 2, 2020, MEMBER ACTIONS REQUESTED: Memorandum:Members of the Boardroom:Dominic. N. Saving, Assistant DirectorProvide Ballots (Votes) no later
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The Federal Accounting Standards Advisory Board (FASAB) is the organization responsible for establishing accounting principles for federal entities.
Federal agencies and entities are required to follow the accounting standards set by FASAB.
Federal agencies must follow the guidelines and standards set by FASAB when preparing their financial statements.
The purpose of FASAB is to establish accounting standards to provide reliable and consistent financial reporting for federal agencies.
Financial information such as assets, liabilities, revenues, and expenses must be reported on federal accounting standards advisory.
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