Author: United States Government Accountability
Publisher: Scholar's Choice
ISBN: 9781298014511
Category :
Languages : en
Pages : 34
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Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: United States Government Accountability
Publisher: CreateSpace
ISBN: 9781512083866
Category :
Languages : en
Pages : 36
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Book Description
The U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. Useful, timely, and reliable financial and performance information is needed to make sound decisions on the current results and future direction of vital federal programs and policies. The Department of the Treasury (Treasury), in coordination with the Office of Management and Budget, annually prepares the Financial Report of the United States Government, hereafter referred to as the Consolidated Financial Report (CFR). The CFR is a general-purpose report of accountability intended internally for members of Congress, federal executives and federal program managers, and externally primarily for citizens and citizen intermediaries who are interested in and have a reasonable understanding of federal government activities and are willing to study the information with reasonable diligence. Citizen intermediaries include members of the news media, analysts, and others who analyze and interpret, for the general public, the more complex and detailed information in the CFR. The goal of the CFR, and the subject of this guide, is to make available to every American a comprehensive overview of the federal government's finances. As described in the CFR, significant issues regarding the reliability and presentation of the federal government's financial information still need to be addressed. For example, several long-standing material weaknesses and other scope limitations have prevented GAO from being able to express any opinion on the federal government's consolidated financial statements, except for the Statement of Social Insurance. GAO expressed an unqualified opinion on the fiscal year 2008 and 2007 Statements of Social Insurance. Also, additional transparency is needed in connection with intragovernmental debt and the large and growing intergenerational burden associated with the federal government's projected growth in costs and debt. At the same time, in its current form, the CFR offers certain valuable insights into the overall financial operations, condition, and financial outlook of the federal government. GAO prepared this guide to the CFR to help those who seek to gain a baseline understanding of the significant information provided in the primary components that make up the CFR, especially the financial statements. This guide explains the purpose of each CFR component and provides illustrative financial information using actual fiscal year 2008 and 2007 data to focus readers on the kinds of significant information found in the various parts of the CFR. Because the illustrative financial information contained in this guide minimizes detail in order to highlight significant line items, it does not show or explain all of the items included in the federal government's actual CFR. This guide is not intended to help people who are interested in understanding the components of the financial statements of individual federal agencies as their form or content may vary from that of the CFR. Because this guide uses illustrative examples from the fiscal year 2008 CFR, significant financial transactions related to recent government actions to address the economic crisis that occurred in fiscal year 2009, such as the American Recovery and Reinvestment Act, are not included in this guide.
Author: Denise Mahoney
Publisher: Nova Science Publishers
ISBN: 9781629488714
Category : Federal government
Languages : en
Pages : 0
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Book Description
Federal financial reporting, defined here as the process of recording retrospective executive department-level financial and performance information, can provide both a snapshot of the governments financial health at a given moment in time, as well as an accounting of its financial performance over a particular time frame. This book provides an overview of federal financial reporting; an understanding for the primary components of the annual financial report of the United States government; a citizen's guide to the 2012 financial report of the United States government; and provides an management report on improvements needed in controls over the preparation of the United States consolidated financial statements.
Author: Thomas Nelson
Publisher: Thomas Nelson
ISBN: 1418551929
Category : Religion
Languages : en
Pages : 304
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Book Description
"Think of the federal government as a gigantic insurance company (with a side line business in national defense and homeland security) which only does its accounting on a cash basis-only counting premiums and payouts as they go in and out the door. An insurance company with cash accounting is not an insurance company at all. It is an accident waiting to happen." Peter R. Fisher, former Bush Administration Undersecretary of the Treasury "Our objective in preparing the fiscal year 2005 Financial Report of the U.S. Government is to give Congress and the American people a timely and useful report on the cost of the Federal Government's operations." John W. Snow, former Bush Administration Secretary of the Treasury "Scoring the budget on an accrual basis-the private sector norm and, I believe, a sensible direction for federal budget accounting-would better underscore the tradeoffs we face. Under accrual accounting, benefits would be counted as they are earned by workers rather than when they are paid out by the government." Alan Greenspan, former Chairman of the Federal Reserve Board "The significance of these accrual-based reports is that they show the implications of current budgetary decisions over a longer time horizon…. This information is therefore an important element of the debate about the real effects of governmental commitments." Paul H. O'Neill, former Bush Administration Secretary of the Treasury "[A] practical management tool for policy-makers and a source of useful information for the public about the assets, liabilities, and operations of the government." Lawrence H. Summers, former Clinton Administration Secretary of the Treasury "We believe that the publication of this financial report is an important step in providing the American public with useful information about their government's assets, liabilities and operations." Robert E. Rubin, former Clinton Administration Secretary of the Treasury In December 2005, the White House published its Financial Report of the United States Government-only 2000 copies were printed despite the purpose of the report being to explain the country's financial wellbeing to Congress and the American people. Now, for the first time, that report is widely published so the American people can see what's really going on with the nation's finances.
Author:
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages :
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Book Description
Author: United States Government Accountability
Publisher: Scholar's Choice
ISBN: 9781297015908
Category :
Languages : en
Pages : 36
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Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Gene L. Dodaro
Publisher: DIANE Publishing
ISBN: 1437906265
Category : Business & Economics
Languages : en
Pages : 45
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Book Description
The Congress and the Pres. need to have reliable, useful and timely financial and performance info. to make sound decisions on the current and future direction of fed. gov¿t. programs and policies. Auditing agencies have been unable to provide assurance on the reliability of the consolidated financial statements of the U.S. gov¿t. due to certain material weaknesses in the fed. gov¿ts. internal control. Unless these weaknesses are addressed, they will: (1) hamper the fed. gov¿ts. ability to reliably report a significant portion of its assets, liabilities, costs, and other related info.; and (2) affect the fed. gov¿ts. ability to reliably measure the full cost as well as the financial and non-financial performance of certain programs and activities. Charts.
Author: United States. Office of Management and Budget
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 100
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Book Description
Author:
Publisher:
ISBN:
Category : Schools
Languages : en
Pages : 188
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Author:
Publisher:
ISBN:
Category : Finance, Public
Languages : en
Pages : 44
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Book Description
