Accession Number : ADA369509
Title : Eliminating Entries.
Descriptive Note : Audit rept.,
Corporate Author : INSPECTOR GENERAL DEPT OF DEFENSE ARLINGTON VA
Personal Author(s) : Lane, F. J. ; Kidd, Raymond D. ; Elion, Saundra G. ; Coldren, Dennis E. ; Bibb, Donney J.
Report Date : 31 MAR 1997
Pagination or Media Count : 37
Abstract : The Federal Financial Management Act of 1994, which amended the Chief Financial Officers Act of 1990, requires DoD and 23 other agencies to prepare agency-wide audited financial statements beginning in FY 1996. The 1994 act also requires the Department of the Treasury to prepare Government-wide audited financial statements starting in FY 1997. To comply with the law, DoD has prepared financial statements for the eight reporting entities to be included in the FY 1996 DoD-wide Consolidated Financial Statements. The entities' assets reported by DoD in FY 1995, excluding Other Defense Organizations, totaled $1,306 billion, and revenues totaled $303 billion. When an entity prepares consolidated financial statements, it should eliminate the effects of financial transactions among its components and should report only transactions with outside parties. This audit report is the first in a series of reports on the FY 1996 DoD-wide Consolidated Financial Statements. We determined whether eliminating entries were properly reported on the FY 1995 financial statements of the eight entities to be included in the FY 1996 DoD-wide Consolidated Financial Statements. The overall audit objective was to determine whether the FY 1996 DoD-wide Consolidated Financial Statements are presented fairly in accordance with the other comprehensive basis of accounting described in Office of Management and Budget Bulletin No. 94-01, "Form and Content of Agency Financial Statements." The overall objective will be discussed in subsequent reports after the FY 1996 financial statements are prepared.
Descriptors : *DEPARTMENT OF DEFENSE , *ACCOUNTING , *DOCUMENTS , *AUDITING , ORGANIZATIONS , FINANCIAL MANAGEMENT , BUDGETS , COMPENSATION , LEGISLATION , GOVERNMENT EMPLOYEES.
Subject Categories : ADMINISTRATION AND MANAGEMENT
ECONOMICS AND COST ANALYSIS
Distribution Statement : APPROVED FOR PUBLIC RELEASE