Evaluate the composition of the Federal Advisory Standards Advisory Board (FASAB). How is it funded and...

Evaluate the composition of the Federal Advisory Standards Advisory Board (FASAB). How is it funded and what is its purpose? Discuss any active projects of the FASAB. Do you think the FASAB is an independent standard-setting organization? If so, why? Analyze whether the FASAB is proprietary based on the information you know about a proprietary organization.

Expert Solution

FASAB Composition: The board has nine members - three federal and six public or non federal.

Funds: It is funded by Treasury, the office of management and Budget and General Accounting Office(GAO)

Purpose: Its purpose is to develop federal accounting standards to determine governments accountability and efficiency and the consequences of various uses of federal funds.

Active projects:

_{1. Accounting and reporting of government land
project.}

_{2. Evaluation of existing standards.}

3. Leases

4. Tax expenditures

5. Classified activities etc...

Independence: It is an independent and non partisan federal advisory committee. It should be independent because it should not be affected by any one person interest as it lays the foundation for the revenue of state.

Proprietal status:

Based on my opinion it cannot be termed as proprietary concern as the decision are not taken by a single individual but they are taken by a committee which is not the case of proprietary concern.

Moreover the revenue is not absorbed by a single individual.

ekkarill92 answered 1 year ago

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