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FASAB Issues Interpretation of Standard on Classified Activities

April 16, 2019

The Federal Accounting Standards Advisory Board (FASAB) has issued Interpretation of Federal Financial Accounting Standards 8: An Interpretation of Statement of Federal Financial Accounting Standards (SFFAS) 56, Classified Activities (PDF). The objective of SFFAS 56 is to balance the need for financial reports to be publicly available with the need to prevent the disclosure of classified information or activities. SFFAS 56 allows for this and permits modifications that do not affect net results of operations or net position, along with other modifications when needed to prevent the disclosure of classified information.