Effective Date: February 09, 2015
Expiration Date: February 09, 2029
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1.1.1 This NPR describes the accounting procedures for recognizing and disclosing NASA liabilities in accordance with Statement of Federal Financial Accounting Standard (SFFAS) No. 1, Accounting for Selected Assets and Liabilities, as amended and SFFAS No. 5, Accounting for Liabilities of the Federal Government, as amended, which describe the general principles governing the recognition of a liability. NASA financial statements will recognize probable and measurable future outflows or other sacrifices of resources arising from:
a. Past exchange transactions.
b. Government-related events.
c. Government-acknowledged events.
d. Non-exchange transactions that, pursuant to applicable law and current policy, are unpaid amounts due as of the reporting date.
1.1.2 This NPR includes cross references to relevant NPRs that provide additional information for several types of liabilities identified below.
1.1.3. NASA will follow the requirements of SFFAS No. 39, Subsequent Events: Codification of Accounting and Financial Reporting Standards Contained in the AICPA Statements on Auditing Standards with respect to reporting information regarding events that occur subsequent to the reporting period but before the financial report is issued.
Accounting for NASA liabilities will be conducted in accordance with Department of Treasury policies and procedures and applicable Statements of Federal Accounting Standards and Statements of Federal Financial Accounting Concepts.
1.3.1 Agency Chief Financial Officer (CFO) is responsible for complete and accurate reporting of liabilities and ensuring compliance with related regulations, policies and procedures.
1.3.2 Director, Financial Management Division (FMD), Agency Office of the Chief Financial Officer (Agency OCFO) is responsible for preparing and submitting to the Agency CFO reports on liabilities in accordance with regulations, policies and procedures.
1.3.3 NASA Shared Services Center (NSSC) financial management staff and Center Office of the Chief Financial Officer (OCFO) are responsible for recording and monitoring liability transactions in accordance with regulations, policies and procedures.
Recognition of a liability will not be based on the possible future availability of funds, even though there is no guarantee that funds will be appropriated in the future. Liabilities meeting the requirements described in this NPR will be properly recorded in the system of record and reported to concerned parties as set out in this NPR, whether the liability is funded or unfunded.
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This document does not bind the public, except as authorized by law or as incorporated into a contract. This document is uncontrolled when printed. Check the NASA Online Directives Information System (NODIS) Library to verify that this is the correct version before use: https://nodis3.gsfc.nasa.gov.