Financial Statements (CongressionalGlossary.com)

From the Congressional Glossary – Including Legislative and Budget Terms

Financial Statements

Kyoto - 京都
Creative Commons License photo credit: Metro Centric

A document that describes an entity’s financial activity and status for a specified period. Under federal law and applicable accounting standards, the financial statements for a federal agency usually include a balance sheet, statement of net cost, statement of changes in net position, statement of budgetary resources, and statement of financing.

Three long-standing major impediments continued to prevent GAO from expressing an opinion on the federal government’s accrual-based consolidated financial statements: (1) serious financial management problems at the Department of Defense (DOD) that have prevented DOD’s financial statements from being audited, (2) federal entities’ inability to adequately account for and reconcile intragovernmental activity and balances, and (3) the federal government’s ineffective process for preparing the consolidated financial statements. GAO also reported material weaknesses involving billions of dollars in improper payments, information security, and tax collection activities. Also, GAO was prevented from expressing opinions on the 2011 and 2010 Statements of Social Insurance and the 2011 Statement of Changes in Social Insurance Amounts because of significant uncertainties primarily related to the achievement of projected reductions in Medicare cost growth reflected in the statements.

The Federal Government Faces Continuing Financial Management and Long-Term Fiscal Challenges,” GAO Report, GAO-12-444T, Mar 1, 2012

More

Courses

Publications



Legislative Drafter’s Deskbook: A Practical Guide


Citizen’s Handbook to Influencing Elected Officials: Citizen Advocacy in State Legislatures and Congress: A Guide for Citizen Lobbyists and Grassroots Advocates


Testifying Before Congress


The Federal Budget Process: A description of the federal and congressional budget processes, including timelines

CongressionalGlossary.com, from TheCapitol.Net






For more than 35 years, TheCapitol.Net and its predecessor, Congressional Quarterly Executive Conferences, have been teaching professionals from government, military, business, and NGOs about the dynamics and operations of the legislative and executive branches and how to work with them.

Our on-site training, publications, and audio courses include congressional operations, legislative and budget process, communication and advocacy, media and public relations, testifying before Congress, research skills, legislative drafting, critical thinking and writing, and more.

TheCapitol.Net is on the GSA Schedule, 874-4, for custom on-site training. GSA Contract GS02F0192X

TheCapitol.Net is a non-partisan small business.

Teaching how Washington and Congress work ™

Select publications from TheCapitol.Net

Comments are closed.