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GAO-05-958SP 1 (2005-10-01)

handle is hein.gao/gaocrptasct0001 and id is 1 raw text is: Preface The U.S. government is the largest, most diverse, most complex, and arguably the most important entity on earth today. lseful, timely, and reliable financial and perforiance information is needed to make sound decisions on the current results and future direction of vital federal programs and polices. The Departinent of the T:easury, in coordination with the Office of Management and Budget, annually prepares the Financial Report of the lnited States Goveminent, hereafter referred to as the Consolidated Financial Report (CFR). The CFR is a general-purpose report of accountability intended internally for menbers of Congress, federal executives and federal program managers, and externally primarily for citizens and citizen intermediaries who are interested in and have a reasonable understanding of federal government activities and are willing to study the information with reasonable diligence. Citizen intermediaries include members of the news media, analysts, and others who analyze and interpret for the general public the more complex and detailed information in the CFR. The goal of the CFR, and the subject of this guide, is to make available to every American a comprehensive overview of the federal government's finances. As described in the CFR, significant issues regarding the reliability and presentation of the federal government's financial infonrmation still need to be addressed. For example, the Department of Defense's current financial management problems present a significant impediment to our being able to express any opinion on the federal government's consolidated financial statements. Also, additional transparency is needed in connection with intragovernmental debt, on-budget deficits, and the large and growing per capita and intergenerational burden associated with the federal government's growing liabilities and unfunded commitments. At the same time, in its current form, the CFR offers certain valuable insights into the overall financial operations, condition, and financial outlook of the federal government. This information is becoming increasingly more useful as the nation's accoiuinting and reporting issues are resolved. GAO prepared this guide to the CFR to help those who seek to gain a baseline understanding of the significant information provided in the prinary components that make up the CFR, especially the financial statements. This guide explains the purpose of each CFR component and provides illustrative financial information using actual fiscal year 2004 and 2003 data to focus readers on the kinds of significant information found in the various parts of the CFR. Because the illustrative financial information contained in this guide minimizes detail in order to highlight significant line items, it does not show all of the items included in the federal government's actual CFR or explain the less significant ones. Changes to accounting standards and reporting requirements may affect the applicability of certain portions of this guide to future CFRs. Also, this guide is not intended to help people who are interested in understanding the financial statements of individual federal agencies, most of which publish their own financial statements.

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