Title v of the omnibus budget reconciliation act of 1990 p. Purposesthis description of the federal credit reform act of 1990 tracks the language of the u. The federal credit reform act of 1990 fcra, which is part of the budget enforcement act bea, requires the federal budget, beginning in fiscal year 1992. It is crucial, therefore, that the actual and expected costs of federal credit programs be fully recognized in both budget and financial reporting. Code, except that, sometimes, we use plain english and that we may refer to the act meaning federal credit reform act of 1990 rather than to the.
Budgetary treatment of federal credit direct loans and loan. Current method to estimate credit subsidy costs is more appropriate for budget estimates than a fair value approach. Because federal credit programs provide interest subsidies and sustain losses caused by defaults, the costs of these programs are significant. The federal credit reform act of 1990 fcra requires agencies to estimate the cost to the government of. This title may be cited as the federal credit reform act of 1990 501 sec. Responsibilities of departments and agencies references statutory federal credit reform act of 1990 fcra, 2 u. At its top level, it divides the world of legislation into fifty topicallyorganized titles, and each title is further subdivided into any number of logical subtopics. The purposes of this title are to 5011 1 measure more accurately the costs of federal credit programs. The federal credit reform act of 1990 was enacted to accomplish four objectives. Credit reform accounting bureau of the fiscal service. Fasab handbook of federal accounting standards and other.
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