Statement of Federal Financial Accounting Standards

The Statement of Federal Financial Accounting Standards (SFFAS) sets the guidelines for how U.S. federal agencies prepare and present their financial reports. These standards ensure consistency, transparency, and accuracy in financial information, allowing stakeholders—such as policymakers, auditors, and the public—to understand the government’s financial position. SFFAS covers issues like asset valuation, liabilities, and revenue recognition, helping to promote accountability and informed decision-making across federal agencies.