The source of authoritative guidance for federal financial accounting and reporting is the Federal Accounting Standards Advisory Board. To better understand the FASAB, access its Web site at www.fasab.gov to answer the following.
a. What is the mission of the FASAB?
b. What is the composition of the FASAB, and how are the board members selected/appointed?
c. How is the FASAB funded?
d. Discuss whether you believe the FASAB is an independent standard-setting body. Do you believe it is more or less independent than FASB or GASB? Explain your answer.
e. Identify and briefly describe at least three active projects on which the FASAB is currently working.
f. The FASB and GASB standards are proprietary in that a user must pay to access the standards. Are the FASAB standards proprietary?