Federal Financial Statement Transparency Act of 2014 - Establishes in the executive branch an independent Federal Accounting Standards Advisory Board (FASAB) to develop federal financial accounting concepts or standards, giving consideration to the budgetary information needs of executive agencies and the needs of users of federal financial information.
Directs the Secretary of the Treasury to establish a FASAB operations fund to enable the FASAB to carry out its duties.
Requires the Secretary to assess a fee on each sale of a security for deposit into the fund.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4678 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4678
To establish the Federal Accounting Standards Advisory Board as an
independent establishment to develop Federal financial accounting
concepts and standards and provide guidance to users of Federal
financial information, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 20, 2014
Mr. Renacci (for himself, Mr. Carney, Mr. Owens, Mr. Kelly of
Pennsylvania, Mr. Joyce, Mr. Campbell, Mr. Bucshon, Mr. Webster of
Florida, Mr. Ribble, Mr. Kilmer, Mr. Cooper, Mr. Conaway, Mr. Stivers,
Mr. Delaney, and Mr. Welch) introduced the following bill; which was
referred to the Committee on Oversight and Government Reform, and in
addition to the Committee on Ways and Means, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
_______________________________________________________________________
A BILL
To establish the Federal Accounting Standards Advisory Board as an
independent establishment to develop Federal financial accounting
concepts and standards and provide guidance to users of Federal
financial information, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Federal Financial Statement
Transparency Act of 2014''.
SEC. 2. FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD.
There is established in the executive branch of the Government an
independent establishment to be known as the Federal Accounting
Standards Advisory Board (in this Act referred to as the ``Board'').
SEC. 3. MEMBERSHIP.
(a) Number and Appointment.--The Board shall be composed of 10
members appointed as follows:
(1) One member shall be an employee of the Government
Accountability Office, appointed by the Comptroller General of
the United States (in this Act referred to as the ``Comptroller
General'').
(2) One member shall be an employee of the Office of
Management and Budget, appointed by the Director of the Office
of Management and Budget (in this Act referred to as the
``Director'').
(3) One member shall be an employee of the Department of
the Treasury, appointed by the Secretary of the Treasury (in
this Act referred to as the ``Secretary''), who may not
participate in any votes held pursuant to section 4(c)(1).
(4) Seven members shall be appointed from the general
financial community, the accounting and auditing community, or
academia by an appointment panel consistent with the
requirements of subsection (d).
(b) Requirements for Non-Federal Members.--Members appointed
pursuant to subsection (a)(4) may not be selected from among Federal
employees.
(c) Terms.--
(1) Federal members.--A member appointed pursuant to
paragraph (1), (2), or (3) of subsection (a) shall serve on the
Board at the discretion of the head of each agency that
appoints such a member.
(2) Non-federal members.--Members appointed pursuant to
subsection (a)(4) shall serve for a term not to exceed 5 years
and that, upon approval of an appointment panel described in
subsection (d), may be renewed for an additional term not to
exceed 5 years.
(d) Appointment Panel.--
(1) Initial appointment panel membership.--Upon
appointment, the member appointed by the Comptroller General
pursuant to subsection (a)(1) shall convene an appointment
panel consisting of not more than 6 individuals as follows:
(A) The member appointed by the Comptroller General
pursuant to subsection (a)(1), who shall serve as chair
of the initial appointment panel.
(B) The members appointed by the Director and the
Secretary, respectively, pursuant to paragraphs (2) and
(3) of subsection (a).
(C) One representative from the Financial
Accounting Foundation (or a successor organization).
(D) Two representatives from an organization that
nationally represents the interests of the certified
public accountant profession by--
(i) serving as an advocate before
legislative and regulatory entities, public
interest organizations, and professional
organizations;
(ii) developing standards for audits of
nonpublic entities and guidelines for services
of certified public accountants;
(iii) providing professional tools and
training to certified public accountants; and
(iv) monitoring and enforcing compliance
with technical and ethical standards for
certified public accountants.
(2) Duties of appointment panel.--The appointment panel
established under this subsection shall appoint members
pursuant to subsection (a)(4) to serve on the Board.
(3) Expiration.--The chair shall dissolve the appointment
panel upon completion of the duties described in paragraph (2).
(4) Selection of chair of subsequent appointment panel.--
The Secretary, the Director, and the Comptroller General shall
select one member appointed pursuant to subsection (a)(4) to
serve as the chair of the Board and the chair of a subsequent
appointment panel.
(5) Subsequent appointment panel.--The chair selected
pursuant to paragraph (4) shall convene an appointment panel
before the expiration of the term of the Board members
appointed pursuant to subsection (a)(4).
SEC. 4. DUTIES; CONCEPTS AND STANDARDS.
(a) Duties of FASAB.--The Board shall develop Federal financial
accounting concepts or standards and give consideration to the
budgetary information needs of executive agencies and the needs of
users of Federal financial information.
(b) Restriction on Duties.--The Board may not set or propose budget
concepts, standards, or principles.
(c) Concepts and Standards.--
(1) FASAB vote.--The Board shall submit to the Director and
the Comptroller General any Federal financial accounting
concepts or standards developed under subsection (a) that
receive a favorable vote by at least \2/3\ of the Board members
(except as provided in section 3(a)(3)).
(2) OMB and gao review.--
(A) Automatic acceptance.--Except as provided in
subparagraph (B), the concept or standard described in
paragraph (1) shall be submitted to the Secretary at
the end of the 90-day period beginning on the date the
Director and the Comptroller General receive the
concept or standard.
(B) Process for rejection.--If the Director or the
Comptroller General disapproves of the concept or
standard described in paragraph (1), the Director or
the Comptroller General shall, not later than 90 days
after receiving such concept or standard, reject such
concept or standard and submit such concept or standard
to the Board for reconsideration.
(C) Report for rejection.--Not later than 5 days
after submitting the concept or standard to the Board
for reconsideration, the Director or the Comptroller
General shall submit to Congress and the organization
described in section 3(d)(1)(D) a report, which shall
be made available to the public, describing the
rejected concept or standard and the basis for the
rejection.
(3) FASAB publication.--At the end of the period described
in paragraph (2)(A), the Board shall publish the concept or
standard submitted to the Secretary pursuant to such paragraph
in the Federal Register.
(4) Treasury review.--
(A) In general.--Except as provided in subparagraph
(B), if the Secretary decides not to adopt a concept or
standard submitted pursuant to subsection (c)(2)(A),
the Secretary shall submit, along with the annual
report submitted pursuant to section 331(e)(1) of title
31, United States Code, a description of any rejected
concept or standard and the basis for the rejection.
(B) Exception for immaterial deviations.--The
requirements of subparagraph (A) do not apply if the
Secretary determines that the application of the
concept or standard would not have a material effect on
the annual report submitted pursuant to section
331(e)(1) of title 31, United States Code.
(d) GAO Audit.--If, in conducting an audit of the annual report
submitted by the Secretary pursuant to section 331(e)(1) of title 31,
United States Code, the Comptroller General finds a material deviation
from generally accepted accounting principles in such report, the
Secretary shall submit to the Comptroller General an explanation for
such deviation not later than 30 days after notification of such
deviation.
SEC. 5. FASAB OPERATIONS FUND.
(a) Establishment.--The Secretary of the Treasury shall establish a
fund, to be available without fiscal year limitation, to provide funds
to the Board for the purpose of carrying out its duties under this Act.
(b) Amount.--The Board shall determine the annual cost of carrying
out its duties.
(c) Deposits.--Beginning on the first day of the first full fiscal
year that begins after the date of enactment of this Act, the Secretary
of the Treasury shall assess a fee on each sale of a security under
chapter 31 of title 31, United States Code, in an annual aggregate
amount equal to the amount specified in subsection (b), and deposit
such amount into the fund.
(d) Use of Funds.--Amounts in the fund may be used by the Board,
for the purpose of carrying out the duties of the Board under this Act
without further appropriation, beginning on the first day of the fiscal
year beginning after the fiscal year described in subsection (c).
SEC. 6. EFFECTIVE DATE.
Sections 3 and 4 of this Act shall take effect on the date that
amounts in the fund described in section 5 are transferred to the
Board.
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Introduced in House
Introduced in House
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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