Federal Fair Accountability Includes Resources Act of 2003

Federal Fair Accountability Includes Resources Act of 2003 - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to defer certain Federal mandates under ESEA amendments made by the No Child Left Behind Act of 2001 (NCLBA) if the Federal Government fails to make specified minimum appropriations for provisions related to such mandates.

Prohibits any school or local educational agency (LEA) from being identified for or subject to certain requirements of school improvement, corrective action, or restructuring, for any year for which appropriations are less than 95 percent of specified amounts in each of FY 2003 through 2007 to carry out ESEA title I (Improving the Academic Achievement of the Disadvantaged) part A (Improving Basic Programs Operated by LEAs).

Authorizes any State educational agency (SEA) to defer commencing, suspend implementing, or modify (but not cease developing) certain SEA and LEA requirements for teachers and paraprofessionals, for one year for each year for which appropriations are less than a specified amount for FY 2002, and such amount adjusted for inflation for each subsequent fiscal year, to carry out ESEA title II (Preparing, Training, and Recruiting High Quality Teachers and Principals) part A (Teacher and Principal Training and Recruiting Fund) subparts 1 through 4 (Grants to States; Subgrants to LEAs; Subgrants to Eligible Partnerships; Accountability).