Tuesday, April 7th, 2009 - 10:40
"FASAB’s mission is to promulgate federal accounting standards after considering
the financial and budgetary information needs of citizens, oversight groups,
executive agencies, and other users of financial statements.”
Annually, some $2.7 trillion of taxpayer money flows through the accounts of the U.S. federal government. Article 1 Section 9 of the U.S. Constitution requires that, “a regular statement and account of the receipts and expenditures of all public money shall be published from time to time.” Managing these funds requires more than just keeping the books and ensuring they are spent properly. Subsequent laws have mandated additional accounting and reporting requirements for public officials with the responsibilities for U.S. federal financial management.