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Denise Wu Selected for Two Federal Accounting Standards Advisory Board (FASAB) Task Forces
Denise Wu, a federal government partner with CliftonLarsonAllen, has been selected to serve on two Federal Accounting Standards Advisory Board (FASAB) task forces, one on commitments and obligations and the other on lease accounting.
The objective of the commitments and obligations task force is to learn from preparers, auditors, and program personnel who are immersed in U.S. government accounting and reporting activities in areas such as risk assumed for grants and contracts. The scope of this task force is limited to contracts, grants, treaties, and other explicit agreements that the federal government has entered into.
Wu will have a voice to help communicate how today’s accounting and reporting guidelines impact federal agencies and entities.
“There are risks assumed by the U.S. government related to grants and contracts under existing guidance,” says Wu. “Currently, the U.S. government reports grants and contracts as undelivered orders in the statement of budgetary resources, and the amount at the end of a period is included as part of a note to the financial statements. Therefore, risks assumed for grants and contracts may not be fully disclosed in the financial statements and related notes explaining the implicit obligations of the government.”
In addition, Wu is one of 15 participants selected to serve on the FASAB lease accounting task force, which will review existing federal lease accounting practices throughout the federal government, evaluate the implications of the emerging FASB/IASB new lease accounting standards, and develop federal accounting guidance.
Wu’s appointments are part of our commitment to being active leaders in the federal government community.