What Is Sffas

Statement of Federal Financial Accounting Standards (SFFAS) refers to a formal document issued by the Financial Accounting Standards Board (FASB), which details accounting standards and guidance on selected accounting policies set out by the FASB.

What is Sffas 54?

SFFAS 54 revises the financial reporting standards for federal lease accounting. It provides a comprehensive set of lease accounting standards to recognize federal lease activities in the reporting entity’s GPFFRs and includes appropriate disclosures.

What are the 4 principles of GAAP PDF?

The four basic principles in generally accepted accounting principles are: cost, revenue, matching and disclosure.