Which of the following is not a part of the FASAB due process for establishing a federal financial accounting standard?
A) Public comment on a discussion memorandum.
B) Issuing an exposure draft.
C) Unanimous approval by the FASAB.
D) Support (or lack of opposition) of the standard by the three principals (Comptroller General, Secretary of the Treasury, and Director of the Office of Management and Budget).

Question

Quizplus · Accepted Answer

Unanimous approval by the FASAB is not a part of the due process for establishing a federal financial accounting standard. However, the FASAB must reach a consensus on the standard before it can be passed to the principals for their review and support.

Which of the Following Is Not a Part of the FASAB