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Financial Management: Financial Reporting of Deferred Maintenance Information on Navy Weapon Systems for FY 2002
INSPECTOR GENERAL DEPT OF DEFENSE ARLINGTON VA
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The Federal Accounting Standards Advisory Board requires Federal entities to provide supplemental information on deferred maintenance as part of the entities financial statements. The Federal Accounting Standards Advisory Board defines deterred maintenance as maintenance that was not performed when it should have been or maintenance that was scheduled and then was delayed until a future period. The Navy reported an estimated 1.3 billion of deterred maintenance at the beginning of FY 2002 on its aircraft, ships, missiles, combat vehicles, and other weapon systems national defense property, plant, and equipment PPE commodities. This audit focused on the records used to compile the reported deterred depot maintenance estimate and did not include a detailed review of contractor, intermediate, or organizational-level maintenance.
APPROVED FOR PUBLIC RELEASE