Questions concerning this policy chapter should be directed to:
1001 Overview
This chapter establishes the Department of Veterans Affairs’ (VA) financial policies regarding VA’s other assets
Key points covered in this chapter:
- VA will record, report, and disclose other assets in accordance with Office of Management and Budget (OMB) Circular A-136 and Statement of Federal Financial Accounting Standards (SFFAS) 1; and
- Other Assets is a combination of immaterial assets that do not merit individual line-item presentation in the financial statements.
1002 Revisions
For a complete listing of previous policy revisions, see Appendix A.
| Section | Revision | Office | Reason for Change | Effective Date |
|---|---|---|---|---|
| Various | Format and references revised | OFP (047G) | Full review | January 2024 |
| 1003 | Added Assets; updated definitions | OFP (047G) | Full review | January 2024 |
| 1003 | Replaced “Public” with “Other Than Intragovernmental” | OFR | Consistency with Balance Sheet | January 2024 |
| 100501 | Removed provision addressing advances | OFP (047G) | Detail related to FY20 Agency Financial Report note | January 2024 |
1003 Definitions
Advances – Cash outlays made by a Federal entities to cover a part, or all, of a recipient’s anticipated expenses.
Assets – Tangible or intangible items owned by the Federal Government which have probable future economic benefits. An asset has two essential characteristics: (1) it embodies economic benefits or services that can be used in the future and (2) VA controls access to the economic benefits and therefore can regulate their use.
General Property, Plant, and Equipment (PP&E) – Tangible assets that have an estimated useful life of two or more years, are not intended for sale in the ordinary course of operations and are intended to be used or available for use by the entity. PP&E includes land and land rights owned by the Federal Government acquired for or in connection with items of PP&E.
Intragovernmental Assets – Assets arising from VA’s claims against federal entities.
Other Assets – A consolidated category of assets that are immaterial to the entity and do not warrant separate reporting.
Other Than Intragovernmental Assets – Assets arising from VA’s claims against nonfederal entities.
U.S. Standard General Ledger (USSGL) – A uniform chart of accounts and technical guidance for standardizing federal agency accounting.
1004 Roles and Responsibilities
Under Secretaries, Assistant Secretaries, and Other Key Officials are responsible for ensuring compliance with the policies contained in this chapter.
Administration and Staff Offices are responsible for posting and reconciling other assets under their jurisdictions.
1005 Policies
100501 Recordation, Disclosure, and Reporting
- Administrations and Staff Offices will promptly record (within the accounting period received), reconcile, and report other assets under their jurisdictions.
- In accordance with OMB Circular A-136, VA will disclose in the notes to the financial statements the amount and nature of its other assets.
- VA will consolidate other assets balances from the GL for inclusion in quarterly and year-end financial statements.
- VA will distinguish between intragovernmental and other than intragovernmental assets both on the face of its financial statements and in the related notes.
1006 Authorities and References
- Financial Accounting Standards Advisory Board Handbooks by Chapter
- SFFAS 1, Accounting for Selected Assets and Liabilities
- OMB Circulars
- A-136, Financial Reporting Requirements
1007 Rescissions
Volume V, Assets, Chapter 10 – Other Assets, dated June 2021.
1008 Policy Approval
This policy was approved by the VA Chief Financial Officer’s Council on January 10, 2024.
Appendix A: Previous Policy Revisions
| Section | Revision | Office | Reason for Change | Effective Date |
|---|---|---|---|---|
| Various | Completed 5-year review. | OFP (047G) | Clarify policy and update links | June 2021 |
| Various | Reformatted to new policy format and completed 5-year review | OFP (047G) | Reorganized chapter layout | December 2018 |
| 1005 Policies | Updated policy statements | OFP (047G) | Properly reflect VA’s current other assets reporting and disclosure | December 2018 |
