ABSTRACT
Contents 13.1 Historical Background ............................................................................ 440
13.1.1 Government Corporation Control Act of 1945 ........................... 444 13.1.2 The Budget and Accounting Procedures Act of 1950 ...................445 13.1.3 Report of the President’s Commission on Budget Concepts
of 1967 ........................................................................................ 446 13.1.4 Chief Financial Officers Act of 1990 (CFO Act) ......................... 446 13.1.5 Federal Accounting Standards Advisory Board ............................447 13.1.6 Final Note on JFMIP .................................................................. 448
13.2 Key Objectives of Federal Financial Reporting ....................................... 448 13.2.1 Objectives of Federal Accounting .................................................452 13.2.2 Objectives of the Federal Accounting Standards Advisory
Board ...........................................................................................453 13.2.3 Other FASAB Concepts Statements .............................................455 13.2.4 Statements of Federal Financial Accounting Standards ................456
13.3 Agencies Responsible for Federal Accounting and Reporting ...................457 13.3.1 Federal Accounting Standards Advisory Board (FASAB) .............457
