U.S. Government Standard General Ledger Issues Resolution Committee (IRC) Meeting Minutes
December 13, 2007
Because of a fire alarm, the meeting was delayed. Therefore, the review of the proposed changes to USSGL accounts and the Multiline Project handout were postponed until the next meeting. Judy Yuran (FMS) introduced guest speaker Wendy Comes, Executive Director of the Federal Accounting Standards Advisory Board (FASAB), who spoke to the IRC members.
Federal Accounting Standards Advisory Board Letter
Proposed Changes to USSGL Accounts
USSGL Crosswalk to Multiple Lines IRC
Wendy opened her remarks by mentioning the FASAB letter that went out to IRC members on November 30, 2007. This letter requested comments from IRC members concerning FASAB's agenda. Wendy stated that this meeting would be a less formal approach for gathering input and that comments would not be attributable to any agency.
During Wendy's discussion, the following topics were covered:
Kathy Winchester (FMS) pointed out that there are different valuation methods for securities. SFFAS No. 1, "Accounting for Selected Assets and Liabilities," requires that agencies use book value for fixed value securities. However, SFFAS No. 5, "Accounting for Liabilities of the Federal Government," allows agencies to use one of two valuation methods depending on whether or not the security is held for sale.
Leon Fleischer (SBA) brought up the issue of the capitalization threshold for equipment. FASAB leaves it up to agencies to set their own thresholds for equipment capitalization. Wendy stated that no guidance has been given on this topic, but FASAB may release guidance in the future that tells agencies what factors they should consider when determining a capitalization threshold.
Wendy asked if agencies could use more implementation tools published by FASAB in addition to the published principles. Judy stated that because FASAB is higher on the hierarchy, it would be useful if FASAB published the implementation tools.
Judy asked if the Statement of Financing was going to be moved to Required Supplementary Information (RSI). Wendy said she would not advise moving the Statement of Financing to RSI and that there is strong support from the standard-setting community to include it in the notes to the financial statements.
Judy closed the meeting by asking for comments. She stated that IRC meetings would start up again after the holidays.
Judy Yuran, FMS
Kathy Winchester, FMS
Michele Crisman, FMS
Keith Mertz, FMS
Teresa Lampkin, DOT
Vernon Johnson, DOJ
Kathy Sherrill, DOD
Aileen Parlow, FASAB
Chris Dyson, Ed
Parker Hill, DOI
Karen Metler, FMS
Debra Carey, SEC
Bruce Henshel, DOC
Kevin Dugas, DOT
Jerri Jones, DOJ
Dan Smith, PTO
Karl Foltz, FMS
Leon Fleishcher, SBA