Deferred Maintenance Reporting for Federal Facilities Meeting the Requirements of Federal Accounting Standards Advisory Board Standard Number 6, as Amended (2001) / Chapter Skim
Currently Skimming:
Pages 12-13
The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.
From page 12... ...
Enacted in 1996, Standard Number 6, as amended, is the first governmentwide initiative requiring federal agencies to report on deferred maintenance as part of their annual financial reporting statements. The FASAB is responsible for developing accounting standards to enhance the financial information reported by the federal government, wherein "federal financial reporting helps to fulfill the government's duty to manage programs economically, efficiently, and effectively and to be publicly accountable" (FASAB, 19931.
|
From page 13... ...
Standard Number 6, as amended, acknowledges that facilities may differ as to the level of acceptable condition and that this level may vary across and within agencies; therefore, the standard allows facility management to determine the condition rating. Under the standard, management may estimate the amount of deferred maintenance for its agency through condition assessment surveys, a total life cycle cost method or other methods that are similar or identical to condition assessment surveys or total life-cycle cost.
|
Key Terms
This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More
information on Chapter Skim is available.