GWSCPA Provides FISC Response to FASAB ED Opening Balances for Inventory OMS and Stockpile Materials
The Greater Washington Society of Certified Public Accountants (GWSCPA) Federal Issues and Standards Committee (FISC) is grateful for the opportunity to provide comments on the Federal Accounting Standards Advisory Board’s (FASAB) Exposure Draft (ED) on the proposed Statement of Federal Financial Accounting Standards (SFFAS), Opening Balances for Inventory, Operating Materials and Supplies (OM&S), and Stockpile Materials.
The GWSCPA consists of approximately 3,300 members, and the FISC includes nearly 30 GWSCPA members who are active in financial management, accounting, and auditing in the Federal sector. The GWSCPA sincerely appreciated the opportunity by the Board to share their views, and values the hard work and dedication by the Board Members and Staff on their contributions to improving federal financial reporting.
To read the comment letter response, please click here.