Accession Number:

ADA595800

Title:

Department of the Navy Fiscal Year 2011 Annual Financial Report. Mission Ready: Managing Risk and Meeting Objectives

Descriptive Note:

Annual rept.

Corporate Author:

ASSISTANT SECRETARY OF THE NAVY (FINANCIAL MANAGEMENT AND COMPTROLLER) WASHINGT ON DC

Personal Author(s):

Report Date:

2011-01-01

Pagination or Media Count:

157.0

Abstract:

The accompanying financial statements and related disclosures represent our enduring commitment to fiscal accountability and transparency. Through our Financial Improvement Program and related business transformation initiatives discussed earlier, we have made significant progress toward improving the quality and timeliness of our financial information. However, we are currently unable to fully implement all elements of U.S. generally accepted accounting principles and Office of Management and Budget OMB Circular A-136, Financial Reporting Requirements, due to limitations of our financial and non-financial management processes and systems feeding into the financial statements. Because of these limitations, the Department of Defense, Office of Inspector General, was unable to express an opinion on our FY 2011 financial statements. For financial reporting purposes, we are organized into two reporting entities Department of the Navy General Fund DON GF and Navy Working Capital Fund NWCF, which include financial information for both the U.S. Navy and the USMC. Each reporting entity has a separate set of financial statements and related disclosures.

Subject Categories:

  • Administration and Management
  • Economics and Cost Analysis
  • Logistics, Military Facilities and Supplies

Distribution Statement:

APPROVED FOR PUBLIC RELEASE