Question

In: Accounting

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.

Solutions

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.


Related Solutions

Research Case—FASAB. Examine the Federal Accounting Standards Advisory Board's website at www.FASAB.gov and prepare a brief...
Research Case—FASAB. Examine the Federal Accounting Standards Advisory Board's website at www.FASAB.gov and prepare a brief report about its mission and structure and compile a list of organizations represented on its Accounting and Auditing Policy Committee. Can you obtain a copy of the full text of FASAB statements from this website? If not, how would you obtain a copy of a statement pertinent to federal agencies? What is the cost to purchase a statement?
annual meeting, the board of directors, and the advisory board of the family business Describe their...
annual meeting, the board of directors, and the advisory board of the family business Describe their role and function in the company of the family business and discuss how their utilization could be improved
How does the composition of the board of directors affect the the strategic decision making?
How does the composition of the board of directors affect the the strategic decision making?
Discuss how to make a venture team work effectively and constructing a solid external Advisory Board
Discuss how to make a venture team work effectively and constructing a solid external Advisory Board
Board and Management Teams of Mayo Clinic What are the composition of the Board and management...
Board and Management Teams of Mayo Clinic What are the composition of the Board and management team of Mayo Clinic? Have there been any transparency issues of late in Mayo Clinic? What is the governance model of corporate, parent holding, or modified parent holding of Mayo Clinic?.
QUESTION 6 Medicare is a Federal program funded through
QUESTION 6Medicare is a Federal program funded throughFederal and State taxesFederal taxes, payroll taxes and premiums paid by those insuredInsured premiumsMedicare taxes paid during the working life of each individual2 points   QUESTION 7Medicare was enacted into law in19871965194219752 points   QUESTION 8In accrual accounting, revenue is recorded in the books and records of the organizationas soon as it is receivedwhen cash is receivedwhen it is earnedwhenever the company's policy directs2 points   QUESTION 9Internal financial management reports should always parallel the organization'sorganization...
Explain how local public schools are funded and how other levels of government (state, federal) contribute...
Explain how local public schools are funded and how other levels of government (state, federal) contribute to K-12 educational funding. In your opinion, is this a fair system? If not, please state how this can be changed?
The Dean of the Albers School of Business has an Advisory Board that evaluates the Dean’s...
The Dean of the Albers School of Business has an Advisory Board that evaluates the Dean’s performance each year. What two specific performance measures would you suggest to be used to determine the Dean’s performance? Explain your choices.
You are making the case to the advisory board of your company for a business ethics...
You are making the case to the advisory board of your company for a business ethics program. In addition to avoiding the damage to your company’s reputation that results from unethical behavior, what are the remaining benefits?
Problem 2. Medicaid is jointly funded by the federal and state governments. States receive federal matching...
Problem 2. Medicaid is jointly funded by the federal and state governments. States receive federal matching funds and have great flexibility in implementing the program as long as they meet a core set of requirements. In recent years, there have been discussions on how to reform Medicaid financing. Among various proposals, Medicaid block grant and per capita cap have received the most attention. a. What is Medicaid block grant? How can block grant affect Medicaid enrollment and benefits? Please explain....
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT