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AFMD-85-53 1 (1985-09-30)

handle is hein.gao/gaobabfjm0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES Examination Of The Commodity Credit Corporation's Financial Statements For The Year Ended September 30, 1984 GAO examined the financial statements of the Commodity Credit Corporation for the year ended September 30, 1984. The examination was made in accordance with generally accepted government auditing standards. The Corporation's financial statements do not include an allowance for estimated losses that are likely to be sustained due to the uncollectibility of a portion of the loans it has made to countries experiencing financial difficulties. If such an allowance had been deducted, GAO estimates that the Corporation's cumulative results of operations would have been decreased by $1.0 to $2.5 billion, resulting in a cumula- tive deficit of between $5.1 and $6.6 billion. In GAO's opinion, except for the effects of not establishing an allowance for estimated loan losses, the Corporation's financial statements referred to above present fairly its financial position as of September 30, 1984, and the results of its operations and changes in its financial position for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. GAO/AFMD-85-53 SEPTEMBER 30.1985 '1cCUT4,0

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