Federal Accounting Standards Advisory Board Charter Reestablishment

Regs.gov: Federal Accounting Standards Advisory Board

Published November 18th, 2025

Detected March 14th, 2026

Summary

The Secretary of the Treasury, the Director of OMB, and the Comptroller General have reestablished the Federal Accounting Standards Advisory Board (FASAB) and its Appointments Panel. The charters lapsed during a government shutdown and are now reestablished to ensure continuous improvement in federal accounting and financial reporting.

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What changed

The Federal Accounting Standards Advisory Board (FASAB) and its Appointments Panel have had their charters reestablished by the Secretary of the Treasury, the Director of the Office of Management and Budget, and the Comptroller General of the United States. This action was necessary because the charters lapsed during a recent government shutdown. The reestablishment is in accordance with the Federal Advisory Committee Act and aims to ensure the continuous improvement of accounting and financial reporting standards for the federal government.

This notice is primarily informational for government agencies and professionals involved in federal accounting. No immediate compliance actions are required for regulated entities outside of the federal government. The reestablishment confirms the ongoing importance and public interest in the functions of FASAB and its Appointments Panel in setting accounting standards for federal entities.

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Content

ACTION:

Notice.

In accordance with the provisions of the Federal Advisory Committee Act, Title 5 United States Code, Chapter 10, and Title
41, Code of Federal Regulations, Section 102-3.65, notice is hereby given that the Secretary of the Treasury, the Director
of the Office of Management and Budget, and the Comptroller General of the United States (the Sponsors) have agreed to reestablish
the Federal Accounting Standards Advisory Board (FASAB), an advisory committee to consider and recommend accounting standards
and principles for the federal government. FASAB is reestablished pursuant to the authority of Title 31 United States Code,
Section 3511, as part of a continuous program for improving accounting and financial reporting in the federal government.

Notice is also hereby given that the Sponsors have agreed to reestablish a charter for FASAB's subcommittee, called the Appointments
Panel. The Appointments Panel's mission is to assist in the selection, appointment, and monitoring of special government employee
members of FASAB. The Panel assists the Sponsors by recruiting and recommending individuals for appointment or reappointment
of special government employee members. The panel also assists the Sponsors and FASAB in evaluating and monitoring adherence
to the American Institute of Certified Public Accountants (AICPA) criteria for an entity designated as a source for generally
accepted accounting principles (GAAP).

Both charters lapsed during the most recent government shutdown, necessitating a reestablishment of the charters as opposed
to a renewal. The Sponsors affirm that both FASAB and the Appointments Panel are essential to the conduct of the agencies'
business, are in the public interest, and the functions cannot be performed by other means.