FASAB Issues Exposure Draft on Reporting of Federal Oil, Gas and Other Natural Resource Information
The Federal Accounting Standards Advisory Board (FASAB) recently announced it is seeking input on the exposure draft (ED) of a proposed Statement of Federal Financial Accounting Standards (SFFAS) titled Omnibus Amendments: Amending Statements of Federal Financial Accounting Standards 38, 49, and Technical Bulletin 2011-1.
The ED proposes retaining the reporting of federal oil and gas and other natural resource information as required supplementary information per SFFAS 38, Accounting for Federal Oil and Gas Resources, and Technical Bulletin (TB) 2011-1, Accounting for Federal Natural Resources Other than Oil and Gas. The ED also proposes eliminating an exception provided in SFFAS 49, Public Private Partnerships: Disclosure Requirements, to avoid reporting inconsistencies and to increase comparability.
The FASAB requests comments on the ED by Sept. 21, 2023. Respondents are encouraged to provide the reasons for their positions. The ED and the specific questions raised are available on the FASAB website in PDF and Microsoft Word format, respectively.