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Federal Accounting Standards Advisory Board ___ February 9, 2012, Memorandum To:Members of the Boardroom:Melissa Lough an, Assistant DirectorThrough: Wendy M. Payne, Executive Director Subj:Federal
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FASAB stands for Federal Accounting Standards Advisory Board, which sets the accounting standards for the federal government.
All federal government agencies are required to follow FASAB accounting standards.
Filling out FASAB accounting involves following the specific guidelines set by the Federal Accounting Standards Advisory Board.
The purpose of FASAB accounting is to ensure accurate and transparent financial reporting for the federal government.
Information such as assets, liabilities, revenues, and expenses must be reported on FASAB accounting.
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