Financial Management: Issues to Be Considered by DOD in Developing Guidance for Disclosing Deferred Maintenance on Aircraft
GENERAL ACCOUNTING OFFICE WASHINGTON DC WASHINGTON DC United States
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Recent laws have enhanced the legislative requirements to provide policymakers and agency program managers with more reliable financial information to formulate budgets, manage government programs, and help make difficult policy choices. 1 Recognizing the extent of incomplete and unreliable information on the cost and consequences of government programs and activities, these laws have made implementing new accounting standards and audited federal financial statements a priority. New federal financial accounting standards have been adopted to enhance federal financial statements by requiring that government agencies show the financial results of their entire operations and provide relevant information on their financial status. This report discusses one such requirement for valuable information related to deferred maintenance on mission assets. 2 The second in a series of reports on the Department of Defenses DOD implementation of this requirement, this report focuses on Navy aircraft. 3 We are not making recommendations in this report. Rather, we are identifying specific issues that need to be considered in carrying out the basic recommendation in our September 30, 1997, letter to expedite plans to implement the deferred maintenance standard.
- Military Aircraft Operations
- Economics and Cost Analysis