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117650 1 (1982-02-26)

handle is hein.gao/gaobacstq0001 and id is 1 raw text is: I . . I


              Statement for the Record

                         of

                  Frank C. Conahan
                                                     117650
           Director, International Division

           U.S. General Accounting Office

                     Before the

Subcommittee on Panama Canal/Outer Continental Shelf

  of the Committee on Merchant Marine and Fisheries

           U.S. House of Representatives


on


           Bill to Amend the Panama Canal Act of 1979

Mr. Chairman and Members of the Subcommittee:

     We are pleased to present our views on the proposed Amendments

to the Panama Canal Act of 1979.  Presented in our statement are

our views on Accounting Policies and Auditing which you indicated

were of particular interest to the Subcommittee.

Accounting Policies

     Section 4 amends Section 1311(b) of the Panama Canal Act of

1979, to clarify that regulations issued establishing the basis of

accounting for assets for the use of the Commission shall be issued


United States General Accounting Office
        Washington, D.C.  20548



                      For Release on Delivery
                      Expected 9:30 a.m.
                      Friday February 26, 1982

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