Notice2025-06351
Notice of Call for Volunteers for Commitments Task Force
Primary source
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Published
April 15, 2025
Issuing agencies
Federal Accounting Standards Advisory Board
Abstract
Notice is hereby given that Federal Accounting Standards Advisory Board (FASAB) is calling for volunteers for the commitments task force.
Full Text
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<title>Federal Register, Volume 90 Issue 71 (Tuesday, April 15, 2025)</title>
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[Federal Register Volume 90, Number 71 (Tuesday, April 15, 2025)]
[Notices]
[Page 15712]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-06351]
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FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD
Notice of Call for Volunteers for Commitments Task Force
AGENCY: Federal Accounting Standards Advisory Board.
ACTION: Notice.
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SUMMARY: Notice is hereby given that Federal Accounting Standards
Advisory Board (FASAB) is calling for volunteers for the commitments
task force.
FOR FURTHER INFORMATION CONTACT: Ms. Monica R. Valentine, Executive
Director, 441 G Street NW, Suite 1155, Washington, DC 20548, or call
(202) 512-7350.
SUPPLEMENTARY INFORMATION: FASAB approved a technical agenda topic to
develop financial reporting guidance for federal commitments. Federal
commitments typically involve agreements between federal reporting
entities and either non-federal entities or another federal entity to
enter into future transactions that require the future outflow or other
sacrifice of government resources.
Commitments may include international agreements, treaties,
commitments to extend loan guarantees, purchase agreements to comply
with laws and regulations or to share costs, grants programs, and
contracts for future delivery of goods or services, among others.
As part of the effort to develop accounting and financial reporting
guidance for federal commitments, FASAB staff is forming a task force
to help define federal commitments, consider informational needs of
users, and identify potential concerns and solutions for the Board's
consideration.
The Board seeks broad task force representation to include
financial statement users, preparers, auditors, as well as relevant
operational and technical experts. Task force members should have some
familiarity with federal financial statements and/or subject matter
knowledge regarding federal commitments. FASAB staff anticipates the
first meeting of the task force to occur in early May 2025.
Authority: 31 U.S.C. 3511(d); Federal Advisory Committee Act, 5
U.S.C. 1001-10149.
Dated: April 9, 2025.
Monica R. Valentine,
Executive Director.
[FR Doc. 2025-06351 Filed 4-14-25; 8:45 am]
BILLING CODE 1610-02-P
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