Financial Facts

November 21, 2017

The Federal Accounting Standards Advisory Board (FASAB) issued technical bulletins related to accounting for intragovernmental transactions and assigning assets to component reporting entities.

In Technical Bulletin 2017-1, Intragovernmental Exchange Transactions , FASAB provides guidance to help federal reporting entities determine whether intragovernmental arrangements are exchange transactions.

Technical Bulletin 2017-2, Assigning Assets to Component Reporting Entities, clarifies which component entity should report an asset.

VACo Contact: Vicky Steinruck, CPA

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