TAILIEUCHUNG - Technical Amendments to Accounting Standards For Direct Loans and Loan Guarantees In Statement of Federal Financial Accounting Standards No. 2

A number of developments have inadvertently exposed the extent to which the accountancy profession had become a major industry and, thus, indirectly invited critical reflection upon the relevance and adequacy of its regulation. Consideration of the three episodes allows us to explore how accountants have responded to the challenge of change and, more specifically, how they have sought to address and neutralise the threat to the image of themselves (and associated material benefits) as responsible, independent professionals. In this, as we show in our analysis of the episode concerned with the governance of the largest UK accounting association, accountants have. | Federal Accounting Standards Advisory Board Technical Amendments to Accounting Standards For Direct Loans and Loan Guarantees In Statement of Federal Financial Accounting Standards No. 2 Statement of Federal Financial Accounting Standards No. 19 March 2001 THE FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD The Federal Accounting Standards Advisory Board the FASAB or the Board was established by the Secretary of the Treasury the Director of the Office of Management and Budget OMB and the Comptroller General in October 1990. It is responsible for promulgating accounting standards for the United States Government. An accounting standard is typically formulated initially as a proposal after considering the financial and budgetary information needs of citizens including the news media state and local legislators analysts from private firms academe and elsewhere Congress Federal executives Federal program managers and other users of Federal financial information. The proposed standard is published in an Exposure Draft for public comment. A public hearing is sometimes held to receive oral comments in addition to written comments. The Board considers comments and decides whether to adopt the proposed standard with or without modification. The Board publishes adopted standards in a Statement of Federal Financial Accounting Standards. Additional background information is available from the FASAB Memorandum of Understanding among the General Accounting Office the Department of the Treasury and the Office of Management and Budget on Federal Government Accounting Standards and a Federal Accounting Standards Advisory Board amended on October 1 1999. Mission Statement of the Federal Accounting Standards Advisory Board. Federal Accounting Standards Advisory Board 441 G Street NW Suite 6814 Washington DC 20548 Telephone 202 512-7350 Fax 202 512-7366 .

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