federal accounting standards

Federal accounting standards refer to the guidelines and rules that govern how the U.S. government records, reports, and manages financial information. These standards ensure transparency, consistency, and accountability in federal financial reporting. They are set by the Federal Accounting Standards Advisory Board (FASAB) and aim to provide clear financial statements that reflect the government's financial position, performance, and cash flows. By adhering to these standards, federal agencies can effectively communicate their financial activities to Congress, taxpayers, and other stakeholders, helping to ensure responsible management of public funds.