In 1996 the Federal Accounting Standards Advisory Board (FASAB) 1 enacted Standard Number 6, Accounting for Property, Plant, and Equipment (PP&E), the first government-wide initiative requiring federal agencies to report dollar amounts of deferred maintenance annually. The FASAB has identified four overall objectives in federal financial reporting: budgetary integrity, operating performance, stewardship, and systems and control. FASAB Standard Number 6, as amended, focuses on operating performance and stewardship. The FFC Standing Committee on Operations and Maintenance has prepared this report to identify potential issues that should be considered in any future amendments to the standard and to suggest approaches for resolving them. The committee's intent is to assist the CFO Council, federal agencies, the FASAB, and others as they consider how best to meet the objectives of federal financial reporting for facilities.
Table of Contents
|Definitional Issues and Potential Revisions||19-22|
|Methodological Issues and Alternatives Approaches for Calculating Deferred Maintenance for Facilities||23-40|
|Deferred Maintenance and Repairs as an Indicator of Facility Condition||41-44|
|Appendix A: Excerpts from Stewardship of Federal Facilities: A Proactive Strategy for Managing the Nation's Public Assets||45-50|
|Appendix B: Excerpts from FASAB Standard Number 6||51-54|
|Appendix C: Excerpts from Amendments to FASAB Standard Number 6||55-58|
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