United States

KPMG Comments on Proposed Statement of Federal Financial Accounting Standards

Jul 20, 2015
From the Financial Reporting Network

KPMG LLP recently commented on the Federal Accounting Standards Advisory Board’s (FASAB) proposed Statement of Federal Financial Accounting Standards, Opening Balances for Inventory, Operating Materials and Supplies (OM&S) and Stockpile Materials, which would provide alternative valuation methods for establishing opening balances for inventory, operating materials and supplies, and stockpile materials. KPMG believes that while there is a need within the Department of Defense community for alternative valuation methods, certain aspects of the proposed FASAB Statement are unclear, which would create implementation issues and, in some instances, affect the auditability of the valuation methods.

Read KPMG Comment Letter

Read Proposed FASAB Statement