ACCOUNTING PRINCIPLES AND STANDARDS HANDBOOK
CHAPTER 1. INTRODUCTION
Section 1.0 Purpose
The Accounting Principles and Standards Handbook, hereafter referred to as the
Handbook, sets forth the accounting principles and standards to be followed in the
Department of Commerce in the design and operations of an accounting system(s).
Additionally, this Handbook provides specific accounting and related principles and
standards against which financial management and accounting system(s) can be evaluated
Section 2.0 Authority
The Handbook is issued in handbook form pursuant to
Order 200-0, "Accounting Principles and Standards,"
dated December 24, 1996. The
principles and standards are also prescribed to assure compliance with the following
a. The Budget and Accounting Act of 1921, as amended (P.L. 67-13)(31 U.S.C.
Sec. 701, et seq.);
b. The Budget and Accounting Procedures Act of 1950, as amended (31 U.S.C.
Sec. 3501, et seq.);
c. The Federal Managers' Financial Integrity Act of 1982 (P.L. 97-255);
d. The Chief Financial Officers Act of 1990 (P.L. 101-576 (31 U.S.C. Sec. 501
e. The Government Performance and Results Act of 1993 (P.L. 103-62);
f. The Government Management Reform Act of 1994 (P.L. 103-356);
g. The Federal Financial Management Improvement Act of 1996 (FFMIA) (P.L.
104-208, Div A, Title I, sec. 101(f), [Title VIII, sec. 801 et seq.)(31 U.S.C.
Sec. 3512 note);
h. The Government Accountability Office (GAO)
Standards, and Requirements
Title 2 Standards not superseded by FASAB
i. Office of Management and Budget (OMB) Circulars
Accountability and Control - Revised (12/24/04),"
and A-136 “Financial Reporting Requirements -
j. Financial Accounting Standards Advisory Board (FASAB)
Federal Financial Accounting Conc