The Federal Accounting Standards Advisory Board (FASAB) issued technical bulletins related to accounting for intragovernmental transactions and assigning assets to component reporting entities.
In Technical Bulletin 2017-1, Intragovernmental Exchange Transactions , FASAB provides guidance to help federal reporting entities determine whether intragovernmental arrangements are exchange transactions.
Technical Bulletin 2017-2, Assigning Assets to Component Reporting Entities, clarifies which component entity should report an asset.
VACo Contact: Vicky Steinruck, CPA