Accounting and Disclosing Intragovernmental Transactions on the DOD Agency-Wide Financial Statements

Accounting and Disclosing Intragovernmental Transactions on the DOD Agency-Wide Financial Statements
Author:
Publisher:
Total Pages: 48
Release: 2001
Genre:
ISBN:

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This report is the fourth in a series of audit reports related to the FY 1999 DoD Agency-wide financial statements. The first report discusses the internal controls and compliance with laws and regulations for DoD. The second report discusses the reporting of performance goal information in the DoD financial statements. The third report discusses journal voucher entries made to accounting data used to prepare the DoD financial statements. This report discusses the annual process of accounting and disclosing of intragovernmental transactions on the DoD Agency-wide financial statements. Office of Management and Budget (OMB) Bulletin No. 97-01, "Form and Content of Agency Financial Statements," October 16, 1996, as amended January 7, 2000, requires the balance sheet and Statement of Net Cost to be prepared on a consolidated basis. When statements are prepared on a consolidated basis, intra-agency transactions must be eliminated to remove the double accounting effect. Intragovernmental transactions with other Federal agencies are to be reported as required supplemental information as part of the agency's financial statements. The required supplemental information is used to prepare the Federal consolidating statements. Reporting entities are encouraged to reconcile intragovernmental amounts with their trading partners.

OMB Circular A-136

OMB Circular A-136
Author: Omb
Publisher: Independently Published
Total Pages: 122
Release: 2019-07
Genre:
ISBN: 9781077439269

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This Circular provides guidance for Executive Branch entities required to submit audited financial statements, interim financial statements, and Performance and Accountability Reports (PARs) or Agency Financial Reports (AFRs) under the Chief Financial Officers Act of 1990, as amended (CFO Act), the Government Management Reform Act of 1994 (GMRA), and the Accountability of Tax Dollars Act of 2002 (ATDA). This Circular also provides general guidance to Government corporations required to submit Annual Management Reports (AMRs) under the Government Corporations Control Act. Why buy a book you can download for free? We print the paperback book so you don't have to. First you gotta find a good clean (legible) copy and make sure it's the latest version (not always easy). Some documents found on the web are missing some pages or the image quality is so poor, they are difficult to read. If you find a good copy, you could print it using a network printer you share with 100 other people (typically its either out of paper or toner). If it's just a 10-page document, no problem, but if it's 250-pages, you will need to punch 3 holes in all those pages and put it in a 3-ring binder. Takes at least an hour. It's much more cost-effective to just order the bound paperback from Amazon.com This book includes original commentary which is copyright material. Note that government documents are in the public domain. We print these paperbacks as a service so you don't have to. The books are compact, tightly-bound paperback, full-size (8 1/2 by 11 inches), with large text and glossy covers. 4th Watch Publishing Co. is a HUBZONE SDVOSB. https: //usgovpub.com

Accounting for Inventory and Related Property

Accounting for Inventory and Related Property
Author: United States. Federal Accounting Standards Advisory Board
Publisher:
Total Pages: 56
Release: 1993
Genre: Accounting
ISBN:

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Financial Management

Financial Management
Author: United States. General Accounting Office
Publisher:
Total Pages: 16
Release: 1997
Genre: Airplanes, Military
ISBN:

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Interim Financial Reporting

Interim Financial Reporting
Author: International Accounting Standards Committee
Publisher:
Total Pages: 46
Release: 1997
Genre: Accounting
ISBN:

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Financial Management: Defense Departmental Reporting System - Audited Financial Statements Report Map

Financial Management: Defense Departmental Reporting System - Audited Financial Statements Report Map
Author:
Publisher:
Total Pages: 23
Release: 2005
Genre:
ISBN:

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Office of Management and Budget Bulletin No. 01-09, "Form and Content of Agency Financial Statements," September 25, 2001, provides guidance for preparing agency financial statements. Federal agencies must be able to map* U.S. Government Standard General Ledger information to the financial statements. The U.S. Government Standard General Ledger, released annually in the Department of Treasury Financial Manual, provides technical guidance to standardize Federal agency reporting. The U.S. Government Standard General Ledger is composed of five major sections including a chart of accounts, account descriptions, accounting transactions, account attributes, and report crosswalks. The Defense Finance and Accounting Service provides accounting support for the preparation and issue of DoD financial statements and reports. The DDRS-AFS application standardizes the DoD reporting process and produces the annual and quarterly financial reports based on general ledger account codes and standard attributes. The DDRS-AFS Report Map details the U.S. Government Standard General Ledger account codes and respective attributes that make up the reportable items on the financial statements. The FY 2004 DoD Agency-Wide Financial Statements reported total assets of $1.2 trillion, total liabilities of $1.7 trillion, net cost of operations of $0.6 trillion, and budgetary resources of $1.0 trillion.

Department of Defense implications of financial management issues

Department of Defense implications of financial management issues
Author:
Publisher: DIANE Publishing
Total Pages: 34
Release: 2000
Genre:
ISBN: 1428970916

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As an integral part of an effective budget execution system, an agency is responsible for determining and maintaining its available fund balance. Treasury also has information about activity in the agency's accounts, and Treasury's and the agency's records must be periodically reconciled to determine the actual amount of funds available. This is analogous to reconciling one's personal checking account with the monthly bank statement. DOD weaknesses in accounting for its funds include (1) the inability to reconcile its balances to Treasury's, (2) frequent adjustments of recorded payments from one appropriation to another appropriation account, including to canceled appropriations, (3) problem disbursements-disbursements that are not properly matched to specific obligations recorded in the department's records, and (4) obligated balances that are incorrect or unsupported. As a result of these weaknesses, auditors have been unable to verify DOD's Fund Balance With Treasury and its major components -obligate and unobligated balances. This means that DOD does not know with certainty the amount of funding that is available. This information is essential for DOD and the Congress to be able to determine the status of funds and if unobligated balances are available that could be used to reduce current funding requirements or that could be reprogrammed to meet other critical program needs.