FASAB: Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of the United States Government; Statement of Federal Financial Accounting Concepts 4

In this Statement of Concepts, the Federal Accounting Standards Advisory Board (FASAB) has identified the intended or primary audience for the Consolidated Financial Report (CFR) of the US Government. To provide guidance on the CFR, the Board reviewed its existing technical guidance on Federal financial reporting to discern how to apply that guidance to the CFR. The Board will rely on qualitative characteristics from the Statement of Federal Financial Accounting Concepts (SFFAC) 1 in developing accounting standards for the CFR that will effectively meet the needs of the intended audience. This concepts statement provides that the CFR should be a "general purpose" report directed to external users, should address the Board's objectives, should have highly understandable information, and should be timely.