1. If the federal Treasury GAO or OMB objects to a FASAB standard it is returned to the Board for reconsideration. 2. Federal operations consist of 5 fund types—the general fund special funds trust funds capital funds and revolving funds. 3. Proprietary accounts are used to report the business-type activities of the federal government. 4. Stewardship assets are long-lived assets that are not given balance sheet recognition by the federal government. 5. The federal agency balance sheet and statement of net cost are prepared on the full accrual basis of accounting. 6. FASAB requires nonexchange revenues to reported on both the accrual and the cash basis of accounting. 7. Federal social insurance liabilities (e.g. social security) to beneficiaries are recognized only when due. 8. Federal agencies recognize the cost of debt guarantees when it is probable that borrowers will default on their payments. 9. Military assets are required to be capitalized and depreciated until war is declared. 10. At an international level the IFAC Public Sectors Committee recommends preparation of cash-basis financial statements for third-world governments.
