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FGMSD-80-66 1 (1980-07-23)

handle is hein.gao/gaobabaui0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON. D.C. 2054 DIVISION OP PINANCIAL AND *W4AL MANAGXMIr iUUM B-199133 JULY 23,1980 ,/The Honorable Robert J. Lagomarsino House of Representatives Dear Mr. Lagomarsino: Subject: A/Article Alleging $1 Trillion Missing From Treasury Annual Report to the Congress Without Adequate Support7{FGMSD-80-66) On November 30, 1979, you asked us to provide information on an article in Dollars and Sense, the National Taxpayers Union's newspaper. That article challenged the accounting accuracy and fiscal completeness of Treasury's 1978 annual report to the Congress--Statement of Liabilities and Other Financial Commitments of the United States Government. Basically, the article objected to the format and content of the statement and asserted that over $1 trillion in financial obligations and fiscal commitments was missing from the report. We have discussed the article with the research director of the National Taxpayers Union. who provided the data in LAq the article. Based on that discussion, we believe that the article's position on the missing amount was inadequately supported. The objection to the Treasury report's content and format was based primarily on the research director's personal views which are inconsistent with generally accepted financial reporting standards. Also, the Office of Management and Budget (OMB) has raised other valid concerns about the article's position on taxpayers' future liabilities. MISSING AMOUNT INADEQUATELY SUPPORTED The Dollars and Sense article asserts that over $1 tril- lion in financial obligations and fiscal commitments was miss- ing, understated, or overlooked in preparing the Treasury statement. The article alleged that amounts excluded from the statement were in a number of areas, including the synthetic fuel program, nuclear waste disposal or accidents, middle east (905021) 11285

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