Financial Accounting and Reporting Improvement Concepts.
Final rept. 27 Aug 79-29 Feb 80.
ANDERSEN (ARTHUR) AND CO WASHINGTON DC
Pagination or Media Count:
Significant improvements are needed in order for the Navys financial systems to satisfy internal needs and requirements of the GAO and OSD. Existing and planned financial projects may not provide the needed improvements within an acceptable time period. The most significant of the needed improvements is the reporting of full costs by program and organization and capitalizing and depreciating property. Correcting these deficiencies will be a multi-million dollar effort that will take several years to complete. Before adopting a final plan of action to correct the deficiencies, the Navy should undertake further research to define, in greater detail, cost and property accounting policies that will satisfy its needs and the GAOOSD requirements in a practical manner. The Navy should also develop a conceptual design of a standard system for implementing those policies in its financial network. A standard financial system developed and maintained through a central systems organization will probably be needed in order to provide reliable financial information on a timely basis and at a reasonable cost.
- Administration and Management