Office of Federal Financial Management Financial Standards Development

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OMB actively participates in the financial standard setting process as one of the creators and sponsors of theFederal Accounting Standards Advisory Board (FASAB), which develops Federal accounting standards. Pursuant to its authority granted in the Chief Financial Officers Act of 1990, OMB defines the form and content of agency financial statements.

Legislation: Chief Financial Officers Act of 1990 (CFO Act) (P.L. 101-576)
Other Guidance: OMB Bulletin No. 01-09, Form and Content of Agency Financial Statements (September 5, 2001)
Superseded by Circular A-136, Financial Reporting Requirements (June 3, 2008) (166 pages, 1,116 kb)