Final answer:
Unanimous approval by the FASAB is not part of the due process for establishing a federal financial accounting standard; rather, the process includes public comments, exposure drafts, and support from the three principles.
Step-by-step explanation:
The element that is not part of the FASAB due process for establishing a federal financial accounting standard is unanimous approval by the FASAB. While FASAB follows a process that includes seeking public comment on a discussion memorandum, issuing an exposure draft, and requiring the support (or lack of opposition) of the standard by the three principles (Comptroller General, Secretary of the Treasury, and Director of OMB), it does not require that all board members unanimously agree on a standard before it is approved. This principle of not requiring unanimity aligns with other regulatory agencies' processes like the FCC's 'notice and comment' rulemaking, as well as practices under the Federal Advisory Committee Act and Government Privatization efforts that involve gathering diverse input and reaching decisions that may not reflect unanimous agreement but still have broad support or sufficient consensus.