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FASAB Proposes Rescinding SFFAS 8, Updating Lease Requirements in Other Standards

February 25, 2019

The Federal Accounting Standards Advisory Board (FASAB) is seeking input on a proposed Statement of Federal Financial Accounting Standards (SFFAS), Omnibus Amendments: Rescinding Statement of Federal Financial Accounting Standards (SFFAS) 8 and Amending SFFAS 5, 6, and 49 (PDF). The proposed guidance would:

  • Eliminate the required supplementary stewardship information (RSSI) category by rescinding SFFAS 8, Supplementary Stewardship Reporting
  • Update references to leases in SFFAS 5, Accounting for Liabilities of the Federal Government, SFFAS 6, Accounting for Property, Plant, and Equipment, and SFFAS 49, Public-Private Partnerships: Disclosure Requirements and make a minor change for clarity

Comments are due April 23.