1. FASAB – Vision for 2015 The Federal Accounting Standards Advisory Board David Mosso, CPA Tom Allen, CPA

2. Disclaimer Views expressed are those of the speaker. The Board expresses its views in official publications.

3. Status of Major Projects Conceptual FrameworkConceptual Framework –Objectives –Elements Social Insurance and LiabilitiesSocial Insurance and Liabilities Natural ResourcesNatural Resources Fiduciary ActivitiesFiduciary Activities

4. Conceptual Framework Phases Objectives and qualitative characteristicsObjectives and qualitative characteristics Elements and Recognition CriteriaElements and Recognition Criteria Financial Reporting Model and Sustainability ReportingFinancial Reporting Model and Sustainability Reporting Measurement AttributesMeasurement Attributes EntityEntity

5. Social Insurance A majority of the Board tentatively agrees that an obligation exists prior to due and payable (40 quarters work in covered employment)A majority of the Board tentatively agrees that an obligation exists prior to due and payable (40 quarters work in covered employment) Issues:Issues: –Supplementary Medical Insurance Elections –Assigning costs to periods –Treatment of changes in estimates

6. Natural Resources Recognizing oil and gas proved reserves at current valueRecognizing oil and gas proved reserves at current value Results in information on:Results in information on: –Quantity of proved reserves –Value of proved reserves –Royalty revenue and depletion of reserves –Extensive disclosure and RSI

7. Key Accomplishments

8. Strategic Planning

9. Roundtable Meetings - Objectives of Federal Financial Reporting Objective 1 – Budgetary IntegrityObjective 1 – Budgetary Integrity

10. Reporting Objectives - continued Objective 2 – Operating PerformanceObjective 2 – Operating Performance Objective 3 – StewardshipObjective 3 – Stewardship Objective 4 – Systems and ControlObjective 4 – Systems and Control

11. White Paper on Objectives of Federal Financial Reporting Defining the Board’s role and priorities in meeting the broad objectives of SFFAC 1Defining the Board’s role and priorities in meeting the broad objectives of SFFAC 1

12. LOOKING AHEAD

13. Refining/Completing the Federal Reporting Model Inclusion of all assets/liabilities and appropriately recording changes in them.Inclusion of all assets/liabilities and appropriately recording changes in them. The reporting entityThe reporting entity Reporting beyond the traditional balance sheet and operating statementReporting beyond the traditional balance sheet and operating statement

14. Additional Reporting Statement of Social InsuranceStatement of Social Insurance Sustainability ReportingSustainability Reporting Articulation of these Statements to traditional Balance Sheet and Operating StatementsArticulation of these Statements to traditional Balance Sheet and Operating Statements

15. Expanded Outreach to Potential Federal Financial Report Users Increase due process feedbackIncrease due process feedback FASAB’s educational roleFASAB’s educational role User focus meetingsUser focus meetings

16. My Perception of FASAB’s Biggest Challenges IndependenceIndependence ResourcesResources

17. Initial Assessment Competent staffCompetent staff Committed BoardCommitted Board Generally strong agency supportGenerally strong agency support

18. FASAB On-Line Resources www.fasab.govwww.fasab.gov –All exposure drafts and final pronouncements. –Electronic mailing list for updates including newsletter and requests for comment. –Active project pages including briefing materials.