0:'circular no. a136 revised overview 1. purpose: this circular establishes a central point of reference for all federal financial reporting',
1:'guidance for executive branch departments, agencies, and entities required to submit audited financial statements, interim financial statements, and performance and',
2:'accountability reports par under the chief financial officers act of 1990 “cfo act” pub. l. no. 101 – 576, the',
3:'accountability of tax dollars act of 2002 “atda” pub. l. no. 107 – 289, and annual management reports under the',
4:'government corporations control act 31 u.s.c. § 9101 et seq.. this circular is available on the office of management and',
5:'budget omb home page on the internet, which is currently located at http://www.whitehouse.gov/omb/. the overview of this circular consists of',
6:'sections 2 through 5. section 2 provides background information on federal financial reporting; section 3 discusses entities to which this',
7:'circular applies; section 4 states the effective date of this circular; section 5 provides federal financial reporting policy and references',
8:'the relevant bulletin and memoranda for which this specific guidance supersedes; and section 6 provides contact information for inquiries. part',
9:'a of this circular incorporates and updates bulletin 0109 form and content of agency financial statements, which provides guidance and',
10:'instruction to those covered departments, agencies, and other entities on preparing pars. guidance on preparing the financial report of the',
11:'united states government fr is located in part b of this circular. 2. background: executive branch agencies must generally prepare',
12:'and submit audited financial statements to the omb. the cfo act, as amended by the government management reform act of',
13:'1994 gmra pub. l. no. 103 – 356, requires the major 24 agencies of the federal government to prepare and',
14:'submit audited financial statements. for those federal entities not covered by the cfo act, the atda requires those federal agencies',
15:'and entities to also prepare and submit audited financial statements to omb and the congress, and the government corporations control',
16:'act requires government corporations to submit annual management reports to omb and the congress. under the reports consolidation act of',
17:'2000 pub. l. no. 106531, agencies are permitted to submit combined reports in implementing statutory requirements for financial and performance',
18:'management reporting to improve the efficiency of executive branch performance. these reports are combined in the par, which consists of',
19:'the annual performance report required by the government performance and results act gpra pub. l. no. 103 – 62 with',
20:'annual financial statements and other reports, such as agencies’ assurances on internal control, accountability reports by agency heads and inspector',
21:'generals’ assessments of the agencies’ most serious management and performance challenges. pars provide financial and performance information that enables the',
22:'president, the congress, and the public to assess the performance of an agency relative to its mission and to demonstrate',
23:'accountability. the department of the treasury, in coordination with omb, prepares and submits the fr, as required by gmra. the',
24:'fr presents and discusses the government’s financial condition and operations for the fiscal year and includes consolidated financial statements and',
25:'related disclosures, as well as reports on stewardship responsibilities. important financial management issues are also discussed in management’s discussion and',
26:'analysis section of the fr. 3. coverage: the provisions of this circular apply to each executive branch department, agency, and',
27:'other entity “entity” that is required to prepare audited financial statements under the cfo act, gmra, the atda and the',
28:'government corporations control act, except any corporation that is required to register a class of its equity securities with the',
29:'securities and exchange commission sec. 4. effective: the provisions of this circular are effective in their entirety for the preparation',
30:'of financial statements for the end of fiscal year fy 2005, unless otherwise specified. earlier implementation is permitted, unless otherwise',
31:'specified. 5. policy for federal financial statements and pars: a. general. the purpose of accelerated reporting is to better ensure',
32:'that timely and accurate financial and performance information is made available to federal agency managers as soon as possible after',
33:'the end of the fiscal year and throughout the year. b. preparation. agencies shall prepare pars in accordance with form',
34:'and content of the performance and accountability report, located in part a of this circular, which supersedes all other bulletins',
35:'and memoranda see section 4e providing guidance on preparation of pars, except for omb circular no. a11 preparation, submission, and',
36:'execution of the budget, as amended, located at http://www.whitehouse.gov/omb/circulars/index.html. c. submission date. i. pars. agencies shall submit their pars to',
37:'omb and the congress1 no later than 45 days after the end of the fiscal year. for those agencies with',
38:'a september 30 fiscal year end, the due date is november 15. this 1copies of the reports must be provided',
39:'to the speaker of the house of representatives, the president and the president pro tempore of the senate, the chairmen',
40:'and ranking minority member of the senate committee on homeland security and government affairs and the house committee on government',
41:'reform, and the chairmen and ranking minority member of the budget committees, relevant authorization and oversight committees, and appropriation subcommittees.',
42:'circular makes this 45day deadline a permanent annual requirement for all executive agencies regardless of fiscal year. agencies shall submit',
43:'a draft of the par to omb’s office of federal financial management offm and the appropriate resource management office rmo',
44:'ten working days before agencies issue the final par and should include all sections of the par. ii. annual management',
45:'reports. effective fy 2006, government corporations shall submit their annual management reports, as described in government corporations control act to',
46:'omb and the congress¹ no later than 45 days after the end of the fiscal year. for those corporations with',
47:'a september 30 fiscal year end, the due date is november 15. this circular makes this 45day deadline a permanent',
48:'annual requirement for all government corporations regardless of fiscal year. government corporations shall submit a draft of the annual management',
49:'report to omb’s offm and the appropriate rmo ten working days before government corporations issue the final annual management report',
50:'and should include all sections of the management report. government corporations that present their financial statements in accordance with the',
51:'financial accounting standards board fasb are also required to report information to the department of the treasury to support government',
52:'wide financial statements as specified in part b of this circular. any corporation that is required to register a class',
53:'of its equity securities with the sec is excluded from the omb accelerated due dates. iii. financial report of the',
54:'united states government. the u.s. treasury is required to issue the financial report of the united states government no later',
55:'than one month after the 45day deadline as noted in i and ii above. for a september 30 fiscal year',
56:'end, this due date is december 15. this circular makes this deadline a permanent annual requirement. iv. interim financial statements.',
57:'agencies shall submit unaudited interim financial statements to omb 21 days after the end of each of the first three',
58:'quarters of the fiscal year. agencies should include management’s explanation of significant variances in types or amounts of assets, liabilities,',
59:'costs, revenues, obligations and outlays along with the submitted statements. this circular makes this deadline a permanent quarterly requirement. d.',
60:'submission format and contact information. the draft and final reports i.e., pars, annual management reports, etc. shall be submitted electronically',
61:'in a pdf format or specified website location preferred. offices of the chief financial officer should submit the final pars',
62:'and annual management reports for government corporations to omb’s offm and appropriate rmo, department of the treasury main, financial management',
63:'service fms, and the government accountability office gao using the electronic addresses provided in attachment 1. to be considered final,',
64:'the electronic files must include all required signatures. in addition, four 4 hard copies of the par should be provided',
65:'to omb as soon as they are available. e. relevant omb memoranda and bulletin. i. this circular reiterates and incorporates',
66:'the accelerated reporting requirements specified in the following memoranda: external reporting changes december 21, 2001, located at http://www.whitehouse.gov/omb/financial/yearendreporting2001.pdf, and memorandum:',
67:'requirements for accountability of tax dollars act december 6, 2002, located at http://www.whitehouse.gov/omb/financial/accountablityoftaxdollars.pdf. ii. in addition, this circular incorporates updates',
68:'to accelerated and other reporting requirements for fy 2004 that were provided in memorandum m0420 fy 2004 performance and accountability',
69:'reports and reporting requirements for the financial report of the united states government july 22, 2004, located at http://www.whitehouse.gov/omb/memoranda/fy04/m0420.pdf. iii.',
70:'this circular also incorporates reporting requirements from fy 2002 that were provided in memorandum fy 2002 financial and performance reporting,',
71:'dated october 18, 2002. iv. this circular incorporates and updates bulletin 0109 form and content of agency financial statements, revised',
72:'september 25, 2001. 6. inquiries: for information concerning this circular, you may contact the financial standards and grants branch, office',
73:'of federal financial management, telephone 202 3953993. 7. copies: copies of this circular may be obtained from http://www.omb.gov. attachment 1',
74:'contacts for submission of pars and annual management reports office of management and budget office of management and budget new',
75:'executive office building new executive office building office of federal financial management resource management office 725 17th street, nw, suite',
76:'6025 725 17th street, nw washington, dc 20503 washington, dc 20503 attn: offm office number, email, email: davidzavadastatements@omb.eop.gov telephone and',
77:'fax should be telephone: 202 3953993 obtained from respective rmo. fax: 202 3953952 department of the treasury department of treasury',
78:'main financial management services, room 509b 1500 pennsylvania ave, nw 3700 eastwest highway room 2064 hyattsville, md 20782 washington, dc',
79:'20220 attn: faye mccreary attn: ann davis email: financial.reports@fms.treas.gov email: ann.davis@do.treas.gov telephone: 202 8749910 telephone: 202 6221028 fax: 202 8749907',
80:'fax: 202 6221511 government accountability office 441 g street, nw, room 5v09 washington, dc 20548 attn: lynda downing email: uscfs@gao.gov',
81:'telephone: 202 5129168 fax: 202 5129596 part a form and content of the performance and accountability report par part a',
82:'table of contents title sec./ex. no. page section 1 guide to part a form and content of the par what',
83:'is the purpose of part a? what is the relationship between part a and the hierarchy of accounting principles for',
84:'federal entities? when is part a effective? to which entities does part a apply? what should the annual financial statement',
85:'include? what elements of the annual financial statements are required to be presented on a comparative basis?……… what steps should',
86:'agencies take to ensure consistency between information presented in the statement of budgetary resources and the budget of the united',
87:'states government?……………………………………….……. why does the consolidated statement of financing present amounts and balances on a consolidated and a combined basis?………………………………………………………',
88:'should all of the lines illustrated in the statement of budgetary resources and the statement of financing be presented in',
89:'the agency’s statements?……………………. what is required for a performance and accountability report? in management’s discussion and analysis, may agencies reference',
90:'the performance section of the report rather than incorporating key performance measures into the md&a?. 1.1 1.2 1.3 1.4 1.5',
91:'1.6 1.7 1.8 1.9 1.10 1.11 1 2 3 3 4 5 5 6 6 6 7 analysis of significant',
92:'changes 8 section 2 general instructions for the annual financial statements……… format of the par………………………………… agency head secretary message……………… part',
93:'1: management’s discussion & analysis… part 2: performance section…………………… part 3: financial section………………………… a. cfo letter b. auditor’ report 2.1',
94:'2.2 2.2a 2.2b 2.2c 2.2d 12 14 14 14 15 15 c. financial statements and notes section 3 balance sheet',
95:'general illustrative statement consolidated balance sheet assets liabilities net position 3.1 3.2 3.3 3.4 3.5 16 17 19 23 27',
96:'section 4 statement of net cost general illustrative statement consolidated statement of net cost. program costs earned revenues net program',
97:'costs costs not assigned to programs earned revenues not attributed to programs net cost of operations 4.1 4.2 4.3 4.4',
98:'4.5 4.6 4.7 4.8 28 30 30 31 32 32 32 32 section 5 statement of changes in net position',
99:'general illustrative statement consolidated statement of changes in net position earmarked funds……………………………………………. net position beginning balances budgetary financing sources other',
100:'financing sources net cost of operations net change………………………………………………… net position ending balances 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8',
101:'5.9 33 34 36 36 39 40 41 41 41 section 6 statement of budgetary resources general combined vs. consolidated',
102:'statement format of the statement of budgetary resources illustrative statement combined statement of budgetary resources budgetary resources status of budgetary',
103:'resources relationship of obligations to outlays 6.1 6.2 6.3 6.4 6.5 6.6 6.7 42 43 43 45 49 49 49',
104:'section 7 statement of financing general illustrative statement consolidated statement of financing resources used to finance activities resources used to',
105:'finance items not part of the net cost of operations components requiring or generating resources in future periods components not',
106:'requiring or generating resources net cost of operations 7.1 7.2 7.3 7.4 7.5 7.6 7.7 53 54 55 56 57',
107:'58 59 section 8 statement of custodial activity general illustrative statement statement of custodial activity sources of collections disposition of',
108:'collections net custodial activity 8.1 8.2 8.3 8.4 8.5 60 61 62 62 62 section 9 notes to the financial',
109:'statements part 1 of 2 note 1 significant accounting policies note disclosures related to the balance sheet note 2 nonentity',
110:'assets note 3 fund balance with treasury note 4 cash and other monetary assets note 5 investments format of note',
111:'note 6 accounts receivable, net note 7 taxes receivable, net note 8 direct loans and loan guarantees, nonfederal borrowers format',
112:'of note note 9 inventory and related property, net note 10 general property, plant and equipment, net note 11 other',
113:'assets note 12 liabilities not covered by budgetary resources note 13 debt format of note 9.1 9.2 9.3 9.4 9.5',
114:'ex. 9a 9.6 9.7 9.8 ex. 9b 9.9 9.10 9.11 9.12 9.13 ex. 9c 63 64 65 66 68 68',
115:'69 69 70 70 84 86 88 88 89 89 note 14 federal employee and veteran benefits note 15 environmental',
116:'and disposal liabilities note 16 other liabilities format of note note 17 leases note 18 life insurance liabilities…………………………… note 19',
117:'commitments and contingencies…………………. note 20 earmarked funds effective fy 2006 9.14 9.15 9.16 ex. 9d 9.17 9.18 9.19 9.20 90',
118:'91 91 91 93 95 95 96 section 9 notes to the financial statements part 2 of 2 note disclosures',
119:'related to the statement of net cost note 21 intragovernmental costs and exchange revenue format of note note 22 suborganization',
120:'program costs/program costs by segment format of note……………………………………… note 23 cost of stewardship pp&e note 24 stewardship assets through transfer,',
121:'donation or devise note 25 exchange revenues…………………………………. note disclosures related to the statement of changes in net position note 26',
122:'cleanup cost adjustments…………………………. 9.21 ex. 9e 9.22 ex. 9f 9.23 9.24 9.25 9.26 98 98 99 99 101 101 101',
123:'101 section 9 – notes to the financial statements part 2 of 2 continued note disclosures related to the statement',
124:'of budgetary resources note 27 apportionment categories of obligations incurred note 28 available borrowing/contract authority, end of period note 29',
125:'terms of borrowing authority used note 30 adjustments to beginning balance of budgetary resources note 31 permanent indefinite appropriations note',
126:'32 legal arrangements affecting use of unobligated balances note 33 explanation of differences between the statement of budgetary resources and',
127:'the budget of the united states government………………………. note 34 undelivered orders at the end of the period……… note 35 contributed',
128:'capital…………………………………. note disclosures related to the statement of financing note 36 explanation of relationship between liabilities not covered by budgetary',
129:'resources on the balance sheet and the change in components requiring or generating resources in future periods………. note 37 description',
130:'of transfers that appear as a reconciling item on the statement of financing…………………… ………… ……… note disclosures related to the',
131:'statement of custodial activity note 38 incidental custodial collections note 39 nonexchange revenues……….…………………… note disclosures not related to a specific',
132:'statement 9.40 note 40 dedicated collections……………………… 9.41 note 41 restatements………………………………… 9.27 9.28 9.29 9.30 9.31 9.32 9.33 9.34 9.35 9.36',
133:'9.37 9.38 9.39 9.40 9.41 101 102 102 102 102 102 102 103 103 103 103 104 104 104 105',
134:'section 10 – required supplementary stewardship information general stewardship property, plant and equipment……………… heritage assets stewardship land summary of minimum',
135:'reporting requirements stewardship investments nonfederal physical property human capital research and development summary of minimum stewardship reporting requirements stewardship responsibilities',
136:'10.1 10.2 10.2a 10.2b 10.2c 10.3 10.3a 10.3b 10.3c 10.3d 10.4 106 107 107 108 108 109 109 109 110',
137:'111 112 section 11 – required supplementary information managements discussion & analysis purpose responsibility…………………………………………… scope……………………………………………………. mission and organizational structure performance',
138:'goals, objectives and results analysis of entity’s financial statements and stewardship information analysis of entity’s systems, controls and legal compliance',
139:'possible future effects of existing events and conditions other management initiative, information, and issues…. limitations of the financial statements deferred',
140:'maintenance intragovernmental amounts statement of budgetary resources………………………… statement of custodial activity…………………………… segment information……………………………………… risk assumed information 11.1 11.1a 11.1b 11.1c',
141:'11.1d 11.1e 11.1f 11.1g 11.1h 11.1i 11.1j 11.2 11.3 11.4 11.5 11.6 11.7 114 114 115 115 115 115 116',
142:'117 118 118 118 119 119 122 122 122 123 section 12 other accompanying information performance measures revenue foregone tax',
143:'burden/tax gap tax expenditures with directed flow of resources………… management challenges…………………………………… ipia reporting details………………………………………. other agencyspecific statutorily required reports……… 12.1',
144:'12.2 12.3 12.4 12.5 12.6 12.7 124 124 124 125 125 125 130 appendix list of statements of federal financial',
145:'accounting concepts and standards, interpretations, technical bulletins, and technical releases………………………………… ……… a 131 section 1 guide to part a form',
146:'and content of the par table of contents 1.1 what is the purpose of part a? 1.2 what is the',
147:'relationship between part a and the hierarchy of accounting principles for federal entities? 1.3 when is part a effective? 1.4',
148:'to which entity does part a apply? 1.5 what should the annual financial statement include? 1.6 what elements of the',
149:'annual financial statements are required to be presented on a comparative basis? 1.7 what steps should agencies take to ensure',
150:'consistency between information presented in the statement of budgetary resources and the budget of the united states government? 1.8 why',
151:'does the consolidated statement of financing present amounts and balances on a consolidated and a combined basis? 1.9 should all',
152:'of the lines illustrated in the statement of budgetary resources and the statement of financing be presented in the agencys',
153:'statements? 1.10 how does the annual financial statement relate to accountability reports and performance and accountability reports? 1.11 in managements',
154:'discussion and analysis, may agencies reference the performance section of the report rather than incorporating key performance measures into the',
155:'md&a when an agency issues a performance and accountability report? 1.1 what is the purpose of part a form and',
156:'content of the par? part a is issued under the authority of 31 u.s.c. 3515 d. part a defines the',
157:'form and content for federal agency financial statements that are required to be submitted to the director of the office',
158:'of management and budget omb and the congress pursuant to the requirements of the chief financial officers act, as amended',
159:'by the reports consolidation act of 2000 p.l.106531. these statements are in addition to the reports submitted to omb for',
160:'purposes of monitoring budget execution. federal financial statements are prepared in accordance with policies prescribed by omb in part a',
161:'of this circular. these formats and instructions provide a framework within which individual agencies have flexibility to provide information useful',
162:'to the congress, agency managers, and the public. 1.2 what is the relationship between part a and the hierarchy of',
163:'accounting principles for federal entities? in april 2000, the american institute of certified public accountants aicpa through statement on auditing',
164:'standards sas no. 69, the meaning of present fairly in conformity with generally accepted accounting principles gaap in the independent',
165:'auditor’s report, as amended by sas no. 91, federal gaap hierarchy, established the following hierarchy of accounting principles for federal',
166:'governmental entities: a. federal accounting standards advisory board fasab statements and interpretations plus aicpa and financial accounting standards board fasb',
167:'pronouncements if made applicable to federal governmental entities by a fasab statement or interpretation; b. fasab technical bulletins and the',
168:'following pronouncements if specifically made applicable to federal governmental entities by the aicpa and cleared by the fasab: aicpa industry',
169:'audit and accounting guides and aicpa statements of position; c. aicpa accounting standards executive committee acsec practice bulletins if specifically',
170:'made applicable to federal governmental entities and cleared by the fasab and technical releases of the accounting and auditing policy',
171:'committee of the fasab; and d. implementation guides published by the fasab staff and practices that are widely recognized and',
172:'prevalent in the federal government. in the absence of a pronouncement covered by federal gaap or another source of established',
173:'accounting principles, the auditor of a federal governmental entity may consider other accounting literature, depending on its relevance in the',
174:'circumstances. other accounting literature includes, for example, fasab concept statements; pronouncements in ad of the hierarchy when not specifically made',
175:'applicable to federal governmental entities; fasb concept statements; governmental accounting standards board gasb statements, interpretations, technical bulletins, and concept statements;',
176:'aicpa issue papers; international accounting standards of the international accounting standards committee; pronouncements of other professional associations or regulatory agencies;',
177:'aicpa technical practice aids; and accounting textbooks, handbooks, and articles. guidance prescribed in part a that is specified by a',
178:'fasab, aapc, aicpa, or fasb pronouncement as described in paragraphs ac above, are considered to be a, b, or clevel',
179:'gaap as appropriate. requirements in part a that are not specified by a pronouncement described in paragraphs ac above are',
180:'considered to be level d of the federal gaap hierarchy because they constitute practices that are widely recognized and prevalent',
181:'in the federal government. the statements of federal financial accounting concepts sffacs, the statements of federal financial accounting standards sffass,',
182:'interpretations, technical bulletins, and technical releases addressed in part a are listed in appendix a of this circular. sffacs and',
183:'sffass are set and promulgated by fasab following procedures adopted by the three fasab principals from omb, the department of',
184:'the treasury, and the government accountability office gao. the principal members, however, retain their authorities, separately and jointly, to establish',
185:'and adopt accounting standards for the federal government, as evidenced by this circular issued by omb. when directed by the',
186:'omb, through this circular, gaap serves as authoritative guidance for federal agencies in preparing the reports addressed in this circular.',
187:'1.3 when is part a effective? the provisions of part a are effective in their entirety for the preparation of',
188:'financial statements for the end of fiscal year fy 2005, unless otherwise specified. earlier implementation is permitted, unless otherwise specified.',
189:'note: changes related to sffas 27, identifying and reporting earmarked funds, are effective for fy 2006. earlier implementation of sffas',
190:'27 is not permitted. 1.4 to which entity does part a apply? part a applies to the executive branch agencies',
191:'specified section 3 of the overview of this circular. components of executive branch agencies required by law to issue financial',
192:'statements prepared in accordance with accounting standards other than those promulgated by fasab shall continue to comply with applicable standards.',
193:'when the reporting entities, of which these components are a part, issue consolidated or consolidating statements that include such components,',
194:'gaap for federal entities shall be applied to these components. see section 1.2 for guidance on determining gaap for federal',
195:'entities. the executive branch agencies covered by this circular are reporting entities and, as such, are required to prepare organizationwide',
196:'financial statements. sffac no. 2, entity and display, includes two types of criteria for determining which components of executive departments',
197:'and agencies shall be included in their organizationwide financial statements. the first is the conclusive criterion, i.e., there is an',
198:'inherent conclusion that for financial reporting purposes, any organization meeting this criterion is part of a specified larger entity. appearance',
199:'in the budget of the united states government analytical perspectives section currently entitled federal programs by agency and account is',
200:'a conclusive criterion. any organization, program or budget account, including offbudget accounts and government corporations, included in that section shall',
201:'be considered part of the federal government, as well as part of the executive department or agency with which it',
202:'appears. omb approval shall be obtained for exemptions to the conclusive criterion. the second type of criteria is indicative criteria.',
203:'the indicative criteria described in sffac no. 2 should be considered in the aggregate when determining what components to include',
204:'in an executive department or agency’s organizationwide financial statement. 1.5 what should the annual financial statements include? the annual financial',
205:'statements of a reporting entity shall consist of: 1 management’s discussion and analysis part of rsi. 2 basic statements and',
206:'related notes. 3 required supplementary stewardship information rssi. 4 required supplementary information rsi. in addition, the annual financial statements may',
207:'include other accompanying information oai. oai should provide users of the financial statement with a better understanding of the entity’s',
208:'programs and the extent to which the programs objectives are achieved. preparation of the annual financial statement is the responsibility',
209:'of agency management. in carrying out that responsibility, each agency cfo should prepare a policy bulletin or guidance memorandum that',
210:'guides agency fiscal and management personnel in the preparation of the annual financial statement. the basic statements shall include: 1',
211:'balance sheet. 2 statement of net cost. 3 statement of changes in net position. 4 statement of budgetary resources. 5',
212:'statement of financing. 6 statement of custodial activity, when applicable. basic statements prepared in accordance with this circular should present',
213:'summary or detailed information necessary to make the statements most useful to users. care should be taken to avoid placing',
214:'so much detail in the body of the statements that they cannot be easily understood. where substantial detail is necessary',
215:'to properly convey the information, the body of the statement should contain summary information and the detail should be reported',
216:'in notes to the statements. the instructions provided in the circular for each of the basic statements describe how information',
217:'should be presented. 1.6 what elements of the annual financial statements are required to be presented on a comparative basis?',
218:'the six basic statements identified above, and the related footnotes, should present balances and amounts for the current year and',
219:'the prior year. the md&a should include comparisons of the current year to the prior year and should provide an',
220:'analysis of the agencys overall financial position and results of operations to assist users in assessing whether that financial position',
221:'has improved or deteriorated as a result of the years activities. information presented in the rssi and rsi should also',
222:'be presented on a comparative basis when the information would be meaningful to the user of the financial report. see',
223:'section 2.1, general instructions, for the implementation dates for the requirement to prepare comparative financial statements. note: for fy 2006,',
224:'the initial year of implementation for earmarked funds, do not restate prior periods per the provisions of sffas 27. 1.7',
225:'what steps should agencies take to ensure consistency between information presented in the statement of budgetary resources and the budget',
226:'of the united states government? better linkage between budgetary information presented in the financial statements and the budget of the',
227:'united states government is critical to ensuring the integrity of the numbers presented. both reports contain actual information. agencies should',
228:'follow the steps identified below to avoid inconsistencies between the two documents: agencies should ensure that the budgetary information used',
229:'to prepare the statement of budgetary resources sbr is consistent with the budgetary information reported to the federal agencies centralized',
230:'trialbalance system ii facts ii during the 4th quarter window. the information submitted through the facts ii system will be',
231:'used to produce the 4th quarter sf 133, report on budget execution and budgetary resources; the fms 2108, yearend closing',
232:'statement; and much of the initial data that will appear in the prior year column of the program and financing',
233:'schedule of the budget. the budgetary information reported should be coordinated with the agencys budget office. due to timing differences,',
234:'subsequent changes may be made to budgetary information included in the budget but after the sbr has been published. agencies',
235:'should post all subsequent changes, whether material or nonmaterial, to ombs max a11 budget preparation system during the timeframes provided',
236:'by omb. agencies should also post all subsequent changes made to omb’s max a11 budget preparation system, whether material or',
237:'nonmaterial, to facts ii during its revision window november/december timeframe. these efforts should also be coordinated with the agencys budget',
238:'office. agencies should discuss any material changes to budgetary information subsequent to the publication of the audited statement of budgetary',
239:'resources sbr with their auditors to determine if restatement or note disclosure is necessary. at a minimum, any material differences',
240:'between comparable information contained in the sbr and the actual information presented in the budget of the united states government',
241:'must be disclosed in the footnotes to the sbr. 1.8 why does the consolidated statement of financing present amounts and',
242:'balances on a consolidated and a combined basis? the statement of financing demonstrates the relationship between budgetary amounts reported on',
243:'the statement of budgetary resources which is prepared on a combined basis to the proprietary amounts reported on the statement',
244:'of net cost which is prepared on a consolidated basis. the focus of this presentation is to reconcile net obligations',
245:'to the net cost of operations. lines number 1, 2, and 4 of the statement of financing are reported on',
246:'a combined basis as presented in the statement of budgetary resources. this allows the user to follow the flow of',
247:'reported amounts through the financial statements. line 5 net obligations of the statement of financing, while reported on what appears',
248:'to be a combined basis, is in fact a consolidated number. this is because the intraentity obligations reported on line',
249:'1 are reduced by the corresponding intraentity offsetting collections and recoveries reported on line 2 and the offsetting receipts reported',
250:'on line 4. 1.9 should all of the lines illustrated in the statement of budgetary resources and the statement of',
251:'financing be presented in the agencys statements? no. the illustrative statements have been provided as a guide to assist agencies',
252:'in identifying the proper placement of information on the statements, thus ensuring greater consistency between agency financial statements and the',
253:'budget execution reports. lines may be combined, using discretion, where balances are related in nature. material components, however, should continue',
254:'to be displayed separately on the face of the statement or in a footnote. 1.10 what is required in the',
255:'performance and accountability reports par? the reports consolidation act rca of 2000 p.l.106531 provides permanent authority for agencies to integrate',
256:'financial and performance information into a single, consolidated accountability report beginning with the fy 2000 reports. it also allows consolidation',
257:'of other reports with omb approval and after consultation with the appropriate congressional committees. see section 2.2 format of the',
258:'par for reporting requirements and layout of a final par. 1.11 in managements discussion and analysis, may agencies reference the',
259:'performance section of the report rather than incorporating key performance measures into the md&a? no. the reports consolidation act was',
260:'intended to provide the congress and the public with one report that presents a comprehensive and integrated picture of each',
261:'agencys performance. the performance and accountability report will provide a large amount of detail about the agencys financial and program',
262:'performance but an overall summary of the report should be included in the beginning of the document. the md&a is',
263:'an excellent means of providing this summary. redundancy may be reduced by providing key performance information in the md&a with',
264:'the other performance measures displayed in the performance section of the report. analysis of significant changes the following table summarizes',
265:'the significant changes reflected in this circular based on requirements incorporated from omb bulletin no. 0109, form and content of',
266:'agency financial statements, as amended by omb memoranda m0420 fy 2004 performance and accountability reports and reporting requirements for the',
267:'financial report of the united states government july 22, 2004, external reporting changes december 21, 2001, and requirements for both',
268:'the accountability of tax dollars act december 6, 2002 and the government corporations control act sec 31 u.s.c. sec 9101',
269:'etc. seq.,. section title section number change a136 main 3 effective fy 2006, government corporations included in accelerated reporting requirements,',
270:'except for corporations who are required to report to the sec. 4 c iv interim financial statements include management’s explanation',
271:'of significant variances. guide to the circular 1.10 what is required in the performance and accountability report see section 2.2',
272:'general 2.2 format of the par added to provide guidance on reporting requirements and layout of the report. financial statements',
273:'various lines on the balance sheet, the statement of net cost, the statement of changes in net position, and the',
274:'statement of budgetary resources, have been added, deleted, renamed, separated or combined. these changes were made to more clearly describe',
275:'the activity reported in the lines, to improve the linkage between the statements, and with the budget of the united',
276:'states government. annual financial statement instructions 2.1 modified instructions for preparing the annual financial statements to clarify guidance; reduce redundant',
277:'disclosures; and to ensure consistency with the statements of federal financial accounting standards, other omb circulars, etc. part a form',
278:'and content of the performance and accountability report, separate section added. balance sheet 3.1 included effective date for sffas 27,',
279:'definition of earmarked funds, and instructions regarding prior periods in initial year of implementation for sffas 27 effective fy 2006.',
280:'3.2 added separate illustrative statements for fy 2005 and for fy 2006. for fy 2006, added separate lines for cumulative',
281:'results of operations and unexpended appropriations for earmarked funds to implement sffas 27 effective fy 2006. 3.3 revised description of',
282:'general pp&e for sffas 23, which eliminated the category of national defense pp&e. 3.5 added requirements for unexpended appropriations and',
283:'cumulative results of operations for earmarked funds to implement sffas 27 effective fy 2006. statement of net cost 4.1 changed',
284:'definition of intragovernmental and public costs to align with the department of the treasury’s definition. 4.2 illustrative statement for consolidated',
285:'statement of net cost no longer separates intragovernmental and public costs and revenues on the face of the statement. these',
286:'separate costs and revenues are displayed in footnote 9.21. effective fy 2006, early implementation is permitted. for agencies not implementing',
287:'in fy 2005, refer to omb bulletin 0109, section 4 for illustrative guidance. statement of changes in net position 5.2',
288:'added separate illustrative statements for fy 2005 and fy 2006 and subsequent to display earmarked funds effective fy 2006. 5.2',
289:'added lines 2a, changes in accounting principles, and 2 b, corrections of errors, in accordance with sffas 21. 5.2 added',
290:'lines for required separate display of earmarked funds effective fy 2006. 5.2 added subtotal line, net change 5.3 new section',
291:'on earmarked funds to implement sffas 27 effective fy 2006. 5.4 explanation of separate reporting of corrections of errors and',
292:'changes in accounting principles in accordance with sffas 21. 5.5 clarification of certain differences between appropriations received on the statement',
293:'of changes in net position and appropriations line of the statement of budgetary resources. 5.8 new section for new line',
294:'item, net change statement of budgetary resources 6.1 additional explanatory information added about the statement of budgetary resources. 6.3 new',
295:'information on the format of the sbr effective fy 2006. 6.4 added separate illustrative statements for fy 2005 and for',
296:'fy 2006 to reflect changes in the sf 133 effective fy 2006. 6.7 b & c new information added to',
297:'describe fy 2006 requirements for b change in unpaid obligated balances, and b net outlays effective fy 2006. statement of',
298:'financing no change statement of custodial activity 8.1 exchange revenue reporting requirements added per sffas 7. 8.3 clarification on accrual',
299:'adjustments required for nonexchange revenue and not for exchange revenue. notes to the balance sheet 9.1 added requirement to disclose',
300:'changes in generally accepted accounting principles that affect the financial statements, and to include explanation of concepts that are unique',
301:'to federal financial statements, such as fund balance with treasury and earmarked funds. modified the provisions for restatement to comply',
302:'with paragraphs 20 and 26 of sffas 27. 9.3 modified the fund balance with treasury footnote disclosure to include nonbudgetary',
303:'fbwt in section b, status of fund balance with treasury. 9.5 added note on investments for earmarked funds to implement',
304:'sffas 27 effective fy 2006. 9.10 added reference to sffas 11, 16 and 23. 9.12 added crossreference to section 3.4',
305:'for definition of covered and not covered by budgetary resources. 9.14 added language to clarify that the reporting requirements for',
306:'note 14 are for entities that administer pensions, other retirement benefits, and other post employment benefits 9.20 added note for',
307:'earmarked funds to implement sffas 27 effective fy 2006. notes to the statement of net cost 9.20 old note entitled',
308:'“intragovernmental costs” removed 9.21 new note on intragovernmental costs and exchange revenue to report intragovernmental and public costs and revenues',
309:'since no longer reported on the face of the statement see 4.2. effective fy 2006, early implementation is permitted. 9.25',
310:'old note 25 gross cost and earned revenue by budget functional classification removed notes to the statement of budgetary resources',
311:'9.34 new note entitled, “undelivered orders at the end of the period”. effective fy 2006 notes to the statement of',
312:'custodial activity 9.40 revised “dedicated collections” note previously 9.39 to exclude earmarked funds effective fy 2006 notes not related to',
313:'specific statements 9.41 disclosures related to restatements. rssi 10.2b national defense pp&e removed to comply with sffas 23. 10.2c national',
314:'defense pp&e removed from table and guidance provided for condition description from sffas 6. rsi 10.4a risk assumed information removed',
315:'from rssi and included in rsi per sffas 5. md&a 11.1 all sections updated to reflect guidance from omb memoranda.',
316:'deferred maintenance 11.2 additional guidance added from sffas 6. risk assumed information 11.5 moved from rssi per sffas 5. other',
317:'accompanying information updated section 12 to include information from omb memorandum fy 2002 financial and performance reporting, dated october 18,',
318:'2002 and omb memorandum m0420 fy 2004 performance and accountability reports and reporting requirements for the financial report of the',
319:'united states government. 12.5 management challenges 12.6 ipia reporting details 12.7 other agency specific statutorily required reports appendix a update',
320:'of fasab issuances subsequent to bulletin 0109. part b preparing the financial report of the united states government updated guidance',
321:'in omb memorandum m0420 fy 2004 performance and accountability reports and reporting requirements for the financial report of the united',
322:'states government attachments 4 through 7. section 2 – general table of contents 2.1 instructions for agency financial statements 2.2',
323:'format of the par section 2.1 instructions for agency financial statements a. reporting entities should ensure that information in the',
324:'financial statements is presented in accordance with federal gaap and the requirements of this circular. preparers of financial statements seeking',
325:'additional guidance on matters involving the recognition, measurement, and disclosure requirements should refer to the specific fasab standards governing those',
326:'requirements. these standards are available at http://www.fasab.gov. where the fasab standards and interpretations or the instructions in this circular do',
327:'not provide guidance, agencies shall follow the hierarchy of accounting principles described in section 1.2. b. comparative financial statements are',
328:'required. information for the current and preceding years should be presented regardless of the type of audit opinion rendered by',
329:'the auditor. footnotes should contain the information necessary for full disclosure of both years. c. when agencies present disaggregated information',
330:'for component organizations, the total column for the entity as a whole shall reflect consolidated totals net of intraentity transactions,',
331:'except for the statement of budgetary resources which is presented on a combined basis. with the exception of the statement',
332:'of budgetary resources, financial statements that use a multicolumn format to present information on an entity’s major components or lines',
333:'of business as well as the consolidated amounts are referred to as consolidating statements. eliminations for intraentity transactions needed to',
334:'arrive at the consolidated amounts should also be presented in a column on the face of the consolidating statements. currently',
335:'the statement of net cost requires certain disaggregated statements to be presented in the notes to the financial statements. entities',
336:'may elect to include disaggregated statements for other primary financial statements, such as the balance sheet, statement of changes in',
337:'net position and/or statement of custodial activity. to enhance usefulness of the information, entities may include any disaggregated statements not',
338:'presented in the notes to the financial statements as required supplementary information. d. the format displays in this circular are',
339:'generally for illustrative guidance only. agencies may modify the displays to best present the information for their programs. in doing',
340:'so, they may add or remove lines and may use different words than those provided in the displays. however, agencies',
341:'must report their assets, liabilities, and net position by the lines displayed in the illustrative balance sheet and in the',
342:'illustrative statement of changes in net position to support the compilation and audit of the fr. to enhance reporting at',
343:'the entitylevel, agencies may combine these illustrated lines in their statements but the composition of these lines must be provided,',
344:'i.e., either as subcategories on the face of the statements or in a footnote. conversely, to ensure that reporting at',
345:'the entitylevel is meaningful, agencies may also disaggregate the illustrated lines in their statements but the total of these lines',
346:'must be provided, i.e., either a total on the face of the statement or in a footnote. e. combine lines',
347:'using discretion, where balances are related in nature and are not material enough to warrant separate disclosures. designate discrete balances',
348:'of an immaterial amount as other. the other category should not aggregate to an amount which is material. f. exclude',
349:'statement line items, footnotes, and lines or columns in footnotes that do not apply or, except as described in d',
350:'above, are not informative for the reporting entity. g. schedule totals presented in the footnotes, in support of amounts presented',
351:'in financial statements, must agree with the amounts presented in the body of the financial statements. h. round dollar amounts',
352:'to the nearest whole dollar, thousand, or million based upon informative value to the reporting entity. maintain the chosen rounding',
353:'level throughout the principal statements and footnotes. ensure that individual line items add up to the totals by adjusting the',
354:'line items for differences created by the rounding process rather than adjusting column totals. i. do not use line numbers',
355:'on illustrative statement formats. they are for reference purposes only. j. sequentially number footnotes without regard to the numbers in',
356:'this document. k. interim unaudited financial statements, without footnotes, are required on a quarterly basis. the interim statements must be',
357:'submitted to omb 21 days after the end of each quarter. interim statements may be limited to a balance sheet,',
358:'statement of net cost, and statement of budgetary resources. management discussion and analysis, rssi, and rsi are not required for',
359:'quarterly reporting. omb bulletin 0102, “audits of federal financial statements, appendix b www.whitehouse.gov/omb/, lists major agency components that are required',
360:'to prepare financial statements and subject them to annual audits. 2 agencies are also encouraged to develop a brief highlights',
361:'version of the annual par. the par highlights should exist as a standalone document, presenting key findings and relevant financial',
362:'and performance data. agencies should prepare the highlights document in a manner and writing style appropriate for the general public.',
363:'agencies may find it useful to prepare a par highlights with a cd of the entire par document included as',
364:'an alternative to distributing numerous printed copies of the entire par document. section 2.2 – format of the par the',
365:'purpose of this section is to provide reporting requirements and layout for a complete and final performance and accountability report',
366:'par2. 2.2a agency head secretary message: a dated transmittal letter signed by the agency head should be located at the',
367:'beginning of the report. it must include: a brief message from the agency head highlighting: 1 the agency’s mission, goals',
368:'and accomplishments upholding the mission. 2 an assessment of whether financial and performance data in the report is reliable and',
369:'complete, identifying material internal control weaknesses and actions the agency is taking to resolve them, the letter may reference a',
370:'more detailed discussion of this topic elsewhere in the report; and 3 a federal manager’s financial integrity act integrity act',
371:'statement of assurance indicating whether a management controls are in place and b financial systems conform with governmentwide standards. the',
372:'statement must take one of the following forms: statement of assurance; qualified statement of assurance, with exceptions explicitly noted; or',
373:'statement of no assurance. effective through fy 2005 2.2b part 1: management’s discussion and analysis a par must contain a',
374:'section entitled management’s discussion and analysis md&a. the md&a is section 1 of the par and should follow the agency',
375:'head secretary message. to be useful, it must be concise and readable to a nontechnical audience. the md&a is an',
376:'overview of the financial and performance results. see section 11 of this document for an outline of the required information',
377:'to be included in the md&a. beginning with fy 2006, management assurances required under the integrity act and omb circular',
378:'a123, management’s responsibility for internal control must be separately identified within the md&a as part of the information provided in',
379:'accordance with section 11.1g analysis of the entity’s systems, controls and legal compliance. 2.2c part 2: performance section the annual',
380:'program performance information submitted per the government performance and results act gpra should contain all of the required elements for',
381:'the annual performance report as specified in omb circular no. a11, part 6, preparation and submission of strategic plans, annual',
382:'performance plans, and annual program performance reports, as amended. in developing the md&a, preparers should draw from this section to',
383:'provide an overview of the most significant performance results. 2.2d part 3: financial section a. cfo letter a signed letter',
384:'from the chief financial officer cfo that briefly summarizes: 1 planned time frames for correcting audit weaknesses and noncompliance; 2',
385:'major impediments to correcting audit weaknesses and noncompliance; 3 progress made in correcting previously reported problems; and 4 integrity act',
386:'information, if the agency chooses not to include it in the par md&a. b. auditor’s report reporting guidance for the',
387:'auditor’s report is located in omb bulletin 0102, audit requirements for federal financial statements. the final report must be signed',
388:'by the auditor. c. financial statements and notes see sections 3 through 12 in this document for information on the',
389:'financial statements, notes, rsi and rssi and other accompanying information oai. section 3 balance sheet table of contents 3.1 general',
390:'3.2 illustrative statement consolidated balance sheet 3.3 assets 3.4 liabilities 3.5 net position 3.1 general the balance sheet presents, as',
391:'of a specific time, amounts of future economic benefits owned or managed by the reporting entity exclusive of items subject',
392:'to stewardship reporting assets, amounts owed by the entity liabilities, and amounts which comprise the difference net position. the balance',
393:'sheet displayed in section 3.2a and b illustrates a consolidated twocolumn format to allow the user to make appropriate comparisons',
394:'with prior periods. reporting entities preparing financial statements in accordance with this circular may present similar information or may present',
395:'information in separate columns for their primary components, e.g., bureaus or major lines of business. combine entity and nonentity assets',
396:'on the face of the balance sheet and disclose nonentity assets in the footnotes. combine liabilities covered by budgetary resources',
397:'and liabilities not covered by budgetary resources on the face of the balance sheet. disclose liabilities not covered by budgetary',
398:'resources in the footnotes. sffas 27, identifying and reporting earmarked funds, is effective for periods beginning after september 30, 2005.',
399:'see note 9.20 and sffas 27 for more details on earmarked funds. the illustrative statement 3.2.b consolidated balance sheet beginning',
400:'fy2006 shows the portion of cumulative results of operations and unexpended appropriations for earmarked funds separately from all other funds',
401:'on the face of the balance sheet. based on sffas 27 requirements, prior periods shall not be restated in the',
402:'initial year of implementation fy 2006. for the purposes of earmarked funds, fy 2005 should not be restated. also, the',
403:'provisions of sffas 27 need not be applied to immaterial items. 3.2.a illustrative statement consolidated balance sheet reporting fy2005 and',
404:'prior department/agency/reporting entity consolidated balance sheet as of september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx assets',
405:'note 2: cy py intragovernmental: 1. fund balance with treasury note 3 $ xxx $ xxx 2. investments note 5',
406:'xxx xxx 3. accounts receivable note 6 xxx xxx 4. loans receivable xxx xxx 5. other note 11 xxx xxx',
407:'6. total intragovernmental xxx xxx 7. cash and other monetary assets note 4 xxx xxx 8. investments note 5 xxx',
408:'xxx 9. accounts receivable, net note 6 xxx xxx 10. taxes receivable, net note 7 xxx xxx 11. loans receivable',
409:'and related foreclosed property, net note 8 xxx xxx 12. inventory and related property, net note 9 xxx xxx 13.',
410:'general property, plant and equipment, net note 10 xxx xxx 14. other note 11 xxx xxx 15. total assets $',
411:'x,xxx $ x, xxx liabilities note 12: intragovernmental: 16. accounts payable $ xxx $ xxx 17. debt note 13 xxx',
412:'xxx 18. other notes 16, 17 and 18 xxx xxx 19. total intragovernmental xxx xxx 20. accounts payable xxx xxx',
413:'21. loan guarantee liability note 8 xxx xxx 22. debt held by the public note 13 xxx xxx 23. federal',
414:'employee and veteran benefits note 14 xxx xxx 24. environmental and disposal liabilities note 15 xxx xxx 25. benefits due',
415:'and payable xxx xxx 26. other notes 16, 17 and 18 xxx xxx 27. total liabilities x,xxx x,xxx 28. commitments',
416:'and contingencies note 19 net position: 29. unexpended appropriations xxx xxx 30. cumulative results of operations xxx xxx 31. total',
417:'net position $ x,xxx $ x,xxx 32. total liabilities and net position $ x,xxx $ x,xxx the accompanying notes are',
418:'an integral part of these statements. 3.2.b illustrative statement consolidated balance sheet report beginning fy2006 department/agency/reporting entity consolidated balance sheet',
419:'as of september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx assets note 2: cy py intragovernmental: 1.',
420:'fund balance with treasury note 3 $ xxx $ xxx 2. investments note 5 xxx xxx 3. accounts receivable note',
421:'6 xxx xxx 4. loans receivable xxx xxx 5. other note 11 xxx xxx 6. total intragovernmental xxx xxx 7.',
422:'cash and other monetary assets note 4 xxx xxx 8. investments note 5 xxx xxx 9. accounts receivable, net note',
423:'6 xxx xxx 10. taxes receivable, net note 7 xxx xxx 11. loans receivable and related foreclosed property, net note',
424:'8 xxx xxx 12. inventory and related property, net note 9 xxx xxx 13. general property, plant and equipment, net',
425:'note 10 xxx xxx 14. other note 11 xxx xxx 15. total assets $ x,xxx $ x, xxx liabilities note',
426:'12: intragovernmental: 16. accounts payable $ xxx $ xxx 17. debt note 13 xxx xxx 18. other notes 16, 17',
427:'and 18 xxx xxx 19. total intragovernmental xxx xxx 20. accounts payable xxx xxx 21. loan guarantee liability note 8',
428:'xxx xxx 22. debt held by the public note 13 xxx xxx 23. federal employee and veteran benefits note 14',
429:'xxx xxx 24. environmental and disposal liabilities note 15 xxx xxx 25. benefits due and payable xxx xxx 26. other',
430:'notes 16, 17 and 18 xxx xxx 27. total liabilities x,xxx x,xxx 28. commitments and contingencies note 19 net position:',
431:'29. unexpended appropriations – earmarked funds note 20 xxx xxx 30. unexpended appropriations other funds xxx xxx 31. cumulative results',
432:'of operations – earmarked fundsnote 20 xxx xxx 32. cumulative results of operations – other funds xxx xxx 33. total',
433:'net position $ x,xxx $ x,xxx 34. total liabilities and net position $ x,xxx $ x,xxx the accompanying notes are',
434:'an integral part of these statements. 3.3 assets general categories. assets are tangible or intangible items owned by the federal',
435:'government which have probable economic benefits that can be obtained or controlled by a federal government entity. the intragovernmental assets',
436:'of an agency are separately reported on the face of the balance sheet. nonentity assets, which may be intragovernmental or',
437:'governmental i.e., nonfederal, are separately disclosed in the footnotes. entity, nonentity, and intragovernmental assets are defined below in accordance with',
438:'sffas no. 1. entity assets. these are assets that the reporting entity has authority to use in its operations. the',
439:'authority to use funds in an entitys operations means that entity management has the authority to decide how funds are',
440:'used, or management is legally obligated to use funds to meet entity obligations, e.g., repay loans from treasury. nonentity assets.',
441:'these are assets that are held by an entity but are not available to the entity. an example of nonentity',
442:'assets is income tax receivables, which the internal revenue service collects for the u.s. government but has no authority to',
443:'spend. combine entity and nonentity assets on the face of the balance sheet, e.g., entity intragovernmental accounts receivable and nonentity',
444:'intragovernmental accounts receivable shall be combined and reported as a single intragovernmental accounts receivable line item on the face of',
445:'the balance sheet. disclose nonentity assets in a note to the financial statements note 2; section 9.2. intragovernmental assets. these',
446:'assets arise from transactions among federal entities. these assets are claims of a federal entity against other federal entities. report',
447:'intragovernmental assets separately from transactions with nonfederal entities, the federal reserve, and governmentsponsored enterprises i.e., federally chartered but privately owned',
448:'and operated entities. the term nonfederal entity encompasses domestic and foreign persons and organizations outside the u. s. government. fund',
449:'balance with treasury. this is the aggregate amount of the entitys accounts with treasury for which the entity is authorized',
450:'to make expenditures and pay liabilities. this account includes clearing account balances and the dollar equivalent of foreign currency account',
451:'balances. foreign currency account balances reported on the balance sheet shall be translated into u.s. dollars at exchange rates determined',
452:'by the treasury and effective on the financial reporting date. to the extent that the reporting entity maintains fund balances',
453:'in deposit, suspense, and clearing accounts that are not available to finance the entitys activities, those balances should be disclosed',
454:'as nonentity assets. the fund balance which the entity is authorized to use shall be disclosed by fund type in',
455:'the notes to the financial statement; e.g., trust fund, revolving fund, etc. note 3; section 9.3 cash and other monetary',
456:'assets. cash consists of: i coins, paper currency and readily negotiable instruments, such as money orders, checks, and bank drafts',
457:'on hand or in transit for deposit; ii amounts on demand deposit with banks or other financial institutions; iii cash',
458:'held in imprest funds; and, iv foreign currencies which, for accounting purposes, shall be translated into u.s. dollars at the',
459:'exchange rate on the financial statement date. other monetary assets include gold, special drawing rights, and u.s. reserves in the',
460:'international monetary fund. this category is principally for use by the department of the treasury. the amount of cash and',
461:'other monetary assets that the reporting entity holds and is authorized to spend is entity cash. the cash and other',
462:'monetary assets that a federal entity collects and holds on behalf of the u.s. government or other entities are nonentity',
463:'cash and other monetary assets. the components of cash and other monetary assets shall be disclosed in the notes to',
464:'the financial statement. note 4; section 9.4 investments. investments in federal securities shall be reported separately from investments in nonfederal',
465:'securities. investments in federal securities include nonmarketable par value treasury securities, marketbased treasury securities, marketable treasury securities, and securities issued',
466:'by other federal entities. nonfederal securities include those issued by state and local governments, governmentsponsored enterprises, and other private corporations.',
467:'investments are normally reported at acquisition cost or amortized acquisition cost less an allowance for losses, if any. the components',
468:'of investments, including the market value of marketbased and marketable treasury securities, shall be disclosed note 5; section 9.5. see',
469:'sffas no. 1 for further information on investments in par value treasury securities and in marketable and marketbased treasury securities',
470:'expected to be held to maturity. effective fy 2006, reporting entities with material investments in treasury securities attributable to earmarked',
471:'funds must include in the required note note 5; section 9.5 on investments as described in sffas 27, paragraphs 27',
472:'and 28. accounts receivable, net. federal entity claims for payment from other entities. gross receivables shall be reduced to net',
473:'realizable value by an allowance for doubtful accounts. disclose the methods of calculating the allowance for doubtful accounts and the',
474:'dollar amount of the allowance note 6; section 9.6. taxes receivable, net. federal entity claims for taxes owed by the',
475:'public. gross receivables shall be reduced to net realizable value by an allowance for uncollectible taxes receivable. disclose the methods',
476:'of calculating the allowance for uncollectible taxes and the dollar amount of the allowance note 7; section 9.7. interest receivable,',
477:'net. interest income earned but not received as of the reporting date. report interest receivable as a component of the',
478:'appropriate asset accounts. no interest shall be recognized as revenue on accounts receivable and investments that are determined to be',
479:'uncollectible, until the interest is actually collected. accrued interest on uncollectible accounts receivable, however, shall be disclosed until the requirement',
480:'to pay interest is waived by the federal government or the related bad debt is written off. interest receivable related',
481:'to pre1992 and post1991 direct loans and acquired defaulted guaranteed loans shall be reported as a component of loans receivable',
482:'and related foreclosed property. loans receivable and related foreclosed property, net. the net value of credit program receivables and related',
483:'foreclosed property are considered an entity asset if, as provided by law or omb circulars, the entity has the authority',
484:'to determine the use of the funds collected, or if the entity is legally obligated to use the funds to',
485:'meet entity obligations, e. g., loans payable to treasury. disclose the components of this line in the notes to the',
486:'financial statement note 8; section 9.8. receivable from borrowings. when a loan guarantee program, which is generating negative subsidy, guarantees',
487:'a loan and the lender has not disbursed the loan as of the balance sheet date, a proprietary receivable from',
488:'borrowings shall not be reported. it is sufficient to report the undelivered order, which is recorded to obligate the funds,',
489:'and the borrowing authority or unobligated balances to support the undelivered order. negative subsidies and downward reestimates of subsidy. special',
490:'fund receipt accounts for negative subsidies and downward subsidy reestimates are to be included in the credit reporting entity’s financial',
491:'statements. any assets in the accounts are nonentity assets and are offset by intragovernmental liabilities covered by budgetary resources. inventory',
492:'and related property, net. disclose additional information about each category below in the notes to the financial statement note 9;',
493:'section 9.9. category description inventory tangible personal property that is i held for sale, including raw materials and work in',
494:'process, ii in the process of production for sale, or iii to be consumed in the production of goods for',
495:'sale or in the provision of services for a fee. operating materials tangible personal property to be consumed in normal',
496:'and supplies operations. stockpile materials strategic and critical materials held due to statutory requirements for use in national defense, conservation',
497:'or national emergencies. they are not held with the intent of selling in the ordinary course of business. seized property',
498:'monetary instruments, real property, and tangible personal property of others, including illegal drugs, contraband, and counterfeit items seized by authorized',
499:'law enforcement agencies as a consequence of various laws, in the actual or constructive possession of a custodial agency. only',
500:'seized monetary instruments shall be recognized as seized assets when seized and a liability shall be reported in other liabilities',
501:'in an amount equal to the seized asset value. seized property other than monetary instruments and additional information regarding seized',
502:'property shall be disclosed. forfeited property i monetary instruments, intangible property, real property, and tangible personal property acquired through forfeiture',
503:'proceedings; ii property acquired by the government to satisfy a taxpayers liability; and iii unclaimed and abandoned merchandise. goods held',
504:'under these goods are referred to as commodities. commodities price support and are items of commerce or trade having an',
505:'exchange value. stabilization programs general property, plant and equipment, net. sffas no. 6, as amended by sffas 11, 16 and',
506:'23, defines general property, plant and equipment pp&e as any pp&e used in providing goods and services. sffas no. 6',
507:'also provides guidance for determining the cost of general pp&e acquired by purchase, capital lease, donation, devise, judicial process, exchange,',
508:'forfeiture, or transfer from other federal entities. minimum disclosure requirements for general pp&e can be found in section 9.10. general',
509:'pp&e has one or more of the following characteristics: it is primarily used to produce goods or services, or to',
510:'support the mission of the entity. but, it may be used for alternative purposes e.g., by other federal programs, state',
511:'or local governments, or nongovernmental entities. or it is used in a significantly selfsustaining activity which finances its continuing cycle',
512:'of operations through the collection of revenue businesstype activities, or it is used by entities in activities whose costs can',
513:'be compared to other entities performing similar activities. for entities operating as businesstype activities, all pp&e shall be categorized as',
514:'general pp&e whether or not it meets the definition of other pp&e categories e.g., heritage assets. land and land rights',
515:'acquired for or in connection with general pp&e shall be included in general pp&e. internal use software, whether commercial offtheshelf,',
516:'internally developed or contractor developed, shall be capitalized and depreciated if it meets the criteria of general pp&e. refer to',
517:'sffas no. 10 for further guidance on internal use software. depreciation shall be recognized on all general pp&e, except land',
518:'and land rights of unlimited duration. the depreciation expense associated with the use of general pp&e is calculated through the',
519:'systematic and rational allocation of the cost, less its estimated salvage/residual value, over the estimated useful life of the general',
520:'pp&e. heritage assets, and stewardship land are categories of pp&e not reported on the balance sheet with one exception. multiuse',
521:'heritage assets are heritage assets that are predominantly used in general government operations e.g., buildings, such as the main treasury',
522:'building which is used as an office building. the cost of acquisition, betterment, or reconstruction of multiuse heritage assets shall',
523:'be capitalized as general pp&e and depreciated, with an appropriate footnote disclosure explaining that physical quantity information for the multiuse',
524:'heritage assets is included in required supplemental stewardship information reporting for heritage assets section 10.2. other assets. the other assets',
525:'category shall include assets that are not reported in a separate category on the face of the balance sheet. reporting',
526:'entities should disclose in the notes the amount and nature of categories of other assets note 11; section 9.11. examples',
527:'of “other” assets may include, but are not limited to, advances and prepayments. advances are cash outlays made by a',
528:'federal entity to its employees, contractors, grantees or others to cover a part or all of the recipients anticipated expenses',
529:'or as advance payments for the costs of goods and services the entity receives. prepayments are payments made by a',
530:'federal entity to cover certain periodic expenses before those expenses are incurred. progress payments on work in process are not',
531:'to be included in advances and prepayments. 3.4 liabilities general categories. a liability is a probable future outflow or other',
532:'sacrifice of resources as a result of past transactions or events. financial statements shall recognize probable and measurable future outflows',
533:'or other sacrifices of resources arising from 1 past exchange transactions, 2 governmentrelated events, 3 governmentacknowledged events, or 4 nonexchange',
534:'transactions that, according to current law and applicable policy, are unpaid amounts due as of the reporting date. sffas no.',
535:'5 describes the general principles governing the recognition of a liability. liabilities shall be recognized when they are incurred regardless',
536:'of whether they are covered by available budgetary resources. this includes liabilities related to appropriations canceled under m account legislation',
537:'p.l. 101510, sec.1405. liabilities of federal agencies are classified as liabilities covered or not covered by budgetary resources. the intragovernmental',
538:'liabilities of an agency are separately classified on the face of the balance sheet. these terms are defined below in',
539:'accordance with sffas no. 1. liabilities covered by budgetary resources. liabilities incurred which are covered by realized budgetary resources as',
540:'of the balance sheet date. budgetary resources encompass not only new budget authority but also other resources available to cover',
541:'liabilities for specified purposes in a given year. available budgetary resources include: 1 new budget authority, 2 unobligated balances of',
542:'budgetary resources at the beginning of the year or net transfers of prior year balances during the year, 3 spending',
543:'authority from offsetting collections credited to an appropriation or fund account, and 4 recoveries of unexpired budget authority through downward',
544:'adjustments of prior year obligations. liabilities are considered covered by budgetary resources if they are to be funded by permanent',
545:'indefinite appropriations, which have been enacted and signed into law and are available for use as of the balance sheet',
546:'date, provided that the resources may be apportioned by omb without further action by the congress and without a contingency',
547:'having to be met first. liabilities not covered by budgetary resources. this category is for liabilities which are not considered',
548:'to be covered by budgetary resources, as provided in the previous paragraph. combine liabilities covered by budgetary resources with liabilities',
549:'not covered by budgetary resources on the face of the balance sheet, e.g., intragovernmental accounts payable covered by budgetary resources',
550:'and intragovernmental accounts payable not covered by budgetary resources shall be combined and reported as a single intragovernmental accounts payable',
551:'line item on the face of the balance sheet. disclose liabilities not covered by budgetary resources in a note to',
552:'the financial statements note 12; section 9.12. intragovernmental liabilities. these liabilities are claims against the entity by other federal entities.',
553:'report intragovernmental liabilities separately from claims against the reporting entity by nonfederal entities, including governmentsponsored enterprises, and the federal reserve',
554:'system. accounts payable. the amounts owed by the reporting entity for goods and services received from other entities, progress in',
555:'contract performance made by other entities, and rents due to other entities. interest payable. interest incurred but unpaid on liabilities',
556:'of the reporting entity. report interest payable as a component of the appropriate liability accounts. liabilities for loan guarantees. for',
557:'post1991 loan guarantees, the present value of the estimated net cash flows to be paid as a result of loan',
558:'guarantees. for pre1992 loan guarantees, the amount of known and estimated losses to be payable. disclose the components of the',
559:'line in the notes to the financial statement note 8; section 9.8. negative loan guarantee liability. when the total loan',
560:'guarantee liability for all credit programs of a reporting entity is negative, it should be reported as an asset. if',
561:'a loan guarantee liability is the result of both positive and negative amounts for the various components, the total will',
562:'be shown as a liability, and negative components disclosed. debt. amounts borrowed from the treasury, the federal financing bank, other',
563:'federal agencies, or the public under general or special financing authority e.g., treasury bills, notes, bonds and federal housing administration',
564:'debentures. the components of debt shall be disclosed in the notes to the financial statement note 13; section 9.13. federal',
565:'employee and veteran benefits. entities that are responsible for administering pensions, other retirement benefits e.g., health benefits for retirees, and',
566:'other postemployment benefits should calculate and report these liabilities and related expenses in accordance with sffas no. 5. liabilities for',
567:'federal employee and veteran benefits include the actuarial portion of these benefits. they do not include liabilities related to ongoing',
568:'continuous expenses such as employees’ accrued salary and accrued annual leave, which are reported in the other liabilities line item.',
569:'disclose in the notes to the financial statements the actuarial liabilities, assumptions used to compute the actuarial liabilities, and the',
570:'components of expense for the period for pensions, other retirement benefits, and other postemployment benefits note 14; section 9.14. environmental',
571:'and disposal liabilities. sffas no. 5 provides criteria for recognizing a contingent liability, which shall be applied to determine if',
572:'cleanup costs should be recognized as liabilities and/or disclosed in the notes. sffas no. 6 supplements the liability standard by',
573:'providing guidance for recording cleanup costs related to general pp&e and stewardship assets used in federal operations. the guidance applies',
574:'to cleanup costs from federal operations known to result in hazardous waste which the federal government is required by federal,',
575:'state and/or local statutes and/or regulations to cleanup. depending on the materiality of the amount, the liability for cleanup costs',
576:'may be displayed separately or included with other liabilities. the footnote disclosures required for liabilities note 15; section 9.15 associated',
577:'with cleanup costs are described in sffas no. 6. benefits due and payable. these are amounts owed to program recipients',
578:'or medical service providers as of the balance sheet date that have not yet been paid. these amounts include payables',
579:'by the federal entity for benefits, goods, or services provided under the terms of a benefits program other than federal',
580:'employee and veteran benefits programs, whether or not such amounts have been reported to the federal entity e.g., estimated payments',
581:'due to health providers for services that have been rendered and that will be financed by the federal entity but',
582:'have not yet been reported to the federal entity. benefit programs reported on this line item include, but are not',
583:'limited to, federal oldage and survivors insurance, federal hospital insurance medicare part a, federal supplementary medical insurance medicare part b,',
584:'grants to states for medicaid, federal disability insurance, supplemental security income, railroad retirement, unemployment insurance, and black lung. other liabilities.',
585:'this line item covers liabilities that are not recognized in specific categories. it includes but is not limited to liabilities',
586:'related to: capital leases, insurance, advances and prepayments, deposit fund amounts held in escrow, and accrued liabilities related to ongoing',
587:'continuous expenses such as federal employee salaries and accrued employee annual leave. this item also covers estimated losses for claims',
588:'or other contingencies if 1 a past event or exchange transaction has occurred e.g., a federal entity has breached a',
589:'contract with a non federal entity as of the date of the statements, 2 a future outflow or other sacrifice',
590:'of resources is probable, and 3 the future outflow or sacrifice of resources is measurable e.g., the amount can be',
591:'reasonably estimated. do not include cleanup costs, if material, which shall be reported as environmental and disposal costs. examples of',
592:'claims or other contingencies include: 1 indemnity agreements reimbursements due to licensees or contractors for losses incurred in support of',
593:'federal activities; 2 adjudicated claims claims against the federal government that are in the process of judicial proceedings; and 3',
594:'commitments to international institutions payments due to international financial institutions. separate reporting of items within other liabilities is appropriate if',
595:'the amounts are significant to the balance sheet. disclose the items within this line and any additional information necessary to',
596:'understand the liabilities in the notes to the financial statement note 16; section 9.16. lease liabilities. this item is the',
597:'liability for capital leases. report the lease liability as a component of the other liabilities line item on the balance',
598:'sheet and disclose the components of and other information about the capital lease liability in a separate footnote note 17;',
599:'section 9.17. according to omb circular no. a11 preparation and submission of budget estimates, capital leases entered into during fy',
600:'1992 and thereafter are required to be fully funded in the first year of the lease. insurance liabilities. report insurance',
601:'liabilities as a component of the other liabilities line item on the balance sheet and disclose insurance liabilities in a',
602:'separate footnote note 18; section 9.18. entities with federal insurance and guarantee programs, except social insurance and loan guarantee programs,',
603:'shall recognize a liability for unpaid claims incurred, resulting from insured events that have occurred as of the reporting date.',
604:'the amount recognized is the liability known with certainty plus an accrual for a contingent liability recognized when an existing',
605:'condition, situation, or set of circumstances involving uncertainty as to possible loss exists and the uncertainty shall ultimately be resolved',
606:'when one or more future events occur or fail to occur, a future outflow or other sacrifice of resources is',
607:'probable, and the future outflow or sacrifice of resources is measurable. life insurance programs shall recognize a liability for future',
608:'policy benefits in addition to the liability for unpaid claims incurred. commitments and contingencies. a loss contingency is an existing',
609:'condition, situation, or set of circumstances involving uncertainty as to possible loss to an entity. the uncertainty should ultimately be',
610:'resolved when one or more future events occur or fail to occur. the likelihood that the future event or events',
611:'will confirm the loss or the incurrence of a liability can range from probable to remote. sffas no. 5, as',
612:'amended by sffas no. 12, contains the criteria for recognition and disclosure of contingent liabilities. in addition to the contingent',
613:'liabilities required by sffas no. 5, the following shall also be disclosed: 1 an estimate of obligations related to canceled',
614:'appropriations for which the reporting entity has a contractual commitment for payment, and 2 amounts for contractual arrangements which may',
615:'require future financial obligations note 19; section 9.19. 3.5 net position the components of net position are classified as follows:',
616:'unexpended appropriations. this amount includes the portion of the entitys appropriations represented by undelivered orders and unobligated balances. unexpended appropriations',
617:'attributable to earmarked funds, if material, should be shown separately on the face of the balance sheet upon implementation of',
618:'sffas 27 in fy 2006. note 20; section 9.20 cumulative results of operations. the net results of operations since inception',
619:'plus the cumulative amount of prior period adjustments. this includes the cumulative amount of donations and transfers of assets in',
620:'and out without reimbursement. beginning in fy 2006, cumulative results of operations attributable to earmarked funds, if material, should be',
621:'shown separately on the face of the balance sheet, in accordance with the provisions of sffas 27. note 20; section',
622:'9.20 section 4 statement of net cost table of contents 4.1 general 4.2 illustrative statement consolidated statement of net cost',
623:'4.3 program costs 4.4 earned revenues 4.5 net program costs 4.6 costs not assigned to programs 4.7 earned revenues not',
624:'attributed to programs 4.8 net cost of operations 4.1 general the statement of net cost is designed to show separately',
625:'the components of the net cost of the reporting entitys operations for the period. however, the organizational structure and operations',
626:'of some entities are so complex that to fully display their suborganizations’ major programs and activities may require supporting schedules',
627:'to supplement the information in the statement of net cost. the supporting schedules shall be included in the notes to',
628:'the financial statements. net cost of operations is the gross cost incurred by the reporting entity less any exchange revenue',
629:'earned from its activities. the gross cost of a program consists of the full cost of the outputs produced by',
630:'that program plus any nonproduction costs that can be assigned to the program nonproduction costs are costs linked to events',
631:'other than the production of goods and services. the net cost of a program consists of gross cost less related',
632:'exchange revenues. by disclosing the gross and net cost of the entitys programs, the statement of net cost provides information',
633:'that can be related to the outputs and outcomes of the programs and activities. the statement of net cost and',
634:'related supporting schedules classify revenue and cost information by suborganization or responsibility segment and, to the extent practicable, within each',
635:'classification by major program. suborganizations are considered to be generally equivalent to responsibility segments. preparers of the statement of net',
636:'cost should present responsibility segments that align directly with the major goals and outputs described in the entitys strategic and',
637:'performance plans, required by the government performance and results act gpra. the statement of net cost and related supporting schedules',
638:'should show the net cost of operations for the reporting entity as a whole and its programs and suborganizations. this',
639:'can be accomplished by reporting by program: 1 expense costs, 2 related exchange revenues, 3 the excess of costs over',
640:'exchange revenues net program costs, 4 the costs that cannot be assigned to specific programs or outputs, and 5 the',
641:'exchange revenues that cannot be attributed to specific programs and outputs. intragovernmental gross costs and earned revenues shall be disclosed',
642:'in note 21. the changes in illustrative statement 4.2 consolidated statement for net cost is effective for fy 2006, however,',
643:'early implementation is permitted. for agencies not implementing in fy 2005, refer to omb bulletin 0109, section 4 for illustrative',
644:'guidance. preparers are encouraged to consult the implementation guide to sffas no. 7, accounting for revenue and other financing sources,',
645:'for illustrations and explanations designed to assist in understanding and applying the standards for classifying, recognizing, and measuring inflows of',
646:'resources to the federal government and its component reporting entities. 4.2 illustrative statement consolidated statement of net cost department/agency/reporting entity',
647:'consolidated statement of net cost for the years ended september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx',
648:'program costs: cy py program a: 1. gross costs note 21 $ xxx $ xxx 2. less: earned revenue 3.',
649:'net program costs xxx xxx other programs: program b: xxx xxx program c: xxx xxx program d: xxx xxx program',
650:'e: xxx xxx program f: xxx xxx other programs: xxx xxx total other program costs: x,xxx x,xxx 4. cost not',
651:'assigned to programs x,xxx x,xxx 5. less: earned revenues not attributed to programs xxx xxx 6. net cost of operations',
652:'$ x,xxx $ x,xxx the accompanying notes are an integral part of these statements. 4.3 program costs the reporting entity',
653:'should report the full cost of each program’s output, which consists of a both direct and indirect costs of the',
654:'output, and b the costs of identifiable supporting services provided by other segments within the reporting entity and by other',
655:'reporting entities. the reporting entity should accumulate and assign costs in accordance with the costing methodology in sffas no. 4.',
656:'program costs also include any nonproduction costs that can be assigned to the program but not to its outputs. the',
657:'costs of program outputs shall include the costs of services provided by other entities whether or not the providing entity',
658:'is fully reimbursed. the costs of program outputs shall include specific imputed costs that are incurred by the reporting entity',
659:'but paid in total or in part by other entities to the extent that accounting standards require them to be',
660:'recognized in financial statements see fasab interpretation no. 6 accounting for imputed intradepartmental costs: an interpretation of sffas 4. in',
661:'the case of employee benefits, the imputed amount is the difference between employer/employee contributions and the total cost of the',
662:'benefit. reporting entities are required to recognize the following costs, including the portions that are funded through the office of',
663:'personnel management opm, the department of defense, the department of the treasury, the department of labor, or other agencies: 1',
664:'employees’ pension, postretirement health and life insurance benefits, 2 other postemployment benefits for retired, terminated, and inactive employees, which includes',
665:'unemployment and workers compensation under the federal employees compensation act, and 3 losses in litigation proceedings see fasab interpretation no.',
666:'2, accounting for treasury judgment fund transactions. to ensure consistency, agencies should not recognize costs other than those listed until',
667:'omb provides further guidance. in accounting for the listed costs, reporting entities should refer to relevant sffas and interpretations, such',
668:'as sffas nos. 4 and 5 and interpretation no. 2, the standard general ledger, and the department of treasury financial',
669:'management service intragovernmental fiduciary transactions accounting guide for guidance. reporting entities should also consult with the funding and administering agencies,',
670:'such as opm, for information needed to properly record interentity costs. for further guidance on the recognition of interentity costs',
671:'that are not fully reimbursed or are not reimbursed at all, the reporting entity should consult the interentity cost standard',
672:'in sffas no. 4. costs related to the production of outputs shall be reported separately from costs that are not',
673:'related to the production of outputs e.g., nonproduction costs. in addition, the costs of stewardship pp&e, listed below, shall be',
674:'reported separately from other nonproduction costs: the cost of acquiring, constructing, improving, reconstructing, or renovating heritage assets, other than multiuse',
675:'heritage assets; and the cost of acquiring stewardship land. agencies should consider differentiating other significant costs if by doing so',
676:'the usefulness of the statements would be improved either because the amount of a particular cost is large or because',
677:'of its special nature. for example, when reporting on a program that makes transfer payments, it may be useful to',
678:'differentiate between the transfer payments and administrative costs. 4.4 earned revenues earned revenues are exchange revenues, which arise when a',
679:'federal entity provides goods and services to the public or to another government entity for a price. the full amount',
680:'of exchange revenue is to be reported on the statement of net cost or a supplementary schedule, regardless of whether',
681:'the entity is permitted to retain the revenues in whole or in part. any portion of exchange revenue that cannot',
682:'be retained by the entity is reported as a transferout on the statement of changes in net position. see sffas',
683:'no. 7 for information on exchange revenues. earned revenues should be deducted from the full cost of outputs or outcomes',
684:'to determine their net cost unless it is not practical or reasonably possible to do so. however, there are no',
685:'precise guidelines to determine the degree to which earned revenue can reasonably be attributed to outputs, outcomes, programs, or suborganizations.',
686:'the attribution of earned revenues requires the exercise of managerial judgment. in exercising this judgment, it is important to provide',
687:'users of the statement of net cost with the ability to ascertain whether exchange revenues are sufficient to cover the',
688:'costs incurred to produce the goods or services involved. earned revenue shall be deducted from the gross cost of programs',
689:'to determine the net program costs 4.5 net program costs this is the difference between a programs gross costs and',
690:'its related exchange revenues. if a program does not earn any exchange revenue, there is no netting and the term',
691:'used might be total program costs. 4.6 costs not assigned to programs a reporting entity and its suborganizations may incur:',
692:'a high level general management and administrative support costs that cannot be directly traced, assigned on a causeandeffect basis, or',
693:'reasonably allocated to segments and their outputs and b nonproduction costs that cannot be assigned to a particular program. these',
694:'costs are part of the entity and suborganization costs and should be reported on the statement of net cost as',
695:'costs not assigned to programs. 4.7 earned revenues not attributed to programs earned revenue that is insignificant or cannot be',
696:'attributed to particular outputs or programs should be reported separately as a deduction in arriving at net cost of operations',
697:'of the suborganization or reporting entity as a whole. 4.8 net cost of operations this is the gross cost incurred',
698:'by the reporting entity less any exchange revenue earned from its activities. this amount represents the net cost of a',
699:'suborganization or entity that is funded by sources other than exchange revenues. the financing sources for net cost of operations',
700:'are reported on the statement of changes in net position. section 5 statement of changes in net position table of',
701:'contents 5.1 general 5.2 illustrative statement consolidated statement of changes in net position 5.3 earmarked funds 5.4 net position beginning',
702:'balances 5.5 budgetary financing sources 5.6 other financing sources 5.7 net cost of operations 5.8 net change 5.9 net position',
703:'ending balances 5.1 general the statement of changes in net position reports the change in net position during the reporting',
704:'period. net position is affected by changes to its two components: cumulative results of operations and unexpended appropriations. the statement',
705:'format is designed to display both components of net position separately to enable the user to better understand the nature',
706:'of changes to net position as a whole. .2.a illustrative statement fy 2005 consolidated statement of changes in net position',
707:'5 department/agency/reporting entity consolidated statement of changes in net position for the years ended september 30, 2xxx cy and 2xxx',
708:'py in dollars/thousands/millions 2xxx 2xxx 2xxx 2xxx cy cy py py cumulative cumulative results unexpended results unexpended of operations appropriations',
709:'of operations appropriations 1. beginning balances $ xxx $ xxx $ xxx $ xxx 2. adjustments +/ a. changes in',
710:'accounting principle +/ xxx xxx xxx xxx b. corrections of errors +/ xxx xxx 3. beginning balances, as adjusted xxx',
711:'xxx xxx xxx budgetary financing sources: 4. appropriations received xxx xxx 5. appropriations transferredin/out +/ xxx xxx 6. other adjustments',
712:'rescissions, etc +/ xxx xxx xxx xxx 7. appropriations used xxx xxx xxx xxx 8. nonexchange revenue xxx xxx 9.',
713:'donations and forfeitures of cash and cash equivalents xxx xxx 10. transfersin/out without reimbursement +/ xxx xxx 11. other budgetary',
714:'financing sources +/ xxx xxx other financing sources: 12. donations and forfeitures of property xxx xxx 13. transfersin/out without reimbursement',
715:'+/ xxx xxx 14. imputed financing from costs absorbed by others xxx xxx 15. other +/ xxx xxx 16. total',
716:'financing sources xxx xxx xxx xxx 17. net cost of operations +/ xxx xxx 18. net change xxx xxx xxx',
717:'xxx 19. ending balances $ x,xxx $ x,xxx $ x,xxx $ x,xxx the accompanying notes are an integral part of',
718:'these statements. 5.2b illustrative statement for fy 2006 and subsequent periods consolidated statement of changes in net position department/agency/reporting entity',
719:'consolidated statement of changes in net position for the years ended september 30, 2xxx cy and 2xxx py in dollars/thousands/millions',
720:'2xxx 2xxx 2xxx 2xxx cy cy py py cumulative cumulative results unexpended results unexpended of operations appropriations of operations appropriations',
721:'1. beginning balances $ xxx $ xxx $ xxx $ xxx 2. adjustments: a changes in accounting principles +/ xxx',
722:'xxx xxx xxx b corrections of errors +/ xxx xxx 3. beginning balances, as adjusted xxx xxx xxx xxx budgetary',
723:'financing sources: 4. appropriations received a earmarked funds xxx xxx b all other funds xxx xxx 5. appropriations transferredin/out +/',
724:'xxx xxx 6. other adjustments rescissions, etc +/ xxx xxx xxx xxx 7. appropriations used a earmarked funds xxx xxx',
725:'xxx xxx b all other funds xxx xxx xxx xxx 8. nonexchange revenue a earmarked funds xxx xxx b all',
726:'other funds xxx xxx 9. donations and forfeitures of cash and cash equivalents a earmarked funds xxx xxx b all',
727:'other funds xxx xxx 10. transfersin/out without reimbursement +/ xxx xxx 11. other budgetary financing sources +/ a earmarked funds',
728:'xxx xxx b all other funds xxx xxx other financing sources: 12. donations and forfeitures of property a earmarked funds',
729:'xxx xxx b all other funds xxx xxx 13. transfersin/out without reimbursement +/ xxx xxx 14. imputed financing from costs',
730:'absorbed by others xxx xxx 15. other +/ xxx xxx 16. total financing sources xxx xxx xxx xxx 17. net',
731:'cost of operations +/ a earmarked funds xxx xxx b all other funds xxx xxx the accompanying notes are an',
732:'integral part of these statements. f department/agency/reporting entity consolidated statement of changes in net position for the years ended september',
733:'30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx 2xxx 2xxx cy cy py py cumulative cumulative results unexpended',
734:'results unexpended of operations appropriations of operations appropriations 18. net change a earmarked funds xxx xxx xxx xxx b all',
735:'other funds xxx xxx xxx xxx 19. ending balances a earmarked funds x,xxx x,xxx x,xxx x,xxx b all other funds',
736:'x,xxx x,xxx x,xxx x,xxx total all funds $ x,xxx $ x,xxx $ x.xxx $ x,xxx 5.3 earmarked funds effective fy',
737:'2006, report earmarked nonexchange revenue and other financing sources, including appropriations, and net cost of operations separately on the face',
738:'of the statement of changes in net position to implement sffas 27, identifying and reporting earmarked funds. report the portions',
739:'of cumulative results of operations and unexpended appropriations attributable to earmarked funds separately on the face of the statement of',
740:'changes in net position as illustrated in 5.2b. see note 9.20 and sffas 27 for more detailed information. sffas 27',
741:'contains certain categories of funds that are excluded from the reporting requirements and specific guidance if more than one component',
742:'entity is responsible for carrying out a program financed with earmarked revenues and other financing sources. based on sffas 27',
743:'requirements, prior periods shall not be restated in the initial year of implementation fy 2006. therefore, for fy 2005, do',
744:'not restate. the provisions of sffas 27 need not be applied to immaterial items. eliminations between earmarked funds and other',
745:'funds within the reporting entity, where applicable, should be disclosed in note 20, earmarked funds. 5.4 net position beginning balances',
746:'effective fy 2006: if material, the net position balances attributable to earmarked funds are reported separately from all other funds.',
747:'beginning balances shall agree with the amounts 3 accounting principles board opinion no. 20, par. 13. reported as net position',
748:'on the prior years balance sheet. adjustments for corrections of errors and changes in accounting principles should be reported in',
749:'accordance with sffas 21, reporting corrections of errors and changes in accounting principles. corrections of errors “errors in financial statements',
750:'result from mathematical mistakes, mistakes in the application of accounting principles, or oversight or misuse of facts that existed at',
751:'the time the financial statements were prepared.”3 once it has been determined that an error has occurred and restatement is',
752:'required, the following provides guidance from sffas 21 on how management should correct an error in the financial statements. paragraph',
753:'10: when errors are discovered after the issuance of financial statements, and if the financial statements would be materially misstated',
754:'absent correction of the errors, corrections should be made as follows: a if only the current period statements are presented,',
755:'then the cumulative effect of correcting the error should be reported as a prior period adjustment. the adjustment should be',
756:'made to the beginning balance of cumulative results of operations, in the statement of changes in net position. b if',
757:'comparative financial statements are presented, then the error should be corrected in the earliest affected period presented by correcting any',
758:'individual amounts on the financial statements. if the earliest period presented is not the period in which the error occurred',
759:'and the cumulative effect is attributable to prior periods, then the cumulative effect should be reported as a prior period',
760:'adjustment. the adjustment should be made to the beginning balance of cumulative results of operations, in the statement of changes',
761:'in net position for the earliest period presented. c the nature of an error in previously issued financial statements and',
762:'the effect of its correction on relevant balances should be disclosed. financial statements of subsequent periods need not repeat the',
763:'disclosures. paragraph 11: prior period financial statements should only be restated for corrections of errors that would have caused any',
764:'statements presented to be materially misstated. management actions related to correction of errors the following policy relates to actions required',
765:'by management concerning material errors that escaped detection until after they were included in the published audited financial statements. management',
766:'shall assume responsibility for any false or misleading information in the financial statements, or omissions that render information made in',
767:'the financial statements misleading. as such, as soon as possible after errors are detected, management shall notify their auditors and',
768:'inform their primary users of their financial statements of the error and plans for correcting it in the financial statements.',
769:'auditors are bound by the requirements of the aicpa audit standards, au 561, subsequent discovery of facts existing at the',
770:'date of the auditors report. based on this guidance, the auditor determines whether action should be taken to prevent future',
771:'reliance on the published audit report. if the auditor decides that the effect on the financial statements or auditor’s report',
772:'of the subsequently discovered information can promptly be determined, the auditor may determine that disclosure should consist of issuing, as',
773:'soon as practicable, revised financial statements and auditor’s report. however, if it is determined by the auditor that subsequently discovered',
774:'information is not reliable; the auditor may decide to change the audit opinion. therefore, it is imperative that management work',
775:'with their auditor as soon as the error is detected to assist the auditor in any actions that need to',
776:'be taken. see note 9.41 restatements for specific information to be included in the financial statement notes. changes in accounting',
777:'principles a change in accounting principle is a change from one generally accepted accounting principle to another one that can',
778:'be justified as preferable. for the purposes of this standard, changes in accounting principles also include those occasioned by the',
779:'adoption of new federal financial accounting standards. unless otherwise specified in transitioning instructions of a new fasab standard, for all',
780:'changes in accounting principles that would have resulted in a change to prior period financial statements: a the cumulative effect',
781:'of the change on prior periods should be reported as a “change in accounting principle.” the adjustment should be made',
782:'to the beginning balance of cumulative results of operations in the statement of changes in net position for the period',
783:'that the change is made. b prior period financial statements presented for comparative purposes should be presented as previously reported;',
784:'and c the nature of the changes in accounting principle and its effect on relevant balances should be disclosed in',
785:'the current period. financial statements of subsequent periods need not repeat the disclosure. beginning balances, as adjusted, are the sum',
786:'of the beginning balances of net position as reported on the prior year’s balance sheet and prior period adjustments. 5.5',
787:'budgetary financing sources this section displays financing sources and nonexchange revenue that are also budgetary resources, or adjustments to those',
788:'resources, as reported on the statement of budgetary resources and defined as such by omb circular no. a11, preparation, submission,',
789:'and execution of the budget, as amended. appropriations received. this amount includes “appropriations received” during the current reporting period. these',
790:'are amounts appropriated from treasury general fund receipts, such as income taxes, that are not earmarked by law for a',
791:'specific purpose. this amount will not necessarily agree with the “appropriations received” amount reported on the statement of budgetary resources',
792:'sbr because of differences between proprietary and budgetary accounting concepts and reporting requirements. for example, certain dedicated and earmarked receipts',
793:'are recorded as “appropriations received” on the sbr, but are recognized as exchange or nonexchange revenue i.e., typically in special',
794:'and nonrevolving trust funds and reported on the scnp in accordance with sffas no.7. another example is with certain parent/child',
795:'reporting described in section 9.36 of this document: note 36, descriptions of transfers that appear as a reconciling item on',
796:'the statement of financing. the above examples are not all inclusive. appropriations transferredin/out. this is the amount of appropriations received',
797:'in the current or prior years that have been transferred in or out during the current reporting year. other adjustments.',
798:'this amount includes adjustments to either cumulative results of operations or unexpended appropriations. some examples of adjustments include rescissions of',
799:'appropriations and cancellations of expired appropriation/expenditure accounts, which would also be included in line 6, permanently not available, on the',
800:'statement of budgetary resources. in addition, the appropriations used by collecting entities to provide refunds of monies deposited to treasury',
801:'and trust funds shall be reported on this line item rather than as an appropriations used. appropriations used. appropriations are',
802:'considered used as a financing source when goods and services are received or benefits are provided. this is true whether',
803:'the goods, services, and benefits are payable or paid as of the reporting date and whether the appropriations are used',
804:'for items that are expensed or capitalized. appropriations used does not include undelivered orders or unobligated appropriations. appropriations used does',
805:'not increase net position; it is subtracted from unexpended appropriations but added to cumulative results of operations for a net',
806:'zero effect on net position as a whole. nonexchange revenue. this amount includes revenues the federal government is able to',
807:'demand or receive due to its sovereign powers. see sffas no. 7 for a discussion of the recognition and measurement',
808:'criteria for taxes and other nonexchange revenues. donations and forfeitures of cash and cash equivalents. this amount includes voluntary gifts',
809:'and involuntary forfeitures of resources to the federal government by nonfederal entities. donations of financial resources may be in the',
810:'form of cash or securities. this amount also includes the forfeiture of seized cash and cash equivalents. transfersin/out without reimbursement.',
811:'this amount includes intragovernmental non appropriated balance transfers in or out during the current reporting year. nonappropriated balances include financing',
812:'sources and revenue not reported as unexpended appropriations. exchange revenue included in calculating an entitys net cost of operations required',
813:'to be transferred to the treasury or another federal entity shall be recognized as a transferout. other budgetary financing sources.',
814:'this amount includes other financing sources that affect budgetary resources and are not otherwise classified above. 5.6 other financing sources',
815:'this section displays financing sources and nonexchange revenue that do not represent budgetary resources as reported on the statement of',
816:'budgetary resources and defined as such by omb circular no. a11. the items within this section shall directly tie to',
817:'the statement of financing section other resources. donations and forfeitures of property. this amount includes voluntary gifts and involuntary forfeitures',
818:'of resources to the federal government by nonfederal entities. these resources may be in the form of land or buildings.',
819:'the amount of revenue arising from donations/involuntary forfeitures of nonfinancial resources shall be recognized in accordance with criteria in sffas',
820:'no. 6. transfersin/out without reimbursement. this amount includes intragovernmental transfers in or out of capitalized assets during the current reporting',
821:'year. the amount of the transfer shall be recorded at the book value of the transferring entity. if the book',
822:'value is not known, the amount recognized should be the assets estimated fair value at the date of the transfer.',
823:'imputed financing from costs absorbed by others. this amount includes financing of certain costs by one federal entity on behalf',
824:'of another federal entity e.g., the payment of certain employee benefit costs by opm for employees of other federal agencies.',
825:'imputed financing shall equal the amount of imputed costs as reported on the statement of net cost. other. this amount',
826:'includes other financing sources that do not represent budgetary resources and are not otherwise classified above. 5.7 net cost of',
827:'operations this amount shall agree with the net cost of operations as reported on the statement of net cost. the',
828:'net cost of operations is subtracted from the total financing sources and beginning balance, as adjusted, to yield the ending',
829:'balance of net position as it relates to the cumulative results of operations. 5.8 net change report the net change',
830:'from beginning balances, as adjusted, to ending balances subtotal of lines 4 though 17 in illustrative statement 5.2a. report the',
831:'net change from beginning balances, as adjusted, to ending balances subtotal of lines 16 and 17 in illustrative statement 5.2b.',
832:'5.9 net position ending balances ending balances shall agree with the amounts reported as net position on the current years',
833:'balance sheet. section 6 statement of budgetary resources table of contents 6.1 general 6.2 combined vs. consolidated statement 6.3 format',
834:'of the statement of budgetary resources 6.4 a. fy 2005 illustrative statement combined statement of budgetary resources b. fy 2006',
835:'illustrative statement – combined statement of budgetary resources 6.5 budgetary resources 6.6 status of budgetary resources – fy 2005 6.7',
836:'a. relationship of obligations to outlays – fy 2005 b. change in obligated balances – fy 2006 c. net outlays',
837:'– fy 2006 6.1 general the statement of budgetary resources sbr and related disclosures provide information about how budgetary resources',
838:'were made available as well as their status at the end of the period. it is the only financial statement',
839:'predominantly derived from an entity’s budgetary general ledger in accordance with budgetary accounting rules, which are incorporated into gaap for',
840:'the federal government. information on the sbr should be consistent with and reconciled to the budget execution information reported on',
841:'the report on budget execution and budgetary resources sf 133 and with information reported in the budget of the united',
842:'states government to ensure the integrity of the numbers presented. the sbr is an agencywide report, which aggregates accountlevel information',
843:'reported in the sf 133. consistency between budgetary information presented in the financial statements and the budget of the united',
844:'states government is critical to ensure the integrity of the numbers presented. the federal agencies centralized trialbalance system ii facts',
845:'ii helps to ensure the consistency of data. the facts ii data submitted by agencies are ussglbased trial balances, which',
846:'are used to populate the sf 133 and the actual column of the program and financing schedule of the budget.',
847:'the ussglbased trial balance is also used to prepare the statement of budgetary resources. facts ii revision period the primary',
848:'purpose of the facts ii revision period is to make facts ii consistent with the amounts in the prioryear column',
849:'of the budget. due to timing differences, subsequent changes whether material or nonmaterial may be made to the budgetary information',
850:'included in the budget after the sbr has been published. all subsequent changes whether material or nonmaterial must be made',
851:'in facts ii during the revision period. any changes to budgetary information subsequent to the publication of the audited sbr,',
852:'that are material to the sbr, should be discussed between the agencies and their auditors to determine if restatement or',
853:'note disclosure is necessary. any material differences between comparable information contained in the sbr and the budget, at a minimum',
854:'must be disclosed in the footnotes to this statement note 33; section 9.33. budget information for the entitys major budget',
855:'accounts will be presented as required supplementary information section 11.3. recognition and measurement of budgetary information reported on this statement',
856:'should be based on budget terminology, definitions, and guidance in omb circular no a11, preparation, submission, and execution of the',
857:'budget as amended. omb circular no. a11 as amended provides definitions and instructions for each line item reported in this',
858:'statement www.whitehouse.gov/omb. 6.2 combined vs. consolidated statement the budgetary information presented in this statement shall be presented on a combined',
859:'basis and not a consolidated basis. preparation of consolidated financial statements involves lineby line elimination of interentity balances. in order',
860:'to remain consistent with the aggregate of the accountlevel information presented on the sf 133, consolidation of this statement is',
861:'not appropriate. accordingly, linebyline consolidation of this statement is not permitted. 6.3 format of the statement of budgetary resources the',
862:'format of the sbr is based on the sf 133. the format outlined in this document for fy 2005 remains',
863:'effective through the end of fy 2005. beginning with fiscal year 2006, omb revised its format of the sf 133.',
864:'to align with this change, the illustrative format of the statement of budgetary resources will also change. the new format',
865:'of the sbr planned to be included in omb circular a11 as amended, should be used beginning with the first',
866:'quarter of fiscal year 2006 as agencies submit interim financial statements to omb. the comparative fiscal year 2006 sbr should',
867:'include fiscal year 2005 data prepared in the fiscal year 2006 format. two enhancements are included to the sbr to',
868:'facilitate the reconciliation of information between the sbr, and actual information reported in the budget of the united states government.',
869:'these two enhancements are: separate column for nonbudgetary credit reform financing accounts these are non budgetary accounts that record all',
870:'the cash flows activity resulting from post1991 direct loans and loan guarantees. this activity in the financing account is reported',
871:'separately in the budget of the united states government and is excluded from the budget surplus/ deficit totals. the separate',
872:'presentation in the sbr allows for a clear distinction between budgetary accounts and nonbudgetary credit reform accounts. offsetting receipts line.',
873:'distributed offsetting receipts were introduced as a new line item in the sbr. offsetting receipts offset the outlays of an',
874:'agency as a whole and are therefore not reflected in budget execution reports sf 133 at the account level. since',
875:'the sbr is an agency wide report, offsetting receipts must be included to reconcile to information in the budget of',
876:'the united states government. a more extensive discussion on offsetting receipts can be found in section 6.7. 6.4 a illustrative',
877:'statement combined statement of budgetary resources fy 2005 and prior department/agency/reporting entity combined statement of budgetary resources page 1 of',
878:'2 for the years ended september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx 2xxx 2xxx cy cy',
879:'py py nonbudgetary nonbudgetary credit program credit program budgetary financing accounts budgetary financing accounts budgetary resources: 1. budget authority: 1a.',
880:'appropriations received $ xxx $ xxx $ xxx $ xxx 1b. borrowing authority xxx xxx xxx xxx 1c. contract authority',
881:'xxx xxx xxx xxx 1d. net transfers +/ xxx xxx xxx xxx 1e. other xxx xxx xxx xxx 2. unobligated',
882:'balance: 2a. beginning of period xxx xxx xxx xxx 2b. net transfers, actual +/ xxx xxx xxx xxx 2c. anticipated',
883:'transfers balances xxx xxx xxx xxx 3. spending authority from offsetting collections: 3a. earned 1. collected xxx xxx xxx xxx',
884:'2. receivable from federal sources xxx xxx xxx xxx 3b. change in unfilled customer orders 1. advance received xxx xxx',
885:'xxx xxx 2. without advance from federal sources xxx xxx xxx xxx 3c. anticipated for rest of year, without advances',
886:'xxx xxx xxx xxx 3d. previously unavailable xxx xxx xxx xxx 3e. transfers from trust funds xxx xxx xxx xxx',
887:'3f. subtotal xxx xxx xxx xxx 4. recoveries of prior year obligations xxx xxx xxx xxx 5. temporarily not available',
888:'pursuant to public law xxx xxx xxx xxx 6. permanently not available xxx xxx xxx xxx 7. total budgetary resources',
889:'$ x,xxx $ x,xxx $ x,xxx $ x,xxx department/agency/reporting entity combined statement of budgetary resources page 2 of 2 for',
890:'the years ended september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx 2xxx 2xxx cy cy py py',
891:'nonbudgetary nonbudgetary credit program credit program budgetary financing accounts budgetary financing accounts status of budgetary resources: 8. obligations incurred: 8a.',
892:'direct $ xxx $ xxx $ xxx $ xxx 8b. reimbursable xxx xxx xxx xxx 8c. subtotal xxx xxx xxx',
893:'xxx 9. unobligated balance: 9a. apportioned xxx xxx xxx xxx 9b. exempt from apportionment xxx xxx xxx xxx 9c. other',
894:'available xxx xxx xxx xxx 10. unobligated balance not available xxx xxx xxx xxx 11. total status of budgetary resources',
895:'x,xxx x,xxx x,xxx x,xxx relationship of obligations to outlays: 12. obligated balance, net, beginning of period xxx xxx xxx xxx',
896:'13. obligated balance transferred, net +/ xxx xxx xxx xxx 14. obligated balance, net, end of period: 14a. accounts receivable',
897:'xxx xxx xxx xxx 14b. unfilled customer orders from federal sources xxx xxx xxx xxx 14c. undelivered orders xxx xxx',
898:'xxx xxx 14d. accounts payable xxx xxx xxx xxx 15. outlays: 15a. disbursements xxx xxx xxx xxx 15b. collections xxx',
899:'xxx xxx xxx 15c. subtotal xxx xxx xxx xxx 16. less: distributed offsetting receipts xxx xxx xxx xxx 17. net',
900:'outlays $ x,xxx $ x,xxx $ x,xxx $ x,xxx the accompanying notes are an integral part of these statements. 6.4b',
901:'illustrative statement combined statement of budgetary resources beginning with fy 2006 department/agency/reporting entity combined statement of budgetary resources page 1',
902:'of 2 for the years ended september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx 2xxx 2xxx cy',
903:'cy py py nonbudgetary nonbudgetary credit reform credit reform budgetary financing accounts budgetary financing accounts budgetary resources: 1. unobligated balance,',
904:'brought forward, october 1: $ xxx $ xxx $ xxx $ xxx 2. recoveries of prior year unpaid obligations xxx',
905:'xxx xxx xxx 3. budget authority 3a. appropriation xxx xxx xxx xxx 3b. borrowing authority xxx xxx xxx xxx 3c.',
906:'contract authority xxx xxx xxx xxx 3d. spending authority from offsetting collections 3d1. earned 3d1a. collected xxx xxx xxx xxx',
907:'3d1b. change in receivables from federal sources xxx xxx xxx xxx 3d2. change in unfilled customer orders 3d2a. advance received',
908:'xxx xxx xxx xxx 3d2b. without advance from federal sources xxx xxx xxx xxx 3d3. anticipated for rest of year,',
909:'without advances 3d4. previously unavailable xxx xxx xxx xxx 3d5. expenditure transfers from trust funds xxx xxx xxx xxx 3e.',
910:'subtotal xxx xxx xxx xxx 4. nonexpenditure transfers, net, anticipated and actual xxx xxx xxx xxx 5. temporarily not available',
911:'pursuant to public law xxx xxx xxx xxx 6. permanently not available xxx xxx xxx xxx 7. total budgetary resources',
912:'$ x,xxx $ x,xxx $ x,xxx $ x,xxx department/agency/reporting entity combined statement of budgetary resources page 2 of 2 for',
913:'the years ended september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx 2xxx 2xxx cy cy py py',
914:'nonbudgetary nonbudgetary credit program credit program budgetary financing accounts budgetary financing accounts status of budgetary resources: 8. obligations incurred: 8a.',
915:'direct $ xxx $ xxx $ xxx $ xxx 8b. reimbursable xxx xxx xxx xxx 8c. subtotal xxx xxx xxx',
916:'xxx 9. unobligated balance: 9a. apportioned xxx xxx xxx xxx 9b. exempt from apportionment xxx xxx xxx xxx 9c. subtotal',
917:'xxx xxx xxx xxx 10. unobligated balance not available xxx xxx xxx xxx 11. total status of budgetary resources x,xxx',
918:'x,xxx x,xxx x,xxx change in obligated balance: 12. obligated balance, net 12a. unpaid obligations, brought forward, october 1 xxx xxx',
919:'xxx xxx 12b. less: uncollected customer payments from federal sources, brought forward, october 1 xxx xxx xxx xxx 12c. total',
920:'unpaid obligated balance, net xxx xxx xxx xxx 13. obligations incurred net +/ xxx xxx xxx xxx 14. less: gross',
921:'outlays xxx xxx xxx xxx 15. obligated balance transferred, net 15a. actual transfers, unpaid obligations +/ xxx xxx xxx xxx',
922:'15b. actual transfers, uncollected customer payments from federal sources +/ xxx xxx xxx xxx 15c. total unpaid obligated balance transferred,',
923:'net xxx xxx xxx xxx 16. less: recoveries of prior year unpaid obligations, actual xxx xxx xxx xxx 17. change',
924:'in uncollected customer payments from federal sources +/ xxx xxx xxx xxx 18. obligated balance, net, end of period 18a.',
925:'unpaid obligations xxx xxx xxx xxx 18b. less: uncollected customer payments from federal sources xxx xxx xxx xxx 18c. total,',
926:'unpaid obligated balance, net, end of period xxx xxx xxx xxx net outlays 19. net outlays: 19a. gross outlays xxx',
927:'xxx xxx xxx 19b. less: offsetting collections xxx xxx xxx xxx 19c. less: distributed offsetting receipts xxx xxx xxx xxx',
928:'19d. net outlays xxx xxx xxx xxx the accompanying notes are an integral part of these statements. 4 there are',
929:'however rare exceptions in which outlays reported in the budget do not correspond to disbursements reported on the statement of',
930:'transactions. 6.5 budgetary resources this section of the statement is designed to present the total budgetary resources available to the',
931:'reporting entity. budgetary resources include new budget authority, unobligated balances at the beginning of the period and transferred in and',
932:'out during the period, spending authority from offsetting collections, recoveries of prior year unpaid obligations, and any adjustments to these',
933:'resources. the resources reported on this statement shall agree with, and be reconciled to, the total budgetary resources reported for',
934:'the aggregate of all budget accounts on the sf 133. expired obligated and unobligated balances that cancel at the end',
935:'of the fiscal year must be reported as canceled on the yearend sbr. authority canceled in previous years should not',
936:'be included on the current sbr. 6.6 status of budgetary resources this section of the statement is designed to display',
937:'information about the status of budgetary resources at the end of the period. it consists of the obligations incurred, the',
938:'unobligated balances at the end of the period that remain available, and unobligated balances at the end of the period',
939:'that are unavailable except to adjust or liquidate prior year obligations. the total amount displayed for the status of budgetary',
940:'resources shall equal the total budgetary resources available to the reporting entity as of the reporting date. the status of',
941:'budgetary resources reported on this statement shall agree with, and be reconciled to, the total status reported for the aggregate',
942:'of all budget accounts on the sf 133. 6.7. a. relationship of obligations to outlays fy 2005 this section of',
943:'the statement displays the obligated balances and outlays during the reporting period. outlays. outlays consist of disbursements net of offsetting',
944:'collections4. the outlays shall agree with, and be reconciled to, the agency outlay totals reported in the budget of the',
945:'united states government i.e., with the aggregate of the outlays for accounts within the budget. the outlays shall also agree',
946:'with, and be reconciled to, the aggregate of outlays reported on the sf 133 for the aggregate of all budget',
947:'accounts, including nonbudgetary financing accounts and the disbursements and collections reported to treasury on a monthly basis sf 224, statement',
948:'of transactions; sf 1219, statement of accountability; and sf 1220 statement of transactions per omb circular no. a11 as amended.',
949:'offsetting receipts. offsetting receipts are collections that are credited to general fund, special fund or trust fund receipt accounts and',
950:'that offset gross outlays. unlike offsetting collections, which are credited to expenditure accounts and offset outlays at the account level,',
951:'offsetting receipts are credited to receipt accounts and offset outlays at the agency or governmentwide level. offsetting receipts may be',
952:'distributed to agencies or undistributed. distributed offsetting receipts offset the outlays of the agency, while undistributed offsetting receipts offset governmentwide',
953:'outlays. distributed offsetting receipts typically offset the outlays of the agency that conducts the activity generating the receipts and the',
954:'subfunction to which the activity is assigned. offsetting receipts are composed of: proprietary receipts from the public, receipts from intragovernmental',
955:'transactions, and offsetting governmental receipts. this line item on the statement of budgetary resources should include all distributed offsetting receipts',
956:'for the agency. a listing of distributed offsetting receipt accounts can be found at the following website www.fms.treas.gov. go to',
957:'financial management service, combined statement, part four other information. this is an unpublished part of the combined statement of receipts,',
958:'outlays, and balances of the united states government, issued by the department of the treasury. agencies should include in the',
959:'sbr, the receipt accounts in part 4 classified as: proprietary receipts from the public intrabudgetary receipts deducted by agencies offsetting',
960:'governmental receipts the amount of distributed offsetting receipts reported in this statement should be the aggregate of cash collected in',
961:'these receipt accounts and reported to treasury on a monthly basis sf 224, statement of transactions; sf 1219, statement of',
962:'accountability; and sf 1220, statement of transactions. the amount of offsetting receipts that are distributed to agencies and reported in',
963:'this statement shall also agree with, and be reconciled to the deductions for offsetting receipts as reported in the budget',
964:'of the united states government. undistributed offsetting receipts credited to governmentwide outlay totals should not be included in the sbr.',
965:'net outlays. for fy 2005, the amount on this line shall equal line 15c outlays, subtotal less line 16 less:',
966:'offsetting receipts. this amount shall agree with, and be reconciled to the net outlays gross outlays less offsetting collections and',
967:'receipts for the agency as reported in the budget of the united states government. 6.7.b change in obligated balances: fy',
968:'2006 this section of the statement displays the change in obligated balances during the reporting period. 5 there are however',
969:'rare exceptions in which outlays reported in the budget do not correspond to disbursements reported on the statement of transactions.',
970:'6.7.c net outlays: fy 2006 outlays. outlays consist of disbursements net of offsetting collections5. the outlays shall agree with, and',
971:'be reconciled to, the agency outlay totals reported in the budget of the united states government i.e., with the aggregate',
972:'of the outlays for accounts within the budget. the outlays shall also agree with, and be reconciled to, the aggregate',
973:'of outlays reported on the sf 133 for the aggregate of all budget accounts, including nonbudgetary financing accounts and the',
974:'disbursements and collections reported to treasury on a monthly basis sf 224, statement of transactions; sf 1219, statement of accountability;',
975:'and sf 1220 statement of transactions per omb circular no. a11 as amended. offsetting receipts. offsetting receipts are collections that',
976:'are credited to general fund, special fund or trust fund receipt accounts and that offset gross outlays. unlike offsetting collections,',
977:'which are credited to expenditure accounts and offset outlays at the account level, offsetting receipts are credited to receipt accounts',
978:'and offset outlays at the agency or governmentwide level. offsetting receipts may be distributed to agencies or undistributed. distributed offsetting',
979:'receipts offset the outlays of the agency, while undistributed offsetting receipts offset governmentwide outlays. distributed offsetting receipts typically offset the',
980:'outlays of the agency that conducts the activity generating the receipts and the subfunction to which the activity is assigned.',
981:'offsetting receipts are composed of: proprietary receipts from the public, receipts from intragovernmental transactions, and offsetting governmental receipts. this line',
982:'item on the statement of budgetary resources should include all distributed offsetting receipts for the agency. a listing of distributed',
983:'offsetting receipt accounts can be found at the following website www.fms.treas.gov. go to financial management service, combined statement, part four',
984:'other information. this is an unpublished part of the combined statement of receipts, outlays, and balances of the united states',
985:'government, issued by the department of the treasury. agencies should include in the sbr, the receipt accounts in part 4',
986:'classified as: proprietary receipts from the public intrabudgetary receipts deducted by agencies offsetting governmental receipts the amount of distributed offsetting',
987:'receipts reported in this statement should be the aggregate of cash collected in these receipt accounts and reported to treasury',
988:'on a monthly basis sf 224, statement of transactions; sf 1219, statement of accountability; and sf 1220, statement of transactions.',
989:'the amount of offsetting receipts that are distributed to agencies and reported in this statement shall also agree with, and',
990:'be reconciled to the deductions for offsetting receipts as reported in the budget of the united states government. undistributed offsetting',
991:'receipts credited to governmentwide outlay totals should not be included in the sbr. net outlays. line 19d is calculated. it',
992:'is computed as line 19a less line 19b less line 19c. this amount shall agree with, and be reconciled to',
993:'the net outlays gross outlays less offsetting collections and receipts as reported in the budget of the united states government.',
994:'section 7 statement of financing table of contents 7.1 general 7.2 illustrative statement consolidated statement of financing 7.3 resources used',
995:'to finance activities 7.4 resources used to finance items not part of the net cost of operations 7.5 components requiring',
996:'or generating resources in future periods 7.6 components not requiring or generating resources 7.7 net cost of operations 7.1 general',
997:'the statement of financing is the bridge between an entity’s budgetary and financial i.e., proprietary accounting. the statement of financing',
998:'articulates the relationship between net obligations derived from an entity’s budgetary accounts and net cost of operations derived from the',
999:'entity’s proprietary accounts by identifying and explaining key differences between the two numbers. most entity transactions are recorded in both',
1000:'budgetary and proprietary accounts. however, because different accounting bases are used for budgetary and proprietary accounting, some transactions may appear',
1001:'in only one set of accounts e.g., accrual of environmental and disposal liabilities which is recorded only in the proprietary',
1002:'records. furthermore, not all obligations or offsetting collections may result in expenses or exchange revenue e.g., purchase of a building',
1003:'is capitalized on the balance sheet in the proprietary accounts but obligated and outlayed in the budgetary accounts. the statement',
1004:'is structured to first identify total resources used by an entity during the period budgetary and other and then makes',
1005:'adjustments to the resources based upon how they were used to finance net obligations or net cost. budgetary resources reported',
1006:'in this statement are those resources as defined in omb circular no. a11 and also reported on the statement of',
1007:'budgetary resources. other resources reported in this statement are also reflected in the statement of changes in net position. preparers',
1008:'of financial statements should refer to fasab’s implementation guide to sffas no. 7 for more detailed guidance useful in preparing',
1009:'the statement of financing. preparers of financial statements have flexibility as to the level of detail presented, e.g., the information',
1010:'should be presented for the reporting entity as a whole and, if the preparer elects, for the major suborganizations or',
1011:'responsibility segments or for the major budget accounts. the budgetary information used to calculate net obligations i.e., lines 14 must',
1012:'be presented on a combined basis in the statement of financing to enable a direct tie to the statement of',
1013:'budgetary resources. 7.2 illustrative statement consolidated statement of financing department/agency/reporting entity consolidated statement of financing page 1 of 2 for',
1014:'the years ended september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx cy py resources used to finance',
1015:'activities: budgetary resources obligated 1. obligations incurred $ xxx $ xxx 2. less: spending authority from offsetting collections and recoveries',
1016:'xxx xxx 3. obligations net of offsetting collections and recoveries xxx xxx 4. less: offsetting receipts xxx xxx 5. net',
1017:'obligations xxx xxx other resources 6. donations and forfeitures of property xxx xxx 7. transfers in/out without reimbursement +/ xxx',
1018:'xxx 8. imputed financing from costs absorbed by others xxx xxx 9. other +/ xxx xxx 10. net other resources',
1019:'used to finance activities xxx xxx 11. total resources used to finance activities x,xxx x,xxx resources used to finance items',
1020:'not part of the net cost of operations 12. change in budgetary resources obligated for goods, services and benefits ordered',
1021:'but not yet provided +/ xxx xxx 13. resources that fund expenses recognized in prior periods xxx xxx 14. budgetary',
1022:'offsetting collections and receipts that do not affect net cost of operations 14a. credit program collections which increase liabilities for',
1023:'loan guarantees or allowances for subsidy xxx xxx 14b. other xxx xxx 15. resources that finance the acquisition of assets',
1024:'xxx xxx 16. other resources or adjustments to net obligated resources that do not affect net cost of operations +/',
1025:'xxx xxx 17. total resources used to finance items not part of the net cost of operations xxx xxx 18.',
1026:'total resources used to finance the net cost of operations x,xxx x,xxx department/agency/reporting entity consolidated statement of financing page 2',
1027:'of 2 for the years ended september 30, 2xxx cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx cy py components',
1028:'of the net cost of operations that will not require or generate resources in the current period: components requiring or',
1029:'generating resources in future periods: 19. increase in annual leave liability xxx xxx 20. increase in environmental and disposal liability',
1030:'xxx xxx 21. upward/downward reestimates of credit subsidy expense +/ xxx xxx 22. increase in exchange revenue receivable from the',
1031:'public xxx xxx 23. other +/ xxx xxx 24. total components of net cost of operations that will require or',
1032:'generate resources in future periods xxx xxx components not requiring or generating resources: 25. depreciation and amortization xxx xxx 26.',
1033:'revaluation of assets or liabilities +/ xxx xxx 27. other +/ xxx xxx 28. total components of net cost of',
1034:'operations that will not require or generate resources xxx xxx 29. total components of net cost of operations that will',
1035:'not require or generate resources in the current period x,xxx x,xxx 30. net cost of operations $ x,xxx $ x,xxx',
1036:'the accompanying notes are an integral part of these statements. 7.3 resources used to finance activities this section reflects the',
1037:'budgetary resources obligated and other resources that are used to finance the activities of the agency. the obligations of budgetary',
1038:'resources are net of offsetting collections, recoveries and offsetting receipts. the other resources are financing sources that increase net position',
1039:'but are not budgetary resources. budgetary resources obligated obligations incurred. this line item will agree with the obligations incurred line',
1040:'8 as reported on the statement of budgetary resources. this line item will include all budget accounts, including nonbudgetary financing',
1041:'accounts. less: spending authority from offsetting collections and recoveries. this line item will agree with the spending authority from offsetting',
1042:'collections line 3 for fy 2005 and line 3d for fy 2006 and recoveries line 4 for fy 2005 and',
1043:'line 2 for fy 2006 as reported on the statement of budgetary resources. this line item will include all budget',
1044:'accounts, including nonbudgetary financing accounts. obligations net of offsetting collections and recoveries. this line item is the difference between the',
1045:'two preceding lines. less: offsetting receipts. this line item will agree with the offsetting receipts line 16 in fy 2005',
1046:'and line 19c in fy 2006 as reported on the statement of budgetary resources. net obligations. this line item is',
1047:'the difference between the two preceding lines. net obligations reflect obligations incurred net of offsetting collections, recoveries, and offsetting receipts.',
1048:'other resources. the line items in this section will agree with the corresponding line items as reported on the statement',
1049:'of changes in net position: donations and forfeitures of property line 12, transfers in/out without reimbursement line 13 only, imputed',
1050:'financing from costs absorbed by others line 14 and other line 15. these resources increase net position but are not',
1051:'budgetary resources as reported on the statement of budgetary resources or defined as such in the omb circular no. a11.',
1052:'7.4 resources used to finance items not part of the net cost of operations this section adjusts total resources used',
1053:'to finance the activities of the entity to account for items that were included in net obligations and other resources',
1054:'but were not part of the net cost of operations. this section would include items in which the expense was',
1055:'recognized in a prior period but the budgetary resource and obligation are recognized in the current period e.g., upward/downward reestimates',
1056:'of subsidy expense accrued in the prior period but obligated in the current period. it would also include budgetary resources',
1057:'and obligations recognized in the current period that do not affect the net cost of operations e.g., the acquisition of',
1058:'assets reflected in net obligations but not in net cost of operations for the period. change in budgetary resources obligated',
1059:'for goods, services and benefits ordered but not yet provided. this amount reflects undelivered orders or adjustments thereof, reflected in',
1060:'net obligations but not part of net cost of operations. this line item is typically a reduction to total resources',
1061:'used to finance activities. resources that fund expenses recognized in prior periods. this line item reflects the obligation of resources',
1062:'that were part of the net cost of operations in a prior period. the expense would have been reported on',
1063:'this statement in a prior period as a component requiring or generating resources in future periods section 7.5. an example',
1064:'includes the liquidation of a liability with budgetary resources provided in the current period. such activities include decreases in annual',
1065:'leave and environmental cleanup liabilities. budgetary offsetting collections and receipts that do not affect net cost of operations. this line',
1066:'item reflects offsetting collections and receipts that are not reported as exchange revenue on the statement of net cost. gross',
1067:'offsetting collections and receipts are offset against obligations incurred to determine net obligations in the resources used to finance activities',
1068:'section of this statement. since not all of offsetting collections and receipts are exchange revenue, an adjustment is needed on',
1069:'this line. the adjustment reflects the portion of offsetting collections and receipts that are not reported on the statement of',
1070:'net cost. credit program collections which increase liabilities for loan guarantees or allowances for subsidy. certain collections in the financing',
1071:'account represent budgetary resources but do not affect net cost. these collections do, however, adjust amounts on the balance sheet.',
1072:'for example, the accounting for subsidy expense illustrates this reconciling item. in determining net obligations, in the resources used to',
1073:'finance activities section, subsidy expense is reflected as both a component of obligations incurred and offsetting collections. the program account',
1074:'obligates the subsidy expense and the financing account collects and retains the subsidy until disbursement of a loan or default',
1075:'claim. the subsidy expense is reflected as both an obligation on the statement of budgetary resources and an expense on',
1076:'the statement of net cost. the collection, however, is reflected as an offsetting collection on the statement of budgetary resources',
1077:'but reflected as a contraasset or liability on the balance sheet. other. other transactions generating differences between net obligations and',
1078:'net cost of operations that are reflected on this line include the collection of exchange revenue receivable from the public',
1079:'and advances received for work not yet performed. resources that finance the acquisition of assets. this line item reflects budgetary',
1080:'resources obligated that are not expenses as reported on the statement of net cost. an example of this activity includes',
1081:'purchases of capitalized assets. other resources or adjustments to net obligated resources that do not affect net cost of operations.',
1082:'this line item includes activities not otherwise classified above. this activity may include noncash recoveries of prior year obligations. recoveries',
1083:'are budgetary resources that offset obligations on the statement of budgetary resources, but are not a proprietary financing source used',
1084:'to offset costs on the statement of net cost. other examples include donations of property, forfeitures of property and transfers',
1085:'of property. these examples are reported as other resources in the first section of this statement but are not reported',
1086:'on the statements of net cost or budgetary resources. 7.5 components requiring or generating resources in future periods the costs',
1087:'of the federal government are not always funded in the period the costs are incurred. this section identifies items that',
1088:'are recognized as a component of the net cost of operations for the period but the budgetary resources and related',
1089:'obligation will not be provided or incurred until a subsequent period. increase in annual leave liability. this line item includes',
1090:'the expense related to the increase in annual leave liability for which the budgetary resources will be provided in a',
1091:'subsequent period. increase in environmental and disposal liability. this line item includes the expense related to the increase in environmental',
1092:'and disposal liability for which the budgetary resources will be provided in a subsequent period. upward/downward reestimates of credit subsidy',
1093:'expense. this line item includes the expense recognized as a result of an upward/downward reestimate of credit program subsidy cost,',
1094:'for which the budgetary resources or obligation will be provided or incurred in a subsequent period. while budgetary resources are',
1095:'not provided in the current period, credit subsidy reestimates should be reflected as liabilities covered by budgetary resources since the',
1096:'budget authority to fund the reestimates is permanent and indefinite and no further congressional action is needed to provide the',
1097:'resources. increase in exchange revenue receivable from the public. exchange revenue from the public is reflected as it is earned',
1098:'as a component of the net cost of operations for the period, but will normally not be reflected in net',
1099:'obligations until it is received. budgetary resources are normally not recognized from the public until collected in accordance with the',
1100:'omb circular no. a11. other. this line item includes activities not otherwise classified above. 7.6 components not requiring or generating',
1101:'resources this section includes items that are recognized as part of the net cost of operations for the period but',
1102:'will not generate or require the use of resources. depreciation and amortization. this line item includes the depreciation and amortization',
1103:'of assets reflected as a component of net cost of operations for the period. for capitalized assets, budgetary resources are',
1104:'obligated when the asset is acquired, not when it is depreciated. revaluation of assets or liabilities. this line item includes',
1105:'gains and losses recognized during the revaluation of assets or liabilities. other. this line item includes activities not otherwise classified',
1106:'above. 7.7 net cost of operations this amount is the sum of the line items total resources used to finance',
1107:'net cost of operations and total components of net cost of operations that will not require or generate resources in',
1108:'the current period. this line item will agree with the net cost of operations as reported on the statement of',
1109:'net cost. section 8 statement of custodial activity table of contents 8.1 general 8.2 illustrative statement statement of custodial activity',
1110:'8.3 sources of collections 8.4 disposition of collections 8.5 net custodial activity 8.1 general the statement of custodial activity is',
1111:'required for entities that collect nonexchange revenue for the general fund of the treasury, a trust fund, or other recipient',
1112:'entities. in addition, the statement of custodial activity is required for selected exchange revenues specified in sffas 7, including oil',
1113:'and gas revenues. the collecting entities do not recognize as revenue those collections that have been or should be transferred',
1114:'to others as revenues. rather, they shall account for sources and disposition of the collections as custodial activities on the',
1115:'statement of custodial activity. an exception to requiring preparation of the statement of custodial activity is made when collecting entities',
1116:'have custodial collections that are immaterial and incidental to their primary mission. in these cases, the sources and disposition of',
1117:'the collections may be disclosed in accompanying footnotes. custodial collections are normally nonexchange revenues, such as taxes and duties collected',
1118:'by the internal revenue service and the u.s. customs and border protection. exchange revenue is normally reported on the statement',
1119:'of net cost. however, sffas 7 identified certain exceptional circumstances in which the entity recognizes virtually no costs in connection',
1120:'with earning the revenue that it collects see paragraph 45 of sffas no. 7. in these identified situations, the exchange',
1121:'revenue is reported in the statement of custodial activity rather than on the statement of net cost. information on the',
1122:'sections of the statement of custodial activity is presented below. also see sffas no. 7 and the related implementation guide.',
1123:'8.2 illustrative statement statement of custodial activity department/agency/reporting entity statement of custodial activity for the years ended september 30, 2xxx',
1124:'cy and 2xxx py in dollars/thousands/millions 2xxx 2xxx cy py revenue activity: sources of cash collections: 1. individual income and',
1125:'fica/seca taxes $ xxx $ xxx 2. corporate income taxes xxx xxx 3. excise taxes xxx xxx 4. estate and',
1126:'gift taxes xxx xxx 5. federal unemployment taxes xxx xxx 6. customs duties xxx xxx 7. miscellaneous xxx xxx 8.',
1127:'total cash collections x,xxx x,xxx 9. accrual adjustments +/ xxx xxx 10. total custodial revenue x,xxx x,xxx disposition of collections:',
1128:'11. transferred to others by recipient: recipient a xxx xxx recipient b xxx xxx recipient c xxx xxx 12. increase/decrease',
1129:'in amounts yet to be transferred +/ xxx xxx 13. refunds and other payments xxx xxx 14. retained by the',
1130:'reporting entity xxx xxx 15. net custodial activity $ 0 $ 0 the accompanying notes are an integral part of',
1131:'these statements. report in this section of the statement the components of collections, such as by type of tax and',
1132:'duty, collection of pastdue receivables for others, or other appropriate identifier to describe the source and nature of the collections.',
1133:'if refunds of taxes or other nonexchange revenues are material in relation to the gross collections made, consider reporting them',
1134:'by component separately in a footnote. this section of the report also includes the nonexchange revenue accrual adjustment, which shall',
1135:'be shown separately and added or subtracted from the net collections to determine the total custodial nonexchange revenue. guidance for',
1136:'calculating the accrual adjustment can be found in sffas no. 7 and the related implementation guide. if the accrual adjustments',
1137:'are material in relation to the gross collections, consider reporting them separately in a footnote. the accrual adjustment is not',
1138:'applicable to exchange revenue. exchange revenues are reported on an accrual basis. 8.4 disposition of collections this section of the',
1139:'statement accounts for the disposition of the revenue reported in the preceding section. amounts transferred to others. identify the specific',
1140:'agencies to which collections were transferred and the amounts transferred. amounts yet to be transferred. report the change in liability',
1141:'for revenue yet to be transferred. the liability may exist because the revenue has been accruedand is receivablebut has not',
1142:'yet been collected, or because collections already made have not yet been transferred to the entity for which collected as',
1143:'of the end of the reporting period. amounts of refunds and other payments. report the amounts of refunds and other',
1144:'payments made. this line is normally not applicable to exchange revenue. amounts retained by the collecting entity. in some cases,',
1145:'collecting entities are permitted to retain a portion of amounts collected. amounts retained shall be separately reported by the collecting',
1146:'entity as a disposition of collections. 8.5 net custodial activity. the total of the sources of collections section total revenue',
1147:'shall equal the total of the disposition of collections section total disposition of revenue. the net custodial activity shall always',
1148:'equal zero. 8.3 sources of collections section 9 notes to the financial statements part 1 of 2 table of contents',
1149:'9.1 note 1 significant accounting policies notes related to the balance sheet 9.2 note 2 nonentity assets 9.3 note 3',
1150:'fund balance with treasury 9.4 note 4 cash and other monetary assets 9.5 note 5 investments 9.6 note 6 accounts',
1151:'receivable, net 9.7 note 7 taxes receivable, net 9.8 note 8 direct loans and loan guarantees, nonfederal borrowers 9.9 note',
1152:'9 inventory and related property, net 9.10 note 10 general property, plant and equipment, net 9.11 note 11 other assets',
1153:'9.12 note 12 liabilities not covered by budgetary resources 9.13 note 13 debt 9.14 note 14 federal employee and veteran',
1154:'benefits 9.15 note 15 environmental and disposal liabilities 9.16 note 16 other liabilities 9.17 note 17 leases 9.18 note 18',
1155:'life insurance liabilities 9.19 note 19 commitments and contingencies 9.20 note 20 earmarked funds effective fy 2006 9.1 note 1',
1156:'significant accounting policies describe the reporting entity and identify its major components. summarize the accounting principles and methods of applying',
1157:'those principles that management has concluded are appropriate for presenting fairly the entitys assets, liabilities, net cost of operations, changes',
1158:'in net position, and budgetary resources. disclosure of accounting policies should identify and describe the accounting principles followed by the',
1159:'reporting entity and the methods of applying those principles. in general, the disclosure should encompass important judgments as to the',
1160:'valuation, recognition, and allocation of assets, liabilities, expenses, revenues and other financing sources. disclosures of accounting policies should not duplicate',
1161:'details presented elsewhere as part of the notes to the financial statements. the summary of significant accounting policies should include',
1162:'a description of changes in generally accepted accounting principles that impact the financial statements, and an explanation of concepts, such',
1163:'as fund balance with treasury and earmarked funds that are unique to federal financial statements. in addition, the summary of',
1164:'significant accounting policies should disclose any significant changes in the composition of the reporting entity or significant changes in the',
1165:'manner in which the reporting entity aggregates information for financial reporting purposes. these changes, in effect, result in a new',
1166:'reporting entity, and their impact should be reported by restating the financial statements for all prior periods presented in order',
1167:'to show the new reporting entity for all periods presented, except for certain portions of earmarked funds, as described in',
1168:'paragraphs 20 and 26 of sffas 27. 9.2 note 2 nonentity assets 2xxx 2xxx cy py intragovernmental: fund balance with',
1169:'treasury $ xxx $ xxx investments xxx xxx accounts receivable xxx xxx loans receivable xxx xxx other xxx xxx total',
1170:'intragovernmental xxx xxx cash and other monetary assets xxx xxx accounts receivable xxx xxx taxes receivable xxx xxx loans receivable',
1171:'and related foreclosed property xxx xxx inventory and related property xxx xxx other xxx xxx total nonentity assets x,xxx x,xxx',
1172:'total entity assets x,xxx x,xxx total assets $ x,xxx $ x,xxx other information: disclose intragovernmental nonentity assets separately from other',
1173:'nonentity assets. also provide other information needed to understand the nature of nonentity assets. 9.3 note 3 fund balance with',
1174:'treasury a. fund balances: 2xxx 2xxx cy py 1 trust funds $ xxx $ xxx 2 revolving funds xxx xxx',
1175:'3 appropriated funds xxx xxx 4 other fund types xxx xxx total $ x,xxx $ x,xxx b. status of fund',
1176:'balance with treasury 2xxx 2xxx cy py 1 unobligated balance a available xxx xxx b unavailable xxx xxx 2 obligated',
1177:'balance not yet disbursed xxx xxx 3 nonbudgetary fbwt xxx xxx total $x,xxx $ x,xxx c. other information: instructions. a.',
1178:'fund balances. the total of all undisbursed account balances with the u.s. treasury, as reflected in the entity’s records and',
1179:'summarized by fund type. line 4, other fund types, should include balances in deposit accounts, such as for collections pending',
1180:'litigation, awaiting determination of the proper accounting disposition, or being held by the entity in the capacity of a banker',
1181:'or agent for others. if any of the balances under other fund types are material, list them separately. b. status',
1182:'of fund balance. the total of the entitys fund balance with treasury, as reflected in the entitys general ledger and',
1183:'represented by unobligated and obligated balances. unobligated balances shall be segregated to show available and unavailable amounts. certain unobligated balances',
1184:'may be restricted to future use and are not apportioned for current use. explain such restrictions. include in 3 entity',
1185:'fbwt in unavailable receipt accounts, clearing accounts, etc. that do not have budget authority and nonentity fbwt recognized on the',
1186:'balance sheet. c. other information. explain any discrepancies between fund balance with treasury, as reflected in the entitys general ledger,',
1187:'and the balance in the treasury accounts. disclose any other information necessary for understanding the nature of the fund balances.',
1188:'9.4 note 4 cash and other monetary assets 2xxx 2xxx cy py a. cash $ xxx $ xxx b. foreign',
1189:'currency xxx xxx c. other monetary assets 1 gold xxx xxx 2 special drawing rights xxx xxx 3 u.s. reserves',
1190:'in the international monetary fund xxx xxx 4 other xxx xxx 5 total other monetary assets xxx xxx d. total',
1191:'cash and other monetary assets $ x,xxx $ x,xxx e. other information: instructions. report the amount of cash and other',
1192:'monetary assets. cash. the total of cash under the control of the reporting entity, which includes coin, paper currency, purchased',
1193:'foreign currency, negotiable instruments, and amounts on deposit in banks and other financial institutions. cash available for agency use should',
1194:'include petty cash and cash held in revolving funds which will not be transferred to the general fund. foreign currency.',
1195:'the total u.s. dollar equivalent of nonpurchased foreign currencies held in foreign currency fund accounts. other monetary assets. this amount',
1196:'represents other items, including gold, special drawing rights, and u.s. reserves in the international monetary fund. total cash and other',
1197:'monetary assets. the sum of lines a, b, and c5. other information. disclose as other information any restrictions on cash.',
1198:'restricted cash includes holdings which are unavailable for agency use nonentity cash and have not been transferred to the general',
1199:'fund. restricted cash also includes cash held in escrow to pay property taxes and insurance related to property associated with',
1200:'defaulted loans as well as other amounts of legally restricted cash for specific purposes. disclose any restrictions on the use',
1201:'or conversion of cash denominated in foreign currencies , and the significant effects, if any, of changes in the exchange',
1202:'rate on the entity’s financial position that occur after the end of the reporting period but before the issuance of',
1203:'financial statements. provide other information, as appropriate, such as the valuation rate of gold. 9.5 note 5 investments exhibit 9a',
1204:'note 5 investments amounts for 2xxx cy balance sheet reporting 1 2 3 4 5 6 unamortized amortization premium investments,',
1205:'other market value cost method discount net adjustments disclosure a. intragovernmental securities: 1 marketable xxx xxx xxx xxx xxx 2',
1206:'nonmarketable: par value xxx xxx xxx xxx xxx 3 nonmarketable: marketbased xxx xxx xxx xxx xxx subtotal xxx n/a xxx',
1207:'xxx xxx xxx 4 interest receivable xxx xxx total x,xxx x,xxx b. other securities: 1 xxx xxx xxx xxx xxx',
1208:'2 xxx xxx xxx xxx xxx 3 xxx xxx xxx xxx xxx subtotal xxx n/a xxx xxx xxx xxx 4',
1209:'interest receivable xxx xxx total x,xxx x,xxx amounts for 2xxx balance sheet reporting 1 2 3 4 5 6 unamortized',
1210:'amortization premium investments, other market value cost method discount net adjustments disclosure b. intragovernmental securities: 1 marketable xxx xxx xxx',
1211:'xxx xxx 2 nonmarketable: par value xxx xxx xxx xxx xxx 3 nonmarketable: marketbased xxx xxx xxx xxx xxx subtotal',
1212:'xxx n/a xxx xxx xxx xxx 4 interest receivable xxx xxx total x,xxx x,xxx b. other securities: 1 xxx xxx',
1213:'xxx xxx xxx 2 xxx xxx xxx xxx xxx 3 xxx xxx xxx xxx xxx subtotal xxx n/a xxx xxx',
1214:'xxx xxx 4 interest accrued xxx xxx total x,xxx x,xxx c. other information: instructions. columns 1 through 4 are for',
1215:'disclosing amounts to be recognized on the balance sheet. column 4 equals column 1 plus or minus column 3, column',
1216:'5 includes any reduction in value that is more than temporary and other adjustments, and column 6 equals column 4',
1217:'minus column 5. securities are normally recognized at cost or amortized cost on the balance sheet. however, market value is',
1218:'used for balance sheet purposes except for pension and other retirement plans when a there is intent to sell the',
1219:'securities prior to maturity and b there is a reduction in value that is more than temporary. column 6 is',
1220:'to be used to disclose the market value of all marketable securities and all nonmarketable marketbased securities. a. intragovernmental securities.',
1221:'marketable federal securities can be bought and sold on the open market. nonmarketable par value treasury securities are issued by',
1222:'the bureau of the public debt to federal accounts and are purchased and redeemed at par exclusively through treasurys federal',
1223:'investment branch. nonmarketable marketbased treasury securities are also issued by the bureau of public debt to federal accounts. they are',
1224:'not traded on any securities exchange but mirror the prices of particular treasury securities trading in the government securities market.',
1225:'b. note on investments for earmarked funds effective fy 2006 in accordance with sffas 27, investments in treasury securities for',
1226:'earmarked funds should be accompanied by a note. paragraph 27 of the standard explains issues to be addressed in the',
1227:'note. sffas 27, paragraph 28, intragovernmental investments in treasury securities, provides an example of a note that addresses the requirements',
1228:'stated in paragraph 27. c. other information. disclose any other information relative to understanding the nature of reported investments, such',
1229:'as permanent impairments. 9.6 note 6 accounts receivable, net present the gross receivables, the method used to estimate the allowance',
1230:'for uncollectible accounts, and the net amount due. do not include receivables related to direct or guaranteed loans which are',
1231:'reported in note 8. 9.7 note 7 taxes receivable, net disclose the gross taxes receivable, allowance for uncollectible taxes receivable',
1232:'and net taxes receivable. also, disclose the method used to compute the allowance for uncollectible taxes. 9.8 note 8 direct',
1233:'loans and loan guarantees, nonfederal borrowers a. direct loan and loan guarantee programs: exhibit 9b list the direct loan and/or',
1234:'loan guarantee programs administered by the reporting entity: 1 2 3 sections b through o illustrate the required financial and',
1235:'statistical disclosures. these sections provide an analysis of the reporting entities direct loans and loan guarantees including: loans receivable, allowance',
1236:'for subsidy costs, liability for loan guarantees, foreclosed property, modifications, reestimates, and administrative costs. sections b through o must be',
1237:'supplemented by narrative and discussions, which include the following topics: description of the characteristics of the loan programs; events that',
1238:'have had a significant and measurable effect on subsidy rates, subsidy expense and subsidy reestimates; nature of modifications; and the',
1239:'number of and restrictions on foreclosed property. the comparative disclosures required for this note are limited to those required by',
1240:'sffas nos. 2, 18, and 19. direct loans b. direct loans obligated prior to fy 1992: b1. direct loans obligated',
1241:'prior to fy 1992 present value method: 1 2 3 4 5 6 loans present value of assets direct loan',
1242:'receivable, interest foreclosed value related to programs gross receivable property allowance direct loans, net 1 xxx xxx xxx xxx xxx',
1243:'2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx b2. direct loans obligated prior to fy 1992',
1244:'allowance for loss method: loans allowance value of assets direct loan receivable, interest for loan foreclosed related to programs gross',
1245:'receivable losses property direct loans, net 1 xxx xxx xxx xxx xxx 2 xxx xxx xxx xxx xxx total xxx',
1246:'xxx xxx xxx xxx c. direct loans obligated after fy 1991: 1 2 3 4 5 6 loans allowance for',
1247:'value of assets direct loan receivable, interest foreclosed subsidy cost related to programs gross receivable property present value direct loans',
1248:'1 xxx xxx xxx xxx xxx 2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx d. total',
1249:'amount of direct loans disbursed post1991: direct loan programs current year prior year 1 xxx xxx 2 xxx xxx total',
1250:'xxx xxx e. subsidy expense for direct loans by program and component: e1. subsidy expense for new direct loans disbursed',
1251:'current reporting year: 1 2 3 4 5 6 direct loan interest fees and other programs differential defaults collections other',
1252:'total 1 xxx xxx xxx xxx xxx 2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx subsidy',
1253:'expense for new direct loans disbursed prior reporting year: direct loan interest fees and other programs differential defaults collections other',
1254:'total 1 xxx xxx xxx xxx xxx 2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx e2.',
1255:'modifications and reestimates current reporting year: 1 2 3 4 5 direct loan total interest rate technical total programs modifications',
1256:'reestimates reestimates reestimates 1 xxx xxx xxx xxx 2 xxx xxx xxx xxx total xxx xxx xxx xxx modifications and',
1257:'reestimates prior reporting year: direct loan total interest rate technical total programs modifications reestimates reestimates reestimates 1 xxx xxx xxx',
1258:'xxx 2 xxx xxx xxx xxx total xxx xxx xxx xxx e3. total direct loan subsidy expense: direct loan programs',
1259:'current year prior year 1 xxx xxx 2 xxx xxx total xxx xxx f. subsidy rates for direct loans by',
1260:'program and component: budget subsidy rates for direct loans for the current year’s cohorts: direct loan interest fees and other',
1261:'programs differential defaults collections other total 1 xx% xx% xx% xx% xx% 2 xxx xxx xxx xxx xxx g. schedule',
1262:'for reconciling subsidy cost allowance balances post1991 direct loans in millions of dollars beginning balance, changes, and ending balance fy',
1263:'2xxx cy beginning balance of the subsidy cost allowance $ add: subsidy expense for direct loans disbursed during the reporting',
1264:'years by component: a interest rate differential costs b default costs net of recoveries c fees and other collections d',
1265:'other subsidy costs total of the above subsidy expense components adjustments: a loan modifications b fees received c foreclosed property',
1266:'acquired d loans written off e subsidy allowance amortization f other ending balance of the subsidy cost allowance before reestimates',
1267:'add or subtract subsidy reestimates by component: a interest rate reestimate b technical/default reestimate total of the above reestimate components',
1268:'ending balance of the subsidy cost allowance fy 2xxx py $ defaulted guaranteed loans h. defaulted guaranteed loans from pre1992',
1269:'guarantees: h1. defaulted guaranteed loans from pre1992 guarantees present value method: 1 2 3 4 5 6 value of assets',
1270:'defaulted related to guaranteed defaulted loans present guaranteed loan guarantee receivable, interest foreclosed value loans programs gross receivable property allowance',
1271:'receivable, net 1 xxx xxx xxx xxx xxx 2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx',
1272:'h2. defaulted guaranteed loans from pre1992 guarantees allowance for loss method: value of assets defaulted related to guaranteed defaulted loans',
1273:'allowance guaranteed loan guarantee receivable, interest for loan foreclosed loans programs gross receivable losses property receivable, net 1 xxx xxx',
1274:'xxx xxx xxx 2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx i. defaulted guaranteed loans from',
1275:'post1991 guarantees: 1 2 3 4 5 6 value of assets defaulted allowance for related to guaranteed subsidy defaulted loans',
1276:'cost guaranteed loan guarantee receivable, interest foreclosed present loans programs gross receivable property value receivable, net 1 xxx xxx xxx',
1277:'xxx xxx 2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx loan guarantees j. guaranteed loans outstanding:',
1278:'j1. guaranteed loans outstanding: 1 2 3 outstanding principal loan guarantee of guaranteed loans, amount of outstanding programs face value',
1279:'principal guaranteed 1 xxx xxx 2 xxx xxx total xxx xxx j2. new guaranteed loans disbursed current reporting year: outstanding',
1280:'principal loan guarantee of guaranteed loans, amount of outstanding programs face value principal guaranteed 1 xxx xxx 2 xxx xxx',
1281:'total xxx xxx j3. new guaranteed loans disbursed prior reporting year: outstanding principal loan guarantee of guaranteed loans, amount of',
1282:'outstanding programs face value principal guaranteed 1 xxx xxx 2 xxx xxx total xxx xxx k. liability for loan guarantees:',
1283:'k1. liability for loan guarantees present value method for pre1992 guarantees: 1 2 3 4 liabilities for liabilities for loan',
1284:'guarantees total losses on pre1992 for post1991 liabilities loan guarantee guarantees, guarantees, for loan programs present value present value guarantees',
1285:'1 xxx xxx xxx 2 xxx xxx xxx total xxx xxx xxx k2. liability for loan guarantees estimated future default',
1286:'claims for pre1992 guarantees: liabilities for liabilities for loan guarantees total losses on pre1992 for post1991 liabilities loan guarantee guarantees,',
1287:'estimated guarantees, for loan programs future default claims present value guarantees 1 xxx xxx xxx 2 xxx xxx xxx total',
1288:'xxx xxx xxx l. subsidy expense for loan guarantees by program and component: l1. subsidy expense for new loan guarantees',
1289:'current reporting year: 1 2 3 4 5 6 loan guarantee interest fees and other programs supplements defaults collections other',
1290:'total 1 xxx xxx xxx xxx xxx 2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx subsidy',
1291:'expense for new loan guarantees prior reporting year: loan guarantee interest fees and other programs supplements defaults collections other total',
1292:'1 xxx xxx xxx xxx xxx 2 xxx xxx xxx xxx xxx total xxx xxx xxx xxx xxx l2. modifications',
1293:'and reestimates current reporting year: 1 2 3 4 5 loan guarantee total interest rate technical total programs modifications reestimates',
1294:'reestimates reestimates 1 xxx xxx xxx xxx 2 xxx xxx xxx xxx total xxx xxx xxx xxx modifications and reestimates',
1295:'prior reporting year: loan guarantee total interest rate technical total programs modifications reestimates reestimates reestimates 1 xxx xxx xxx xxx',
1296:'2 xxx xxx xxx xxx total xxx xxx xxx xxx l3. total loan guarantee subsidy expense: loan guarantee programs current',
1297:'year prior year 1 xxx xxx 2 xxx xxx total xxx xxx m. subsidy rates for loan guarantees by program',
1298:'and component: budget subsidy rates for loan guarantees for the current year’s cohorts: loan guarantee interest fees and other programs',
1299:'supplements defaults collections other total 1 xx% xx% xx% xx% xx% 2 xxx xxx xxx xxx xxx n. schedule for',
1300:'reconciling loan guarantee liability balances post1991 loan guarantees in millions of dollars beginning balance, changes, and ending balance fy 2xxx',
1301:'cy beginning balance of the loan guarantee liability $ add: subsidy expense for guaranteed loans disbursed during the reporting years',
1302:'by component: a interest supplement costs b default costs net of recoveries c fees and other collections d other subsidy',
1303:'costs total of the above subsidy expense components adjustments: a loan guarantee modifications b fees received c interest supplements paid',
1304:'d foreclosed property and loans acquired e claim payments to lenders f interest accumulation on the liability balance g other',
1305:'ending balance of the loan guarantee liability before reestimates add or subtract subsidy reestimates by component: a interest rate reestimate',
1306:'b technical/default reestimate total of the above reestimate components ending balance of the loan guarantee liability fy 2xxx py $',
1307:'o. administrative expense: direct loan loan guarantee programs programs 1 $xx 1 $xx 2 xxx 2 xxx total xxx total',
1308:'xxx instructions. a. direct loan and loan guarantee programs. identify the names of the direct loan and loan guarantee programs',
1309:'operated by the reporting entity. the federal credit reform act of 1990 divides direct loans and loan guarantees into two',
1310:'groups: a pre1992 refers to the direct loan obligations or loan guarantee commitments made prior to fy 1992 and the',
1311:'resulting direct loans or loan guarantees, and b post1991 refers to the direct loan obligations or loan guarantee commitments made',
1312:'after fy 1991 and the resulting direct loans or loan guarantees. the definitions and explanations of terms and concepts in',
1313:'these instructions can be supplemented by referring to omb circular no. a11, section 185, and subsequent issuances of the corresponding',
1314:'circulars. additional guidance on accounting and reporting requirements can be found in sffas nos. 2, 18 and 19. section 506a1',
1315:'of the federal credit reform act exempts the credit activities of certain agencies, such as fdic and tva. these agencies',
1316:'can report in accordance with other requirements. agencies should disclose that direct loan obligations and loan guarantee commitments made after',
1317:'fy 1991, and the resulting direct loans or loan guarantees, are governed by the federal credit reform act of 1990,',
1318:'as amended. sffas no. 2 provides that the present value of the subsidy costs which arises from interest rate differentials,',
1319:'interest supplements, defaults net of recoveries, fee offsets, and other cash flows associated with direct loans and loan guarantees be',
1320:'recognized as a cost in the year the direct or guaranteed loan is disbursed. direct loans are reported net of',
1321:'an allowance for subsidy at present value, and loan guarantee liabilities are reported at present value. agencies should also disclose',
1322:'whether pre1992 direct loans and loan guarantees are reported on a present value basis or are reported under the allowance',
1323:'for loss method. under the allowance for loss method, the nominal amount of the direct loans is reduced by an',
1324:'allowance for uncollectible amounts, and the liability for loan guarantees is the amount the agency estimates will more likely than',
1325:'not require a future cash outflow to pay default claims. under the present value method, the nominal amount of direct',
1326:'loans is reduced by an allowance equal to the difference between the nominal amount and the present value of the',
1327:'expected net cash flows from the loans, and the liability for loan guarantees is the present value of expected net',
1328:'cash outflows due to the loan guarantees. depending on the reporting method selected by management for pre1992 direct loans and',
1329:'loan guarantees, agencies should choose the appropriate format from the alternatives shown in sections b, h and k above. note:',
1330:'agencies should follow either the net present value method or the allowance for loss method, but not both. they may',
1331:'not change from one method to the other without the advance approval of omb. agencies should disclose that their loans',
1332:'receivable, net, or their value of assets related to direct loans, is not the same as the proceeds that they',
1333:'would expect to receive from selling their loans. when the reporting entity has made payments on behalf of borrowers which',
1334:'should be collected from the borrowers, the resulting receivables shall be reported in the same column as loans receivable for',
1335:'either direct loans or defaulted guaranteed loans. receivables related to administrative costs of operating these programs shall be reported as',
1336:'accounts receivable in note 6 and not as credit program receivables in this note. narrative and discussion. provide other information',
1337:'related to direct loan and loan guarantee programs, as appropriate, including a description of the characteristics of the loan programs,',
1338:'any commitments to guarantee, managements method for accruing interest revenue and recording interest receivable, and managements policy for accruing interest',
1339:'on nonperforming loans. disclose a discussion and explanation of events and changes in economic conditions, other risk factors, legislation, credit',
1340:'policies, and subsidy estimation methodologies and assumptions that have had a significant and measurable effect on subsidy rates, subsidy expense,',
1341:'and subsidy reestimates. the discussion should also include events and changes that have occurred and are more likely than not',
1342:'to have a significant impact but the effects of which are not measurable at the reporting date. changes in legislation',
1343:'or credit policies include, for example, changes in borrowers’ eligibility, the levels of fees or interest rates charged to borrowers,',
1344:'the maturity terms of loans, and the percentage of a private loan that is guaranteed. if modifications were made, explain',
1345:'the nature of the modifications, the discount rate used in calculating the expense, and the basis for recognizing a gain',
1346:'or loss related to the modification. also, if appropriate, disclose that the subsidy expense resulting from reestimates, that is included',
1347:'in the financial statements, but not reported in the budget until the following year. with respect to the foreclosed property',
1348:'reported in sections b, c, h and i the following information should be disclosed: changes from prior years accounting methods,',
1349:'if any. restrictions on the use/disposal of the property. number of properties held and average holding period by type or',
1350:'category. number of properties for which foreclosure proceedings were in process at the end of the period. b. direct loans',
1351:'obligated prior to fy 1992. for each program with pre1992 direct loans, report loans receivable gross and interest receivable in',
1352:'columns 2 and 3 respectively. if the present value method is used, report in column 4 the estimated net realizable',
1353:'value of related foreclosed property and report in column 5 the present value allowance. the sum of columns 2 through',
1354:'4 less column 5 is reported as value of assets related to direct loans column 6. if the allowance for',
1355:'loss method is used, report in column 4 the allowance for loan losses and in column 5 the estimated net',
1356:'realizable value of related foreclosed property. the sum of columns 2, 3, and 5 less column 4 is reported as',
1357:'value of assets related to direct loans column 6. c. direct loans obligated after fy 1991. for each program with',
1358:'post1991 direct loans, report loans receivable, gross, interest receivable and the estimated value of related foreclosed property in columns 2,',
1359:'3, and 4, respectively. foreclosed property associated with post1991 direct and acquired defaulted guaranteed loans shall be valued at the',
1360:'net present value of the projected cash flows associated with the property. to practicably accomplish this requirement, foreclosed property may',
1361:'be recorded at the estimated net realizable value at the time of foreclosure if the differences are not material. a',
1362:'portion of the related allowance for subsidy account should apply to the foreclosed property, but that amount need not be',
1363:'separately determined. rather, the allowance account is subtracted from the sum of the credit program assets to determine the net',
1364:'present value of the assets. for additional guidance related to foreclosures, refer to sffas no. 2 & 5760 and sffas',
1365:'no. 3 & 7991. report the related allowance for subsidy cost in column 5. report the sum of columns 2',
1366:'through 4 less column 5 as the value of assets related to direct loans column 6. d. total amount of',
1367:'direct loans disbursed. report the total amount of direct loans disbursed for the current reporting year and the prior reporting',
1368:'year for each program. e. subsidy expense for direct loans by program and component. disclose for each program the total',
1369:'subsidy expense and its components, the subsidy expense for modifications, and the total subsidy expense and its components for reestimates',
1370:'during the current and prior reporting years. e1. subsidy expense for new direct loans disbursed: disclose for each program the',
1371:'total subsidy expense for new direct loans disbursed and its components: interest rate differential costs, default costs net of recoveries,',
1372:'fees and other collections, and other costs. in column 2, disclose the present value of the amount of the subsidy',
1373:'expense attributable to the interest rate differential between the interest rate charged to the borrowers and the discount rate used',
1374:'to calculate the present value of the direct loans and the subsidy costs; in column 3, the present value of',
1375:'the estimated defaults net of recoveries; in column 4, the present value of the estimated fees collected offsetting expense; in',
1376:'column 5, the present value of other cash flows, including prepayments; and in column 6, the total of columns 2',
1377:'through 5. e2. direct loan modifications and reestimates: in column 2, disclose the subsidy expense for modifications of direct loans',
1378:'previously disbursed whether pre1992 or post 1991. in columns 3 and 4, disclose reestimates of the subsidy expense for direct',
1379:'loans, previously disbursed, by component interest rate and technical/default; and in column 5, the total of columns 3 and 4.',
1380:'e3. total direct loan subsidy expense: the total subsidy expense for the current and prior years direct loans, modifications, and',
1381:'reestimates. f. subsidy rates for direct loans by program and component: disclose for each program the budget subsidy rates estimated',
1382:'for the cohorts of the current reporting year. also disclose the subsidy rate for the following components: interest rate differential',
1383:'costs, default costs net of recoveries, fees and other collections, and other costs, estimated for direct loans in the current',
1384:'year’s budget for the current year’s cohorts. these rates should be consistent with the rates published in the federal credit',
1385:'supplement to the budget of the u.s. government. each subsidy rate is the dollar amount of the total subsidy or',
1386:'a subsidy component as a percentage of the direct loans obligated in the cohort. entities are encouraged to use trend',
1387:'data to display significant fluctuations in subsidy rates. such trend data, if used, should be accompanied with analysis to explain',
1388:'the underlying causes for the fluctuations. the reporting entity should state the following in its disclosure: the subsidy rates disclosed',
1389:'pertain only to the current year’s cohorts. these rates cannot be applied to the direct loans disbursed during the current',
1390:'reporting year to yield the subsidy expense. the subsidy expense for new loans reported in the current year could result',
1391:'from disbursements of loans from both current year cohorts and prior years cohorts. the subsidy expense reported in the current',
1392:'year also includes modifications and reestimates. g. schedule for reconciling subsidy cost allowance balances for post1991 direct loans. display a',
1393:'reconciliation between the beginning and ending balances of the subsidy cost allowance for outstanding direct loans reported in the entitys',
1394:'balance sheet. the reconciliation is required for direct loans obligated on or after october 1, 1991, the effective date of',
1395:'the federal credit reform act of 1990. reporting entities are encouraged but not required to display reconciliations for direct loans',
1396:'obligated prior to october 1, 1991, in schedules separate from the direct loans obligated after september 30, 1991. schedules for',
1397:'pre1992 direct loans would not have all the same reconciling items as for post1991 direct loans. h. defaulted guaranteed loans',
1398:'from pre1992 guarantees. for each program with pre 1992 loan guarantees, report gross receivables from defaulted guaranteed loans assumed for',
1399:'direct collection in column 2 and the related interest receivable in column 3. if the present value method is used,',
1400:'report the estimated net realizable value of related foreclosed property in column 4, and the present value allowance in column',
1401:'5. the sum of columns 2 through 4 less column 5 is reported as value of assets related to defaulted',
1402:'guaranteed loans receivable, net column 6. if the allowance for loss method is used, report the allowance for loan losses',
1403:'in column 4 and the estimated net realizable value of related foreclosed property in column 5. the sum of columns',
1404:'2, 3 and 5 less column 4 is reported as value of assets related to defaulted guaranteed loans receivable, net',
1405:'column 6. i. defaulted guaranteed loans for post1991 guarantees. for each program with post 1991 loan guarantees, report gross receivables',
1406:'from defaulted guaranteed loans assumed for direct collection, related interest receivable, and the estimated value of related foreclosed property in',
1407:'columns 2, 3, and 4, respectively. report the related allowance for subsidy cost in column 5. report the sum of',
1408:'columns 2 through 4 less column 5 as the value of assets related to defaulted guaranteed loans receivable, net column',
1409:'6. for foreclosed property, see the instructions for section c. the sum of the amounts reported in column 6 of',
1410:'sections b, c, h and i shall equal the amount reported on the balance sheet as loans receivables and related',
1411:'foreclosed property, net. j. guaranteed loans outstanding. for each loan guarantee program, report in column 2 the face value of',
1412:'outstanding principal of guaranteed loans disbursed by a third party. in column 3, report the amount of this outstanding principal',
1413:'that is guaranteed. also report the amount of new guaranteed loans disbursed for the current and prior reporting years. k.',
1414:'liability for loan guarantees. for each program with pre1992 loan guarantees, report in column 2 the liability for losses. if',
1415:'the present value method is used to calculate the liability, report in column 2 the present value of liabilities for',
1416:'losses on pre1992 loan guarantees. if the estimated future default claims method is used, report in column 2 the estimated',
1417:'future default claims. for each program with post1991 loan guarantees, report in column 3 the present value of the estimated',
1418:'net cash flows outflows less inflows to be paid by the entity as a result of the loan guarantees. report',
1419:'the total of columns 2 and 3 as total liabilities for loan guarantees column 4. l. subsidy expense for loan',
1420:'guarantees by program and component. disclose for each program the total subsidy expense and its components, the subsidy expense for',
1421:'modifications, and the subsidy expense for reestimates during the current and prior reporting years. l1. subsidy expense for new loan',
1422:'guarantees : disclose for each program the total subsidy expense for new loan guarantees i.e., the loan guarantees on new',
1423:'guaranteed loans and its components: interest supplement costs, default costs net of recoveries, fees and other collections, and other costs.',
1424:'disclose in column 2, the present value of the amount of the interest supplements; in column 3, the present value',
1425:'of the estimated payments for defaults on loan guarantees net of recoveries; in column 4, the present value of the',
1426:'estimated fees collected offsetting expense; in column 5, the present value of other cash flows; and in column 6, the',
1427:'total of columns 2 through 5. l2. loan guarantee modifications and reestimates: disclose in column 2, the subsidy expense for',
1428:'modifications of loan guarantees in guaranteed loans previously disbursed by a third party whether pre1992 or post1991. disclose in columns',
1429:'3 and 4, reestimates of the subsidy expense for loan guarantees, previously committed, by component interest rate and technical/default; and',
1430:'in column 5, the total of columns 3 and 4. l3. total loan guarantee subsidy expense: the total subsidy expense',
1431:'for the current and prior years loan guarantees, modifications, and reestimates. m. subsidy rates for loan guarantees by program and',
1432:'component: disclose for each program the subsidy rates for the following components: interest supplement costs, default costs net of recoveries,',
1433:'fees and other collections, and other costs, estimated for loan guarantees in the current year’s budget for the current year’s',
1434:'cohorts. these rates should be consistent with the rates published in the budget of the u.s. government. each subsidy rate',
1435:'is the dollar amount of the total subsidy or a subsidy component as a percentage of the guaranteed loans obligated',
1436:'in the cohort. entities may use trend data to display significant fluctuations in subsidy rates. such trend data, if used,',
1437:'should be accompanied with analysis to explain the underlying causes for the fluctuations. the reporting entity should state the following',
1438:'in its disclosure: the subsidy rates disclosed pertain only to the current year’s cohorts. these rates cannot be applied to',
1439:'the guarantees of loans disbursed during the current reporting year to yield the subsidy expense. the subsidy expense for new',
1440:'loan guarantees reported in the current year could result from disbursements of loans from both current year cohorts and prior',
1441:'years cohorts. the subsidy expense reported in the current year also includes modifications and reestimates. n. schedule for reconciling loan',
1442:'guarantee liability balances for post1991 loan guarantees. display a reconciliation between the beginning and ending balances of the liability for',
1443:'outstanding loan guarantees reported in the entitys balance sheet. the reconciliation is required for loan guarantees committed on or after',
1444:'october 1, 1991, the effective date of the federal credit reform act of 1990. reporting entities are encouraged but not',
1445:'required to display reconciliations for loan guarantees committed prior to october 1, 1991, in schedules separate from the loan guarantees',
1446:'committed after september 30, 1991. schedules for pre 1992 loan guarantees would not have all the same reconciling items as',
1447:'for post 1991 loan guarantees. o. administrative expense. report the portions of salaries and other administrative expenses that have been',
1448:'accounted for in support of the direct loan programs and loan guarantee programs. report the expenses for the individual programs,',
1449:'if material. 9.9 note 9 inventory and related property, net the following describes the information that shall be disclosed for',
1450:'each category of inventory and related property. seized and forfeited property that cannot be sold due to legal restrictions, but',
1451:'which may be either donated or destroyed, shall be subject to the disclosure requirements described below. however, no financial value',
1452:'shall be recognized for these items. inventories general composition of inventory. basis for determining inventory values, including the valuation method',
1453:'and any cost flow assumptions. changes from prior years accounting methods, if any. balances for each of the following categories',
1454:'of inventory: 1 inventory held for current sale, 2 inventory held in reserve for future sale, 3 excess, obsolete, and',
1455:'unserviceable inventory, and 4 inventory held for repair, unless otherwise presented on the financial statements. the difference between the carrying',
1456:'amount of the inventory before identification as excess, obsolete, or unserviceable inventory, and its expected net realizable value. restriction on',
1457:'the sale of inventory. the decision criteria for identifying the category to which inventory is assigned. changes in the criteria',
1458:'for identifying the category to which inventory is assigned. operating materials and supplies general composition of operating materials and supplies.',
1459:'basis for determining operating materials and supplies values, including the valuation method and any cost flow assumptions. changes from prior',
1460:'years accounting methods, if any. balances for each of the following categories of operating materials and supplies: 1 items held',
1461:'for use, 2 items held in reserve for future use, and 3 excess, obsolete and unserviceable items. the difference between',
1462:'the carrying amount of the operating materials and supplies before identification as excess, obsolete or unserviceable and their estimated net',
1463:'realizable value. restriction on the use of operating materials and supplies. the decision criteria for identifying the category to which',
1464:'operating materials and supplies are assigned. changes in the criteria for identifying the category to which operating materials and supplies',
1465:'are assigned. stockpile materials general composition of stockpile materials. basis for valuing stockpile materials, including valuation method and any cost',
1466:'flow assumptions. changes from prior years accounting methods, if any. restriction on the use of material. balances of stockpile materials',
1467:'in each of the following categories: 1 stockpile materials, and 2 stockpile materials held for sale. decision criteria for categorizing',
1468:'stockpile materials as held for sale. changes in the criteria for categorizing stockpile materials as held for sale. seized property',
1469:'explanation of what constitutes a seizure and a general description of the composition of seized property. methods of valuing seized',
1470:'properties. changes from prior years accounting methods, if any. analysis of change in seized property, including the dollar value and',
1471:'number of seized properties that are: 1 on hand at the beginning of the year, 2 seized during the year,',
1472:'3 disposed of during the year, and 4 on hand at the end of the year, as well as known',
1473:'liens or other claims against the property. this information should be presented by type of seized property and method of',
1474:'disposition where material. for seized monetary instruments a liablility shall be reported in “other liabilities” in an amount equal to',
1475:'the seized asset value. forfeited property composition of forfeited property. methods of valuing forfeited property. restrictions on the use or',
1476:'disposition of forfeited property. changes from prior years accounting methods, if any. analysis of change in forfeited property, providing the',
1477:'dollar value and number of forfeited properties that: 1 are on hand at the beginning of the year, 2 are',
1478:'made during the year, 3 are disposed of during the year by method of disposition, and 4 are on hand',
1479:'at the end of the year. this information should be presented by type of property forfeited where material. if available,',
1480:'an estimate of the value of property or funds to be distributed to federal, state and local agencies in future',
1481:'reporting periods. goods held under price support and stabilization programs basis for valuing the commodities, including the valuation method and',
1482:'any cost flow assumptions. changes from prior years accounting methods, if any. restrictions on the use, disposal, or sale of',
1483:'commodities. analysis of change in the dollar value and volume of commodities, including those: 1 on hand at the beginning',
1484:'of the year, 2 acquired during the year, 3 disposed of during the year by method of disposition, 4 on',
1485:'hand at the end of the year, 5 on hand at years end and estimated to be donated or transferred',
1486:'during the coming period, and 6 that may be received as a result of collateral related to nonrecourse loans outstanding.',
1487:'the analysis should also show the dollar value and volume of purchase agreement commitments. 9.10 note 10 general property, plant',
1488:'and equipment, net the major classes of general pp&e should be determined by the reporting entity. examples of major classes',
1489:'of general pp&e may include, but are not limited to, buildings and structures, furniture and fixtures, equipment, vehicles, and land.',
1490:'the following are the minimum disclosures required for each major class of general pp&e: cost, associated accumulated depreciation, and book',
1491:'value. estimated useful life. methods of depreciation. capitalization thresholds, including any changes in thresholds during the period. restrictions on the',
1492:'use or convertibility of general pp&e. recognition and measurement criteria for general pp&e are in sffas no. 6, as amended',
1493:'by sffas nos. 11, 16 and 23. if adjustments are required to existing pp&e in the period that the standards',
1494:'are implemented, in order to comply with the recognition and measurement criteria, the adjustments should be made and disclosed by',
1495:'major class in accordance with the standard. 9.11 note 11 other assets 2xxx 2xxx cy py a. 1. intragovernmental 1',
1496:'$ xxx $ xxx 2 xxx xxx 3 xxx xxx total intragovernmental xxx xxx 2. xxx xxx 3. xxx xxx',
1497:'4. xxx xxx total other assets $ x,xxx $ x,xxx b. other information: instructions. 1. list and describe the major',
1498:'homogenous components of other assets. 2. provide other information needed to understand the nature of other assets. 9.12 note 12',
1499:'liabilities not covered by budgetary resources 2xxx 2xxx cy py intragovernmental: accounts payable $ xxx $ xxx debt xxx xxx',
1500:'other xxx xxx total intragovernmental xxx xxx accounts payable xxx xxx debt held by the public xxx xxx federal employee',
1501:'and veteran benefits xxx xxx environmental and disposal liabilities xxx xxx benefits due and payable xxx xxx other xxx xxx',
1502:'total liabilities not covered by budgetary resources $ x,xxx $ x,xxx other information: disclose intragovernmental liabilities not covered by budgetary',
1503:'resources separately from other liabilities not covered by budgetary resources. provide other information needed to understand the nature of liabilities',
1504:'not covered by budgetary resources. liabilities not covered by budgetary resources are liabilities for which congressional action is needed before',
1505:'budgetary resources can be provided. see section 3.4 for additional definitions of liabilities covered and not covered by budgetary resources.',
1506:'9.13 note 13 debt exhibit 9c note 13 debt 2xxx 2xxx 2xxx py py cy beginning net ending net ending',
1507:'balance borrowing balance borrowing balance a. treasury debt: 1 intragovernmental $xx $xx $xx $ xxx $ xxx 2 held by',
1508:'the public xxx xxx xxx xxx xxx 3 total treasury debt xxx xxx xxx xxx xxx b. agency debt: 1',
1509:'intragovernmental xxx xxx xxx xxx xxx 2 held by the public xxx xxx xxx xxx xxx 3 total agency debt',
1510:'xxx xxx xxx xxx xxx c. other debt: 1 debt to the treasury xxx xxx xxx xxx xxx 2 debt',
1511:'to the federal financing bank xxx xxx xxx xxx xxx 3 debt to other federal agencies xxx xxx xxx xxx',
1512:'xxx 4 total other debt xxx xxx xxx xxx xxx d. total debt x,xxx x,xxx x,xxx x,xxx x,xxx e. classification',
1513:'of debt: 2xxx 2xxx cy py intragovernmental debt x,xxx x,xxx debt held by the public x,xxx x.xxx total debt x,xxx',
1514:'x,xxxx f. other information: instructions. all debt is classified as not covered by budgetary resources, except for a direct loan',
1515:'and guaranteed loan financing account debt to treasury and b that portion of other debt which is covered by budgetary',
1516:'resources at the balance sheet date. lines a 1 and 2, treasury debt, should be reported by the treasury department',
1517:'only and should distinguish between debt held by government agencies and debt held by the public. on line b, enter',
1518:'the amounts of agency debt issued under special financing authorities e.g., federal housing administration fha debentures and tennessee valley authority',
1519:'bonds. report separately agency debt held by government agencies and agency debt held by the public. on line c, enter',
1520:'the amounts of debt owed to federal agencies as follows: on line c1, debt owed to the treasury, which includes',
1521:'direct loan and guaranteed loan financing account debt to treasury as well as other debt owed to treasury; on line',
1522:'c2, debt owed to the federal financing bank; and on line c3, debt owed to other federal agencies. net borrowing',
1523:'and repayment is not to include amounts that result from refinancing. classification of debt. report as intragovernmental debt all debt',
1524:'owed to treasury, the federal financing bank or other federal agencies or accounts line a1, b1, and c4 . this',
1525:'amount shall equal the intragovernmental debt amount reported on the balance sheet. report all debt held by the public on',
1526:'lines a2 and b2. this amount shall equal debt held by the public on the balance sheet. other information. provide',
1527:'the names of the agencies, other than treasury or the federal financing bank, to which intragovernmental debt is owed and',
1528:'the amounts. provide other information relative to debt for example, redemption or call of debts owed to the public before',
1529:'maturity dates, writeoffs of debts owed treasury or the federal financing bank, etc.. 9.14 note 14 federal employee and veteran',
1530:'benefits entities that are responsible for administering pensions, other retirement benefits, and other postemployment benefits should calculate and report these',
1531:'liabilities and related expenses in accordance with sffas no. 5. for entities that are responsible for administering pensions, other retirement',
1532:'benefits, and other postemployment benefits, the following are the minimum disclosures required for pensions and other retirement benefits: the assumptions',
1533:'used to calculate the liability. in the case of a pension plan that uses assumptions that differ from those used',
1534:'by the primary plans, the civil service retirement system csrs, the federal employees retirement system fers, and the military retirement',
1535:'system mrs, the pension plan using the different assumptions should disclose how and why the assumptions used differ from those',
1536:'of the primary plans. separate disclosure of the individual components of expense for the period the normal cost, interest on',
1537:'the liability for the period, prior and past service cost from plan amendments during the period, if any, any gains/losses',
1538:'due to a change in the medical inflation rate assumption, and other actuarial gains or losses during the period, if',
1539:'any. 9.15 note 15 environmental and disposal liabilities disclose environmental and disposal liabilities in accordance with sffas no. 5 and',
1540:'sffas no. 6. for environmental hazards resulting from ongoing operations, include the: 1 sources of cleanup requirements, 2 method for',
1541:'assigning estimated total cleanup costs to current operating periods, 3 unrecognized portion of estimated total cleanup cost associated with general',
1542:'pp&e, 4 material changes in total estimated cleanup costs due to changes in laws, technology, or plans, and the portion',
1543:'of the change in estimate that relates to prior period operations, and 5 nature of estimates and the disclosure of',
1544:'information regarding possible changes due to inflation, deflation, technology, or applicable laws and regulations. exhibit 9d 9.16 note 16 other',
1545:'liabilities 2xxx cy noncurrent current total a. 1. intragovernmental 1 $ xxx $ xxx $ xxx 2 xxx xxx xxx',
1546:'3 xxx xxx xxx total intragovernmental xxx xxx xxx 2. xxx xxx xxx 3. xxx xxx xxx 4. xxx xxx',
1547:'xxx total other liabilities $ x,xxx $ x,xxx $ x,xxx 2xxx py noncurrent current total b. 1. intragovernmental 1 $',
1548:'xxx $ xxx $ xxx 2 xxx xxx xxx 3 xxx xxx xxx total intragovernmental xxx xxx xxx 2. xxx',
1549:'xxx xxx 3. xxx xxx xxx 4. xxx xxx xxx total other liabilities $ x,xxx $ x,xxx $ x,xxx c.',
1550:'other information: instructions. other liabilities. include all liabilities not reported elsewhere. separately disclose the current portion of other liabilities. other',
1551:'information. provide other information necessary for understanding other liabilities. 9.17 note 17 leases note 17 leases a. entity as lessee:',
1552:'capital leases: 2xxx 2xxx cy py summary of assets under capital lease: land and buildings xxx xxx machinery and equipment',
1553:'xxx xxx other xxx xxx accumulated amortization xxx xxx description of lease arrangements: future payments due: asset category fiscal year',
1554:'1 2 3 totals year 1 xxx xxx xxx xxx year 2 xxx xxx xxx xxx year 3 xxx xxx',
1555:'xxx xxx year 4 xxx xxx xxx xxx year 5 xxx xxx xxx xxx after 5 years xxx xxx xxx',
1556:'xxx total future lease payments xxx xxx xxx xxx less: imputed interest xxx xxx xxx xxx less: executory costs e.g.,',
1557:'taxes xxx xxx xxx xxx net capital lease liability x,xxx x,xxx x,xxx x,xxx lease liabilities covered by budgetary resources x,xxx',
1558:'lease liabilities not covered by budgetary resources x,xxx operating leases: description of lease arrangements: future payments due: asset category fiscal',
1559:'year 1 2 3 totals year 1 xxx xxx xxx xxx year 2 xxx xxx xxx xxx year 3 xxx',
1560:'xxx xxx xxx year 4 xxx xxx xxx xxx year 5 xxx xxx xxx xxx after 5 years xxx xxx',
1561:'xxx xxx total future lease payments x,xxx x,xxx x,xxx x,xxx b. entity as lessor: capital leases: description of lease arrangements:',
1562:'future projected receipts: asset category fiscal year 1 2 3 totals year 1 xxx xxx xxx xxx year 2 xxx',
1563:'xxx xxx xxx year 3 xxx xxx xxx xxx year 4 xxx xxx xxx xxx year 5 xxx xxx xxx',
1564:'xxx after 5 years xxx xxx xxx xxx total future capital lease receivables…………… x,xxx x,xxx x,xxx x,xxx operating leases: description',
1565:'of lease arrangements: future projected receipts: asset category fiscal year 1 2 3 totals year 1 xxx xxx xxx xxx',
1566:'year 2 xxx xxx xxx xxx year 3 xxx xxx xxx xxx year 4 xxx xxx xxx xxx year 5',
1567:'xxx xxx xxx xxx after 5 years xxx xxx xxx xxx total future operating lease receivables x,xxx x,xxx x,xxx x,xxx',
1568:'c. other information: instructions. sffas nos. 5 and 6 provide the criteria for liability and asset recognition with respect to',
1569:'capital leases. a. entity as lessee. summary of assets under capital lease: enter the gross assets under capital lease, by',
1570:'major asset category, and the related total accumulated amortization. description of lease arrangements: provide information that discloses the agencys funding',
1571:'commitments including, but not limited to, the major asset categories and associated lease terms, including renewal options, escalation clauses, contingent',
1572:'rentals restrictions imposed by lease agreements, and the amortization period. future payments due: enter future lease payments, by major asset',
1573:'category, for all noncancellable leases with terms longer than one year. for capital leases, show deductions for imputed interest and',
1574:'executory costs. separately disclose the portions of the capital lease liability covered by budgetary resources and not covered by budgetary',
1575:'resources see appendix b of omb circular no. a11 for additional guidance but observe a difference in terminology: that the',
1576:'term capital leases as used in this note includes capital leases and lease purchases as the terms are used in',
1577:'omb circular no. a11. according to the omb circular no. a11, capital leases entered into during fy 1992 and thereafter',
1578:'are required to be fully funded in the first year of the lease. b. entity as lessor. description of lease',
1579:'arrangements: provide the information necessary to disclose the commitment of the entitys assets including but not limited to the major',
1580:'asset category and lease terms. future projected receipts: enter future lease revenues, by major asset category, for all noncancellable leases',
1581:'with terms longer than one year. c. other information. provide other information necessary for understanding leases that is not disclosed',
1582:'in the above categories. 9.18 note 18 life insurance liabilities federal entities providing whole life insurance should provide all disclosures',
1583:'required by private sector standards. they should also separately disclose all components of the liability for future policy benefits with',
1584:'a description of each amount and an explanation of its projected use and any other potential uses e.g., reducing premiums,',
1585:'determining and declaring dividends available, and/or reducing federal support in the form of appropriations related to administrative costs or subsidies.',
1586:'see sffas no. 5 for further guidance. 9.19 note 19 commitments and contingencies a loss contingency is an existing condition,',
1587:'situation, or set of circumstances involving uncertainty as to possible loss to an entity. the uncertainty should ultimately be resolved',
1588:'when one or more future events occur or fail to occur. the likelihood that the future event or events will',
1589:'confirm the loss or the incurrence of a liability can range from probable to remote. sffas no. 5, as amended',
1590:'by sffas no.12, contains the criteria for recognition and disclosure of contingent liabilities. in addition to the contingent liabilities required',
1591:'by sffas no. 5, the following shall also be disclosed: 1 an estimate of obligations related to canceled appropriations for',
1592:'which the reporting entity has a contractual commitment for payment and 2 amounts for contractual arrangements which may require future',
1593:'financial obligations. 9.20 note 20 earmarked funds effective fy 2006 earmarked funds are financed by specifically identified revenues and are',
1594:'required by statute to be used for designated activities or purposes, and must be accounted for separately from the government’s',
1595:'general revenues. see sffas 27, identifying and reporting earmarked funds for the required criteria for an earmarked fund. sffas 27',
1596:'requires disclosure of all earmarked funds for which the reporting entity has program management responsibility. see the standard for information',
1597:'and details on disclosing information on selected individual earmarked funds and for all remaining earmarked funds shown in aggregate. also,',
1598:'see sffas 27 for guidance on selecting earmarked funds to be presented individually or in aggregate. the following information should',
1599:'be disclosed for each individually reported earmarked fund, or portion thereof, for which a component entity has program management responsibility.',
1600:'a description of each funds purpose, how the entity accounts for and reports the fund, and its authority to use',
1601:'those revenues and other financing sources. the sources of revenue or other financing for the period and an explanation of',
1602:'the extent to which they are inflows of resources to the government or the result of intragovernmental flows. any change',
1603:'in legislation during or subsequent to the reporting period and before the issuance of the financial statements that significantly changes',
1604:'the purpose of the fund or that redirects a material portion of the accumulated balance. the total cumulative results of',
1605:'operations of all earmarked funds shown in the note disclosure should agree with the cumulative results of operations of earmarked',
1606:'funds shown on the face of the component entity’s balance sheet and the statement of changes in net position. sffas',
1607:'27 contains specific guidance if more than one component entity is responsible for carrying out a program financed with earmarked',
1608:'revenues and other financing sources. also see sffas 27 for restatement rules on an entity reporting a different portion of',
1609:'an earmarked fund than it reported in prior years, or does not report an earmarked fund that it reported in',
1610:'the previous year, or does report an earmarked fund that it did not report in the previous year. refer to',
1611:'sffas 27 for additional disclosure requirements. section 9 notes to the financial statements part 2 of 2 table of contents',
1612:'note disclosures related to the statement of net cost 9.21 note 21 intragovernmental costs and exchange revenue 9.22 note 22',
1613:'suborganization program costs/program costs by segment 9.23 note 23 cost of stewardship pp&e 9.24 note 24 stewardship assets through transfer,',
1614:'donation or devise 9.25 note 25 exchange revenues note disclosures related to the statement of changes in net position 9.26',
1615:'note 26 cleanup cost adjustments note disclosures related to the statement of budgetary resources 9.27 note 27 apportionment categories of',
1616:'obligations incurred 9.28 note 28 available borrowing/contract authority, end of period 9.29 note 29 terms of borrowing authority used 9.30',
1617:'note 30 adjustments to beginning balance of budgetary resources 9.31 note 31 permanent indefinite appropriations 9.32 note 32 legal arrangements',
1618:'affecting use of unobligated balances 9.33 note 33 explanation of differences between the statement of budgetary resources and the budget',
1619:'of the united states government 9.34 note 34 undelivered orders at the end of the period 9.35 note 35 contributed',
1620:'capital note disclosures related to the statement of financing 9.36 note 36 explanation of differences between liabilities not covered by',
1621:'budgetary resources and components requiring or generating resources in future periods 9.37 note 37 description of transfers that appear as',
1622:'a reconciling item on the statement of financing note disclosures related to the statement of custodial activity 9.38 note 38',
1623:'incidental custodial collections 9.39 note 39 nonexchange revenues note disclosures not related to a specific statement 9.40 note 40 dedicated',
1624:'collections 9.41 note 41 restatements 9.21 note 21 intragovernmental costs and exchange revenue exhibit 9e suborganization a suborganization b total',
1625:'2xxx py total cy program a intragovernmental costs public costs total program a costs [agrees with snc] intragovernmental earned revenue',
1626:'public earned revenue total program a earned revenue [agrees with snc] program b intragovernmental costs total program b costs [agrees',
1627:'with snc] total program b earned revenue [agrees with snc] program c public costs total program c costs [agrees with',
1628:'snc] 2xxx intragovernmental earned revenue public program c earned revenue total earned revenue [agrees with snc] instructions. disclose intragovernmental costs',
1629:'exchange transactions made between two reporting entities within the federal government separately from costs with the public exchange transactions made',
1630:'between the reporting entity and a nonfederal entity. disclose intragovernmental exchanges revenue exchange transactions made between two reporting entities within',
1631:'the federal government separately from exchange revenue with the public exchange transactions made between the reporting entity and a nonfederal',
1632:'entity. describe the definition criteria used for this classification, and include an explanation that makes it clear to the reader',
1633:'that the intragovernmental expenses relate to the source of goods and services purchased by the reporting entity, and not to',
1634:'the classification of related revenue. if necessary, provide an example: “for ‘exchange revenue with the public,’ the buyer of the',
1635:'goods or services is a nonfederal entity. for ‘intragovernmental costs,’ the buyer and seller are both federal entities. if a',
1636:'federal entity purchases goods or services from another federal entity and sells them to the public, the exchange revenue would',
1637:'be classified as ‘with the public,’ but the related costs would be classified as ‘intragovernmental.’ the purpose of this classification',
1638:'is to enable the federal government to provide consolidated financial statements, and not to match public and intragovernmental revenue with',
1639:'costs that are incurred to produce public and intragovernmental revenue.” 9.22 note 22 suborganization program costs/program costs by segment for',
1640:'some entities, the organizational structure and operations are so complex that supporting schedules should be used to fully display their',
1641:'suborganizations’ major programs and activities. in addition, an agencys statement of net cost may display highly aggregated program information, and',
1642:'the programs may have clearly distinguishable segments. information on the net cost of the segments should be disclosed in the',
1643:'footnotes. supporting schedules similar to the illustration in exhibit 9f should be included in the notes to the financial statements',
1644:'and present detailed cost and revenue information supporting the summary information presented in the statement of net cost. 9.22 note',
1645:'22 suborganization program costs/program costs by segment reporting entity supporting schedule by suborganization for the year ended september 30, 2xxx',
1646:'cy in dollars/thousands/millions suborgani suborgani suborgani combined intraentity consolidated zation a zation b zation c total eliminations total crosscutting programs',
1647:'program a: gross costs xxx xxx xxx xxx xxx less: earned revenues xx xx xx xx xxx net program costs',
1648:'x, xxx x,xxx x,xxx x,xxx x,xxx other programs program b: xxx xxx xxx xxx program c: xxx xxx xxx xxx',
1649:'program d: xxx xxx xxx xxx xxx program e: xxx xxx xxx xxx program f: xxx xxx xxx xxx other',
1650:'programs xxx xxx xxx xxx total other program costs x,xxx x,xxx x,xxx x,xxx x,xxx x,xxx cost not assigned to programs',
1651:'xxx xxx xxx xxx xxx less: earned revenues not attributed to programs xx xx xx xx xx net cost of',
1652:'operations x,xxx x,xxx x,xxx x,xxx x,xxx x,xxx exhibit 9f 9.22 note 22 suborganization program costs/program costs by segment continued reporting',
1653:'entity supporting schedule by suborganization for the year ended september 30, 2xxx in dollars/thousands/millions suborgani suborgani suborgani combined intraentity consolidated',
1654:'zation a zation b zation c total eliminations total crosscutting programs program a: gross costs xxx xxx xxx less: earned',
1655:'revenues xx xx xx xx xxx net program costs x, xxx x,xxx x,xxx x,xxx x,xxx other programs program b: xxx',
1656:'xxx xxx xxx program c: xxx xxx xxx xxx program d: xxx xxx xxx xxx xxx program e: xxx xxx',
1657:'xxx xxx program f: xxx xxx xxx xxx other programs xxx xxx xxx xxx total other program costs x,xxx x,xxx',
1658:'x,xxx x,xxx x,xxx x,xxx cost not assigned to programs xxx xxx xxx xxx xxx less: earned revenues not attributed to',
1659:'programs xx xx xx xx xx net cost of operations x,xxx x,xxx x,xxx x,xxx x,xxx x,xxx note 9.23 note 23',
1660:'cost of stewardship pp&e the cost of acquiring, constructing, improving, reconstructing, or renovating heritage assets other than multiuse heritage assets,',
1661:'and the cost of acquiring stewardship land and any costs to prepare stewardship land for its intended use, shall be',
1662:'recognized as a cost in the statement of net cost in the period when it is incurred. these costs shall',
1663:'be separately reported on the face of the statement of net cost or disclosed in the footnotes, depending on the',
1664:'materiality of the amounts and the need to distinguish such amounts from other costs relating to measures of outputs or',
1665:'outcomes of the reporting entity see sffas no. 8. 9.24 note 24 stewardship assets acquired through transfer, donation or devise',
1666:'if the cost of heritage assets and stewardship land transferred from other federal entities is not known, then the receiving',
1667:'entity shall disclose their fair value. heritage assets and stewardship land acquired through donation or devise shall not be recognized',
1668:'as a cost in calculating net cost, but the fair value of the property shall be disclosed. if the fair',
1669:'value is not known or reasonably estimable, information related to the type and quantity of assets received shall be disclosed',
1670:'see sffas nos. 6 and 8. 9.25 note 25 exchange revenues reporting entities that provide goods and services to the',
1671:'public or another government entity should disclose specific information related to their pricing policies and any expected losses under goods',
1672:'made to order. these disclosures are described in sffas no. 7. note disclosure related to the statement of changes in',
1673:'net position 9.26 note 26 cleanup cost adjustments the cost for any cleanup cost liability recognized upon implementation of the',
1674:'standard requiring such recognition shall be shown on the statement of changes in net position as a prior period adjustment.',
1675:'the amounts involved shall be disclosed in a note, and to the extent possible, amounts associated with current and prior',
1676:'periods should be identified. see sffas no. 6. note disclosures related to the statement of budgetary resources 9.27 note 27',
1677:'apportionment categories of obligations incurred disclose the amount of direct and reimbursable obligations incurred against amounts apportioned under category a,',
1678:'b and exempt from apportionment. this disclosure shall agree with the aggregate of the related information as reported on the',
1679:'agency’s yearend sf 133s, report on budget execution and budgetary resources, and lines 8a and 8b in the statement of',
1680:'budgetary resources. apportionment categories shall be determined in accordance with the guidance provided in omb circular no. a11, preparation, submission,',
1681:'and execution of the budget as amended 9.28 note 28 available borrowing/contract authority, end of period disclose the amount of',
1682:'available borrowing and contract authority at the end of the period. 9.29 note 29 terms of borrowing authority used disclose',
1683:'the repayment requirements, financing sources for repayment, and other terms of borrowing authority used. 9.30 note 30 adjustments to beginning',
1684:'balance of budgetary resources disclose and explain the amounts adjusted, during the reporting period, of the budgetary resources available at',
1685:'the beginning of the year. 9.31 note 31 permanent indefinite appropriations disclose the existence, purpose, and availability of permanent indefinite',
1686:'appropriations. 9.32 note 32 legal arrangements affecting use of unobligated balances disclose the information about legal arrangements affecting the use',
1687:'of unobligated balances of budget authority, such as time limits, purpose, and obligation limitations. for example, the portion of trust',
1688:'fund receipts collected in the current fiscal year that 1 exceed the amount needed to pay benefits or other valid',
1689:'obligations and 2 the excess of receipts temporarily precluded from obligation by law due to a benefit formula or other',
1690:'limitation. the receipts; however, are assets of the trust fund and available for obligation as needed in the future. 9.33',
1691:'note 33 explanation of differences between the statement of budgetary resources and the budget of the united states government identify',
1692:'and explain material differences between amounts reported in the statement of budgetary resources and the actual amounts reported in the',
1693:'budget of the united states government as required by sffas no. 7. agencies can find comparable information reported in the',
1694:'sbr to the president’s budget i.e., net outlays in a table entitled “federal program by agency and account” on the',
1695:'cdrom located in the pocket of the analytical perspective volume of the budget of the united states government. differences, in',
1696:'and of themselves, may or may not indicate a reporting error. legitimate reasons for differences could exist. for example, expired',
1697:'unobligated balances are reported in the statement of budgetary resources and sf 133 but not in the budget of the',
1698:'united states government. this disclosure should be provided when comparable line items differ between the president’s budget and the statement',
1699:'of budgetary resources. the reporting entity should disclose that the president’s budget with actual numbers for the fiscal year has',
1700:'not yet been published, explain when it is expected to be published, and indicate where it will be available. 9.34',
1701:'note 34 undelivered orders at the end of the period effective fy 2006 disclose the amount of budgetary resources obligated',
1702:'for undelivered orders at the end of the period. beginning with fy 2006, the format of the sbr will change',
1703:'and the amount of undelivered orders at the end of the period will no longer be reported on the face',
1704:'of the statement. due to the change in the statement format, this note disclosure will be required to comply with',
1705:'sffas 7 paragraph 79 a. 9.35 note 35 contributed capital the amount of any contributed capital received during the reporting',
1706:'period. note disclosures related to the statement of financing 9.36 note 36 explanation of differences between liabilities not covered by',
1707:'budgetary resources and components requiring or generating resources in future periods identify and explain the relationship between amounts reported as',
1708:'liabilities not covered by budgetary resources on the balance sheet and amounts reported as components requiring or generating resources in',
1709:'future periods on the statement of financing. 9.37 note 37 description of transfers that appear as a reconciling item on',
1710:'the statement of financing when budget authority and other resources are allocated to another agency or bureau allocation transfer of',
1711:'appropriation see omb circular a11, sections 20.4 l and 71.5, the following guidance applies. the parent transferor of the appropriation',
1712:'should report the activity in its financial statements, unless the allocation transfer is material to the childs recipient of the',
1713:'transfer financial statements. if the allocation transfer is material to the childs financial statements, the child should report the activity',
1714:'relating to the allocation in all of its financial statements, except the statement of budgetary resources. in this case, the',
1715:'parent should continue to report the appropriation and the related budgetary activity in its statement of budgetary resources. it is',
1716:'the responsibility of the parent to ensure that the reporting to treasury, through facts i, is consistent with the presentation',
1717:'in the financial statements. when the child reports material allocation transfers in its statement of net cost, both the parent',
1718:'and the child should report a reconciling item on their respective statements of financing. in their footnotes, the parent and',
1719:'child should provide a general description of the funds transferred to or the funds received from another entity, including the',
1720:'nature and purpose of the transfer. agencies are encouraged to add more detail e.g., their trading partner/agency, bureau, and account',
1721:'title for each parent appropriation as they deem necessary. note disclosures related to the statement of custodial activity 9.38 note',
1722:'38 incidental custodial collections organizations that collect immaterial custodial revenues that are incidental to their primary mission may disclose the',
1723:'sources and amounts of the collections and the amounts distributed to others in accompanying footnotes rather than on the face',
1724:'of the statement. 9.39 note 39 nonexchange revenues entities preparing a statement of custodial activity for nonexchange revenue should disclose',
1725:'the: 1 basis of accounting, 2 factors affecting the collectability and timing of taxes and other nonexchange revenues, and 3',
1726:'cash collections and refunds by tax year and type of tax for the reporting period. these disclosures are described in',
1727:'sffas no. 7. note disclosures not related to a specific statement 9.40 note 40 dedicated collections effective fy 2006, for',
1728:'funds meeting the definition of earmarked funds see sffas 27, paragraphs 1118, follow the instructions for new note 20 instead',
1729:'of this note. effective fy 2006, the following instructions apply only to dedicated collections that do not meet the definition',
1730:'of earmarked funds. a reporting entity may be responsible for funds financed with dedicated collections that are held for later',
1731:'use to accomplish the funds purpose. such funds include all funds within the budget classified as trust funds, those funds',
1732:'within the budget that are classified as special funds but that are similar in nature to trust funds, and those',
1733:'funds within and outside the budget that are fiduciary in nature. financial information about dedicated collections i.e., collections material to',
1734:'the reporting entity, beneficiaries, or contributors should be separately presented on the face of the principal statements or disclosed in',
1735:'the notes to those statements. immaterial amounts may be presented separately in special reports to the beneficiaries and contributors. most',
1736:'dedicated collections are included in the financial statements of the entity carrying out the program and responsible for administration of',
1737:'the fund. the minimum requirements to be reported or disclosed include the following: a description of each fund’s purpose, how',
1738:'the administrative entity accounts for and reports the fund, and its authority to use those collections. the sources of revenue',
1739:'or other financing for the period and an explanation of the extent to which they are inflows of resources to',
1740:'the government or the result of intragovernmental flows. condensed information about assets and liabilities showing investments in treasury securities, other',
1741:'assets, liabilities due and payable to beneficiaries, other liabilities, and fund balance. condensed information on net cost and changes to',
1742:'fund balance showing revenues by type exchange/nonexchange, program expenses, other expenses, other financing sources, and other changes in fund balance.',
1743:'any revenues, other financing sources, or costs attributable to the fund under accounting standards, but not legally allowable as credits',
1744:'or charges to the fund. preparers are encouraged to refer to sffas no. 7 paragraphs 8387 for further guidance on',
1745:'the reporting and disclosure requirements for dedicated collections. effective fy 2006, preparers should refer to sffas 27 for reporting and',
1746:'disclosure requirements for funds meeting the definition of earmarked funds. 9.41 note 41 restatements agencies shall provide information to address',
1747:'the restatement of financial statements due to material errors in a separate note entitled “restatements”. the following information should be',
1748:'addressed in the note: the nature of the error and the reason for the restatement, the year s being restated,',
1749:'which financial statements are impacted, the amounts being restated, and the effect of the restatement on the financial statements as',
1750:'a whole i.e., change in overall net position, change in audit opinion, etc.. in addition, agencies should further discuss the',
1751:'actions management took after discovering the error. 6 the board eliminated the use of rssi to report information about weapons',
1752:'systems when it issued sffas 23, “eliminating the category national defense property, plant, and equipment.” additionally, sffas 25, reclassification of',
1753:'stewardship responsibilities and eliminating the current services assessment, eliminated the use of rssi for reporting stewardship responsibilities. classification of other',
1754:'items of information currently designated rssi may be dealt with in one or more future standards. section 10 required supplementary',
1755:'stewardship information 10.1 general 10.2 stewardship property, plant and equipment 10.2a heritage assets 10.2b stewardship land 10.2 c summary of',
1756:'minimum reporting requirements 10.3a nonfederal physical property 10.3b human capital 10.3c research and development 10.3d summary of minimum reporting requirements',
1757:'10.4 stewardship responsibilities 10.4a social insurance 10.1 general6 the stewardship objective of federal financial reporting requires the federal government to',
1758:'report on its stewardship over certain resources entrusted to it and certain responsibilities assumed by it that cannot be measured',
1759:'in traditional financial reports. these resources and responsibilities do not meet the criteria for assets and liabilities that are required',
1760:'to be reported in the financial statements but are important to understanding the operations and financial condition of the federal',
1761:'government at the date of the financial statements and in subsequent periods. stewardship resources involve substantial investment by the federal',
1762:'government for the benefit of the nation. costs of stewardshiptype resources are treated as expenses in the financial statements in',
1763:'the year the costs are incurred. however, these costs and resultant resources are intended to provide longterm benefits to the',
1764:'public and are included as required supplementary stewardship reporting to highlight for the user their longtermbenefit nature and to demonstrate',
1765:'accountability over them. depending on the nature of the resources, stewardship reporting could consist of financial or nonfinancial data. to',
1766:'achieve the objectives of required supplementary stewardship information rssi reporting, resources and responsibilities for which the federal government is accountable',
1767:'have been table of contents 10.3 stewardship investments categorized into three distinct groups and measures of accountability established for each.',
1768:'the three major groups are as follows: stewardship property, plant and equipment pp&e stewardship investments stewardship responsibilities reporting requirements for',
1769:'financial and nonfinancial data have been defined so that the unique characteristics of stewardship can be displayed. entities should make',
1770:'the determination of how best to apply the stewardship standards based on a thorough analysis of their individual entity, including',
1771:'its mission, financial practices, and the impact of its mission and operations on financial report users and on the nation.',
1772:'all entity determinations of the applicability of stewardship standards should be thoroughly documented. 10.2 stewardship property, plant and equipment stewardship',
1773:'pp&e consists of assets whose physical properties resemble those of general pp&e that are traditionally capitalized in financial statements. however,',
1774:'due to the nature of these assets, 1 valuation would be difficult and 2 matching costs with specific periods would',
1775:'not be meaningful. yet, the federal government should be able to demonstrate accountability over these assets by reporting on their',
1776:'existence and condition. stewardship pp&e includes: heritage assets, such as federal monuments and memorials and historically or culturally significant property.',
1777:'stewardship land, e.g., land not acquired for or in connection with general pp&e. 10.2a heritage assets heritage assets are unique',
1778:'and are generally expected to be preserved indefinitely. heritage assets may be unique because they have historical or natural significance,',
1779:'are of cultural, educational or artistic importance, or have significant architectural characteristics. these assets shall be reported in terms of',
1780:'physical units rather than cost, fair value, or other monetary values. no amount shall be shown on the balance sheet',
1781:'of federal financial statements for heritage assets, except for multiuse heritage assets in which the predominant use of the asset',
1782:'is in general government operations. the costs of acquisition, betterment, or reconstruction of multiuse heritage assets shall be capitalized as',
1783:'general pp&e and depreciated, with required supplementary stewardship information providing the physical quantity information for the multiuse heritage assets. the',
1784:'costs of acquiring, constructing, improving, reconstructing, or information on stewardship definitions, measurement, minimum reporting and implementation guidance can be found',
1785:'in sffas nos. 5, 6, 8, 11, 14, 16, and 17. 7 see sffas 6, paragraph 78 footnote 58 for',
1786:'guidance on management’s authority in determining the level of condition. 8 condition information may be reported with the deferred maintenance',
1787:'information in rsi. entities should reference the condition and deferred maintenance information if reported elsewhere in the report. renovating heritage',
1788:'assets, other than multiuse, shall be considered an expense in the period incurred when determining the net cost of operations.',
1789:'10.2b stewardship land stewardship land is land [and land rights] not acquired for or in connection with items of general',
1790:'pp&e. land is defined as the solid surface of the earth, excluding natural resources. these assets shall be reported in',
1791:'terms of physical units rather than cost, fair value, or other monetary values. no asset amount shall be shown on',
1792:'the balance sheet of federal financial statements for stewardship land. the acquisition cost of stewardship land shall be considered an',
1793:'expense in the period acquired when determining the net cost of operations. 10.2c summary of minimum stewardship reporting requirements the',
1794:'following table summarizes the minimum stewardship reporting required for heritage assets, and stewardship land. information reported heritage assets stewardship land',
1795:'1. description of assets describe each major category: 1. collectible 2. noncollectible describe, by principal organization, significant holdings by category',
1796:'of major use. 2. description of acquisitions and withdrawals describe methods of acquisition and withdrawal. describe methods of acquisition and',
1797:'withdrawal. 3. accounting for physical items or dollars account for physical units by major category: beginning balance additions withdrawals ending',
1798:'balance account for physical units by major category: beginning balance additions ending balance 4. condition description7 describe overall condition. 8',
1799:'describe overall condition. withdrawals 5. deferred maintenance reference information on deferred maintenance included elsewhere in the report, if required. reference',
1800:'information on deferred maintenance included elsewhere in the report, if required. 6. presentation of financial information reference principal statements for',
1801:'financial information on multiuse heritage assets. not applicable. 10.3 stewardship investments stewardship investments are substantial investments made by the federal',
1802:'government for the benefit of the nation but are not physical assets owned by the federal government. when incurred, they',
1803:'are treated as expenses in determining the net cost of operations. however, these items merit special treatment so that users',
1804:'of federal financial reports know the extent of investments that are made for longterm benefit. such investments should be measured',
1805:'in terms of expenses incurred for: 1 federallyfinanced but not federallyowned physical property non federal physical property; 2 certain education',
1806:'and training programs human capital; and 3 federallyfinanced research and development research and development. 10.3a nonfederal physical property nonfederal physical',
1807:'property investments are expenses included in the calculation of net cost incurred by the reporting entity for the purchase, construction',
1808:'or major renovation of physical property owned by state and local governments. reporting will include data, in nominal dollars, on',
1809:'investment for the year being reported upon and the preceding four years. additional years’ data may also be reported if',
1810:'such data would provide a better indication of the nature of the investment. 10.3b human capital human capital investments are',
1811:'expenses included in net cost for education and training programs that are intended to: 1 increase or maintain national economic',
1812:'productive capacity, and that 2 produce outputs and outcomes that provide evidence of maintaining or increasing national productive capacity. the',
1813:'definition excludes education and training expenses for federal civilian and military personnel. reporting will include data, in nominal dollars, on',
1814:'investment for the year being reported upon and the preceding four years. additional years’ data may also be reported if',
1815:'such data would provide a better indication of the investment. continued categorization of human capital expenses as investment for stewardship',
1816:'purposes is predicated on demonstrated outputs and outcomes consistent with the intent of the program. sffas no. 8 describes the',
1817:'criteria which shall be met for these expenses to continue to be categorized as stewardship investments. outcome and output measures',
1818:'that are used to justify continued treatment of expenses as stewardship investments should be clearly identified in the agencys financial',
1819:'statement, and the relationship of the outcomes and outputs to the stewardship investments should be readily apparent. 10.3c research and',
1820:'development research and development investments are expenses included in the calculation of net costs to support the search for new',
1821:'or refined knowledge and ideas and for the application or use of such knowledge and ideas for the development of',
1822:'new or improved products and processes, with the expectation of maintaining or increasing national economic productive capacity or yielding other',
1823:'future benefits. reporting will include data, in nominal dollars, on investment for the year being reported upon and the preceding',
1824:'four years. additional years’ data may also be reported if such data would provide a better indication of the investment.',
1825:'continued categorization of research and development expenses as investment for stewardship purposes is predicated on demonstrated outputs and outcomes consistent',
1826:'with the intent of the program. sffas no. 8 describes the criteria which shall be met for these expenses to',
1827:'continue to be categorized as stewardship investments. outcome and output measures that are used to justify continued treatment of expenses',
1828:'as stewardship investments should be clearly identified in the agencys financial statement, and the relationship of the outcomes and outputs',
1829:'to the stewardship investments should be readily apparent. 10.3d summary of minimum reporting requirements the following table summarizes the minimum',
1830:'reporting required for nonfederal property, human capital, and research and development. information reported nonfederal property human capital research and development',
1831:'1. annual investment by category or level include full cost of the investment made for the current year, including description',
1832:'of federal property transferred to state and local governments, and the preceding 4 years. report additional years of data if',
1833:'it provides a better indication of investment. include full cost of the investment made for the current year and the',
1834:'preceding 4 years. report additional years of data if it provides a better indication of investment. include full cost of',
1835:'the investment made for the current year and the preceding 4 years. report additional years of data if it provides',
1836:'a better indication of investment. 2. description of major programs describe major programs involving federal investments, including description of programs',
1837:'or policies under which noncash assets are transferred to state and local governments. describe major education and training programs considered',
1838:'federal investments. describe major research and development programs. in some cases, the information is not available because entities have maintained',
1839:'records on the basis of outlays rather than expenses. agencies in this situation should continue to report historical data on',
1840:'an outlay basis for any years in which reporting is required and for which expense data is not available. if',
1841:'neither historical expense nor outlay data are available for each of the five years, entities need report expense data for',
1842:'only the current reporting year and such other years as available. at the end of five years, however, the agency',
1843:'will be able to report the expenses, to be categorized as investments, for each of the preceding five years. 9',
1844:'under sffas 25 reclassification of stewardship responsibilities and eliminating the current services assessment, as amended by sffas 26, presentation of',
1845:'significant assumptions for the statement of social insurance, the statement of social insurance sosi, including accompanying notes and significant assumptions',
1846:'will become basic information, while the remaining information about social insurance required by sffas 17 will be reported as rsi.',
1847:'sffas 28 defers for one year the effective dates of ssfas 25 and sffas 26. the provisions of this standard',
1848:'will be effective for periods beginning after september 30, 2005. 10.4 stewardship responsibilities9 reporting on stewardship responsibilities aids in assessing',
1849:'the federal government’s financial condition and the sufficiency of future budgetary resources to sustain public services and meet obligations as',
1850:'they become due. stewardship responsibilities at the entitylevel have been identified, and reporting requirements are addressed below, for social insurance.',
1851:'supplementary stewardship information for social insurance programs is to be reported to address fundamental questions about the current and future',
1852:'financial condition of these programs. these fundamental questions include whether the programs are sustainable as currently constructed and what effect',
1853:'these programs have on the overall financial condition of the government. information required to be disclosed for social insurance programs',
1854:'is intended to facilitate an assessment of the longterm sustainability of the program as well as the ability of the',
1855:'program to raise resources from future program participants to pay for benefits to present participants. disclosure requirements for social insurance',
1856:'programs are discussed in summary below. financial statement preparers and auditors should refer to sffas no. 17 for a more',
1857:'detailed discussion. programs defined as social insurance consist of: oldage, survivors, and disability insurance oasdi or social security; hospital insurance',
1858:'hi and supplementary medical insurance smi, collectively known as medicare; railroad retirement benefits; black lung benefits; and unemployment insurance ui.',
1859:'the rssi information provided for each of these programs should include the following financial and actuarial disclosures: longrange cashflow projections',
1860:'longrange projections of the ratio of contributors to beneficiaries dependency ratio actuarial present value of future benefits, and future contributions',
1861:'and tax income for/from current and future beneficiaries sensitivity analysis illustrating the effect of the changes in the most significant',
1862:'assumptions on the projections and present values statebystate solvency analysis for the ui program the actuarial present value of future',
1863:'benefit payments, contributions and tax income for current and future participants should be summarized in a statement of social insurance.',
1864:'the statement of social insurance should cover a fiveyear period beginning with the current period covered in the financial statements.',
1865:'financial and actuarial disclosures should be accompanied by a narrative describing the program, how it is financed, how benefits are',
1866:'calculated, and an interpretive analysis of trends revealed by the data. management may provide any additional information pertaining to the',
1867:'financial conditions of its program that it believes may be useful and appropriate. additional information on definitions, measurement, minimum reporting',
1868:'and implementation guidance, as well as illustrative disclosure formats, can be found in sffas no. 17. section 11 required supplementary',
1869:'information table of contents 11.1 management’s discussion & analysis 11.1a purpose 11.1b responsibility 11.1c scope 11.1d mission and organizational structure',
1870:'11.1e performance goals, objectives, and results 11.1f analysis of entity’s financial statements and stewardship information 11.1g analysis of entity’s systems,',
1871:'controls and legal compliance 11.1h possible future effects of existing events and conditions 11.1i other management information, initiatives, and issues',
1872:'11.1j limitations of the financial statements 11.2 deferred maintenance 11.3 intragovernmental amounts 11.4 statement of budgetary resources 11.5 statement of',
1873:'custodial activity 11.6 segment information 11.7 risk assumed information 11.1 management s discussion & analysis annual performance and accountability reports',
1874:'par must contain a section entitled management’s discussion and analysis md&a. the md&a is section 1 of the par and',
1875:'should follow the entity head letter secretary’s message. to be useful, the md&a must be concise and readable to a',
1876:'nontechnical audience. not all material items in the basic statements, notes and other sections of the annual financial report need',
1877:'to be discussed in md&a. 11.1a purpose the md&a should serve as a brief overview of the entire par. it',
1878:'includes most important matters that could: lead to significant actions or proposals by top management of the reporting unit; be',
1879:'significant to the managing, budgeting, and oversight functions of congress and the administration; or significantly affect the judgment of citizens',
1880:'about the efficiency and effectiveness of their federal government. furthermore, conformance to u.s. generally accepted accounting principles for federal entities',
1881:'requires the inclusion of an md&a of the financial statements and related information. 11.1b responsibility the content of md&a is',
1882:'the responsibility of management. its preparation should be a joint effort of both the chief financial officer cfo office and',
1883:'program offices. the md&a should provide a balanced analytical assessment of performance that includes both positive and negative information. 11.1c',
1884:'scope the md&a is an integral part of the annual financial statement and should be regarded as required supplementary information',
1885:'rsi. the following summarizes the requirements for the md&a as stated in sffac no. 3 and sffas no. 15. pursuant',
1886:'to sffas no. 15, the md&a may reference information in other discrete sections of the financial statement or it may',
1887:'be based on information contained in reports separate from the financial statement. at a minimum, the md&a should address the',
1888:'entity’s: mission and organizational structure; performance goals, objectives, and results; financial statements; systems, controls, and legal compliance; and the md&a',
1889:'should also include forwardlooking information about the possible effects of anticipated future demands, events, conditions, and trends. management should discuss',
1890:'important problems that need to be addressed, and actions that have been planned or taken to address those problems. actions',
1891:'needed, planned, and taken may be discussed within the sections listed above or in a separate section of the md&a.',
1892:'11.1d mission and organizational structure the md&a should contain a brief description of the missions of the entity and describe',
1893:'its related organizational structure, consistent with the entitys strategic plan. 11.1e performance goals, objectives, and results this section should summarize',
1894:'the more detailed performance information reported in the performance section of the par. the md&a should include in no specific',
1895:'order: highlights of “most important” performance goals and results positive and negative for the applicable year related to and consistent',
1896:'with major goals and objectives in the entity’s strategic and performance plans, including trend data where available this applies to',
1897:'goals being evaluated by quantitative and descriptive criteria. these highlights should: o provide a clear, objective picture of the entity’s',
1898:'program results compared to its goals and objectives. o indicate the extent to which its programs are achieving their intended',
1899:'goals and objectives, and explain performance trends. o discuss the strategies and resources the entity uses to achieve its performance',
1900:'goals. o evaluate the significance of underlying factors that may have affected the reported performance. these may include information about',
1901:'factors that are substantially outside the entity’s control as well as information about factors over which the entity has significant',
1902:'control; and o include an explanation of plans and timelines to improve performance where targets were not met. a summary',
1903:'of the procedures management has designed and followed to provide reasonable assurance that reported performance information is relevant and reliable;',
1904:'a discussion of important limitations and difficulties associated with performance measurement and reporting should be noted to the extent relevant.',
1905:'entities are encouraged to describe in the par how they are currently integrating performance and financial information to help the',
1906:'reader assess the relative efficiency and effectiveness of entity programs/operations. efficiency is measured by relating outputs the quantity of services',
1907:'provided to inputs the costs incurred to provide the services. effectiveness is measured by the outcome or the degree to',
1908:'which a predetermined objective is met, and is commonly combined with cost information to show “cost effectiveness.” entities should strive',
1909:'to articulate efficiency and effectiveness by developing and reporting objective measures that, to the extent possible, address efficiency and effectiveness,',
1910:'and by relating major goals and objectives in their strategic plan to cost categories i.e., responsibility segments presented in the',
1911:'statement of net cost. further, entities should include a strategic vision for enhancing the integration of financial and performance information',
1912:'in future pars. 11.1f analysis of the entity’s financial statements and stewardship information the md&a should help users understand the',
1913:'entity’s financial results, position and condition conveyed in the principal financial statements. the md&a should include comparisons of the 10',
1914:'the annual assurance statements consist of: 1 management’s overall statement of assurance as required by section 2 and section 4',
1915:'of the fmfia and 2 management’s assurance over the effectiveness of the internal controls over financial reporting, as a subset',
1916:'of the overall statement of assurance. current year to the prior year and should provide an analysis of the agencys',
1917:'overall financial position and results of operations to assist users in assessing whether that financial position has improved or deteriorated',
1918:'as a result of the years activities. it should give users the benefit of management’s understanding of: major changes in',
1919:'types or amounts of assets, liabilities, costs, revenues, obligations, and outlays; the relevance of particular balances and amounts shown in',
1920:'the principal financial statements, particularly if relevant to important financial management issues; and the entity’s stewardship information. this section should',
1921:'also include a discussion of key financialrelated measures that emphasize financial trends and assess financial operations. 11.1g analysis of the',
1922:'entity’s systems, controls, and legal compliance in reporting on the status of systems and internal controls that support preparation of',
1923:'the financial statements, performance information, and compliance with applicable laws, management should provide a brief summary of material weaknesses revealed',
1924:'by management or through audits or otherwise known to management in accordance with the federal managers’ financial integrity act integrity',
1925:'act. beginning with fy 2006, the assurance statement that was previously included as part of the agency head message will',
1926:'now be separately identified in this section and combined with the new separate assurance statement on the effectiveness of internal',
1927:'control over financial reporting required by omb circular a123, management’s responsibility for internal control. management assurances shall include the annual',
1928:'assurance statements10 signed by the head of the agency, summary of material weaknesses and nonconformances, and summary of corrective action',
1929:'plans. this assurance statement shall also include an annual statement on whether the agencys financial management systems conform to governmentwide',
1930:'requirements as required by section 4 of the fmfia. the financial systems requirements are mandated by the federal financial management',
1931:'improvement act ffmia and omb circular no. a127, financial management systems, section 7. omb a11, section 52 information on financial',
1932:'management outlines requirements for agencys plans for bringing its systems into substantial compliance. financial management systems include both financial and',
1933:'financiallyrelated or mixed systems. to satisfy the reporting requirements of the improper payments information act ipia for fiscal year 2005,',
1934:'a brief summary of what agencies have accomplished, and plan to accomplish, must be included in the md&a all other',
1935:'required information, should be included as an item in oai of the report. 11.1h possible future effects of existing events',
1936:'and conditions the discussion of current demands, risks, uncertainties, events, conditions and trends goes beyond a mere description of existing',
1937:'conditions. management should address the possible future effect of those factors that may include, but not necessarily be limited to,',
1938:'demographic characteristics, claims, contingencies, deferred maintenance, commitments, or major unfunded liabilities. information about the possible effects of anticipated future demands,',
1939:'events, conditions and trends should be labeled ”projected” or ”projection” and the key underlying assumptions explained. forwardlooking information may comprise',
1940:'a separate section of md&a or may be incorporated with the sections listed in section 11.1c. 11.1i other management information,',
1941:'initiatives, and issues management has the discretion to include a summary in the md&a of other information, initiatives, and issues',
1942:'it identifies. this could include summarizing entity progress in implementing key administration management initiatives. 11.1j limitations of the financial statements',
1943:'the md&a should include a section articulating the limitations of the principal financial statements. this section should state the following:',
1944:'1. the principal financial statements have been prepared to report the financial position and results of operations of the entity,',
1945:'pursuant to the requirements of 31 u.s.c. 3515 b. 2. while the statements have been prepared from the books and',
1946:'records of the entity in accordance with u.s. generally accepted accounting principles gaap for federal entities and the formats prescribed',
1947:'by omb, the statements are in addition to the financial reports used to monitor and control budgetary resources which are',
1948:'prepared from the same books and records. 3. the statements should be read with the realization that they are for',
1949:'a component of the u.s. government, a sovereign entity. 11.2 deferred maintenance deferred maintenance is maintenance that was not performed',
1950:'when it should have been or was scheduled to be and which, therefore, is put off or delayed for a',
1951:'future period. sffas 6 as amended by sffas no. 14 requires that deferred maintenance information be included as rsi. it',
1952:'is important to note that footnote 58 cited in par. 78 of sffas 6 provides that “acceptable services and condition',
1953:'may vary both between entities and among sites within the same entity. management shall determine what level of service and',
1954:'condition is acceptable.” determination of acceptable condition, therefore, affects the amount of deferred maintenance. in some cases, such as heritage',
1955:'assets and stewardship land, management may determine that maintenance is not needed. in that case, deferred maintenance would not exist.',
1956:'for general property, plant, and equipment pp&e, heritage assets, and stewardship land, the following information related to deferred maintenance shall',
1957:'be reported as rsi: the identification of each major class of asset for which maintenance was deferred. the method of',
1958:'measuring deferred maintenance for each major class of asset. see sffas nos. 6 and 14 for detailed guidance on the',
1959:'extent of the disclosures for the condition assessment survey or the total lifecycle cost method. either method may be used',
1960:'for measuring deferred maintenance. management may elect to present stratification of critical and non critical amounts of maintenance needed to',
1961:'return each major class of asset to its acceptable operating condition. if management elects to make this disclosure, the disclosure',
1962:'should include managements definition of critical and non critical maintenance. financial statement preparers are encouraged to refer to sffass no.',
1963:'6 and 14 for additional information. 11.3 intragovernmental amounts intragovernmental amounts include transactions between federal entities included in the financial',
1964:'report of the united states government. these transactions include activities with federal cfo act and noncfo act entities as identified',
1965:'in the treasury financial manual. report, as required supplementary information, intragovernmental amounts for: 1 assets, 2 liabilities, 3 nonexchange revenue,',
1966:'and, 4 for certain reporting entities, earned revenue from trade buy/sell transactions along with the gross cost to generate such',
1967:'revenue. report these amounts by trading partner reciprocal federal entity. report intragovernmental gross cost to generate earned revenue from trade',
1968:'transactions by budget functional classification. intragovernmental asset and liability categories reported as rsi should agree with the intragovernmental asset and',
1969:'liability line items reported on the balance sheet. the intragovernmental rsi may be limited to the consolidated agencywide financial statements.',
1970:'that is, only the 24 executive departments and agencies covered by this circular are required to report intragovernmental rsi in',
1971:'their annual financial statement. the intragovernmental rsi reporting requirement does not extend to federal components that are required to prepare',
1972:'financial statements. all amounts should be net of intraentity transactions consolidated. transactions with components of federal departments or agencies should',
1973:'not be reported separately but should be included in the activity reported for the federal department or agency. for example,',
1974:'food and nutrition service, forest service, and rural development mission area are not separate federal departments or agencies but are',
1975:'components of the u.s. department of agriculture usda, which is a federal department. transactions with food and nutrition service, forest',
1976:'service, and rural development mission areas would be included in the rsi reported for usda. intragovernmental assets: intragovernmental assets reported',
1977:'as rsi should agree with the intragovernmental asset line items and totals on the reporting entity’s consolidated agencywide balance sheet.',
1978:'for each intragovernmental asset line item on the consolidated agencywide balance sheet, a corresponding column heading should be reported in',
1979:'the intragovernmental assets supplementary information that identifies the trading partner balances that make up the line item. reporting entities may',
1980:'aggregate trading partners whose individual totals for a particular asset category collectively comprise less than 20 percent of the total',
1981:'asset line item category. if intragovernmental transactions with a trading partner are material in one asset line item category but',
1982:'immaterial in another asset line item category, report transactions with the trading partner for each asset line item category. for',
1983:'example, assume a reporting agency has the following intragovernmental assets: fund balance with the u.s. treasury$200; accounts receivable$100 agency a$82,',
1984:'agency b$9, agency c$4, agency d $5; loans receivable$100 agency a $5, agency b$90, agency c$5; investments$100 agency a$32, agency',
1985:'b$50, agency c$18; and other$20 agency a$2, agency b$15, agency c$2, agency d $1. in this case, the reporting entity’s',
1986:'intragovernmental assets may be presented in the supplementary information as follows this example is for illustrative purposes only: intragovernmental assets:',
1987:'trading fund balance accounts loans partner with treasury receivable receivable investments other u.s. treasury $ 200 $ $ $ $',
1988:'agency a 82 5 32 2 agency b 9 90 50 15 other 9 5 18 3 total $ 200',
1989:'$ 100 $ 100 $ 100 $ 20 intragovernmental liabilities: intragovernmental liabilities reported as rsi should agree with the intragovernmental',
1990:'liability line items and totals on the reporting entity’s consolidated agencywide balance sheet. for each intragovernmental liability line item on',
1991:'the consolidated agencywide balance sheet, a corresponding column heading should be reported in the intragovernmental liabilities supplementary information that identifies',
1992:'the trading partner balances that make up the line item. if intragovernmental transactions with a trading partner are material in',
1993:'one liability line item category but immaterial in another liability line item category, report transactions with the trading partner for',
1994:'each liability line item category. trading accounts debt/borrowings partner payable from other agencies other agency a $ xxx $ xxx',
1995:'$ xxx agency b xxx xxx xxx agency c xxx xxx xxx other xxx xxx xxx total $ x,xxx $',
1996:'x,xxx $ x,xxx intragovernmental earned revenues: agencies with total intragovernmental earned revenues from trade transactions net of intraentity activity greater',
1997:'than $500 million shall report such revenues by trading partner. trading partner earned revenue agency a $ xxx agency b',
1998:'xxx agency c xxx agency d xxx total $ x,xxx intragovernmental nonexchange revenue: agencies shall report, by trading partner, intragovernmental',
1999:'nonexchange revenues transferred in and out. trading nonexchange revenue partner transfersin transfersout agency a $ xxx $ xxx agency b',
2000:'xxx xxx agency c xxx xxx total $ x,xxx $ x,xxx 11.4 statement of budgetary resources it is important to',
2001:'monitor budget execution at the individual account level. accordingly, budgetary information aggregated for purposes of the statement of budgetary resources',
2002:'should be disaggregated for each of the reporting entitys major budget accounts and presented as rsi. for purposes of this',
2003:'presentation, small budget accounts may be aggregated. the major accounts and the aggregate of small budget accounts should, in total,',
2004:'agree with the amounts reported on the face of the statement of budgetary resources. 11.5 statement of custodial activity entities',
2005:'that collect taxes and duties should provide the following required supplementary information relating to their potential collections and custodial responsibilities',
2006:'see sffas no. 7: a discussion of the factors affecting the collectibility of compliance assessments recognized as taxes receivable, if',
2007:'reasonably estimable, claims for refunds that are not yet accrued but are likely to be paid when administrative action is',
2008:'complete, the amount of assessments that the entity still has statutory authority to collect at the end of the period,',
2009:'but has no future collection potential and are therefore defined as writeoffs, and if reasonably estimable, the amounts by which',
2010:'trust funds may be over or under funded in comparison with requirements of law. this information should also be presented',
2011:'by recipient entities that are trust funds. these disclosures are not applicable to exchange revenue presented on the statement of',
2012:'custodial activity. 11.6 segment information each franchise fund and other intragovernmental support revolving fund that is not separately reported on',
2013:'the entitys principal statements shall report the following required supplementary information: condensed information about assets, liabilities, and net position, as',
2014:'of the reporting date: 1 fund balance, 2 accounts receivable, 3 pp&e, 4 other assets, 5 liabilities due and payable',
2015:'for goods and services received, 6 deferred revenues, 7 other liabilities, and 8 cumulative results of operations. all franchise funds',
2016:'and other intragovernmental support revolving funds shall report the following required supplementary information: a brief description of the services provided',
2017:'by the fund and the identity of the funds major customers major customers are organizations that account for more than',
2018:'15 percent of the fund s revenues, and a summary, for the reporting period, by product or line of business',
2019:'of: 1 the full cost of goods and services provided, 2 the related exchange revenues, and 3 the excess of',
2020:'full costs over exchange revenues. 11.7 risk assumed information all federal insurance and guarantee programs, other than social insurance, life',
2021:'insurance, and loan guarantee programs, shall report risk assumed information. these disclosures are in addition to the liability for unpaid',
2022:'claims from insured events that have already occurred and any contingent liability that meets criteria for recognition. risk assumed is',
2023:'generally measured by the present value of unpaid expected losses net of associated premiums, based on the risk inherent in',
2024:'the insurance or guarantee coverage in force. the specific requirements for risk assumed information are presented in sffas no. 5,',
2025:'accounting for liabilities of the federal government, as part of the discussion of insurance and guarantee liabilities see paragraphs 105',
2026:'to 114. note: amendments to sffas no. 5 have moved these disclosures from rssi to rsi. section 12 other accompanying',
2027:'information table of contents 12.1 performance measures 12.2 revenue foregone 12.3 tax burden/tax gap 12.4 tax expenditures with directed flows',
2028:'of resources 12.5 management challenges 12.6 ipia reporting details 12.7 other agencyspecific statutorily required reports 12.1 performance measures additional performance',
2029:'measures, beyond key measures included in the md&a, may be presented as other accompanying information. management has broad discretion in',
2030:'the manner in which performance information is displayed. among the options available to management is a statement format similar to',
2031:'the statement of program performance measures illustrated in sffac no. 2. management’s display of performance information should include sufficient explanatory',
2032:'information that would help users understand the significance of the measures, the results, and any deviations from goals or plans.',
2033:'12.2 revenue foregone 12.3 tax burden/tax gap preparers of statements of entities that collect taxes may consider presenting the information',
2034:'described below, if the information is readily available and the preparers believe the information will enhance the usefulness of the',
2035:'statements. refer to sffas no. 7 for further guidance. a perspective on the income tax burden. this could take the',
2036:'form of a summary of the latest available information on the income tax and on related income, deductions, exemptions, and',
2037:'credits for individuals by income level and for corporations by value of assets. available information on the size of the',
2038:'tax gap. collecting entities should provide any relevant estimates of the annual tax gap that become available as a result',
2039:'of federal surveys or studies. if the entity discloses differences between the prices it charges in exchange transactions and full',
2040:'cost or market price, it should consider providing an estimate of the amount of revenue foregone and should explain whether,',
2041:'and to what extent, the quantity demanded was assumed to change as a result of a difference in price. 12.4',
2042:'tax expenditures with directed flows of resources preparers of statements may consider presenting the information described below, if the information',
2043:'is readily available and the preparers believe that the information will enhance the usefulness of the statements. see sffas no.',
2044:'7 for further guidance. tax expenditures related to entity programs. information on tax expenditures relevant to entity performance may be',
2045:'presented but it should be appropriately described, explained and qualified. directed flows of resources related to entity programs. information on',
2046:'directed flows of resources related to an entity’s programs may be presented but it should be appropriately described, explained, and',
2047:'qualified. 12.5 management challenges the par shall include a statement prepared by the agency’s inspector general ig that summarizes what',
2048:'the ig considers to be the most serious management and performance challenges facing the agency and briefly assesses the agency’s',
2049:'progress in addressing those challenges. this statement must be provided to the agency head at least 30 days before the',
2050:'par due date. comments by the agency head may be appended to the ig’s statement. the agency head may comment',
2051:'on, but not modify the ig statement. the ig’s management challenges statement and the agency head’s response should be included',
2052:'as an oai item in the agency par. 12.6 ipia reporting details i. describe your agency’s risk assessments, performed subsequent',
2053:'to compiling your full program inventory. list the risksusceptible programs i.e., programs that have a significant risk of improper payments',
2054:'based on omb guidance thresholds identified through your risk assessments. be sure to include the programs previously identified in the',
2055:'former section 57 of omb circular a11. ii. describe the statistical sampling process conducted to estimate the improper payment rate',
2056:'for each program identified. iii. describe the corrective action plans for: a. reducing the estimated rate of improper payments. include',
2057:'in this discussion what is seen as the causes of errors and the corresponding steps necessary to prevent future occurrences.',
2058:'if efforts are already underway, and/or have been ongoing for some length of time, it is appropriate to include that',
2059:'information in this section. b. grantmaking agencies with risk susceptible grant programs, discuss what your agency has accomplished in the',
2060:'area of funds stewardship past the primary recipient. include the status on projects and results of any reviews. iv. the',
2061:'table below is required for each reporting agency. please note the following changes from prior year reporting: 1 all risk',
2062:'susceptible programs must be listed in this chart whether or not an error measurement is being reported; 2 where no',
2063:'measurement is provided, agency should indicate the date by which a measurement is expected; 3 if the current year cy',
2064:'is the baseline measurement year, indicate by either footnote or by “n/a” in the prior year py column; 4 if',
2065:'any of the dollar amounts included in the estimate correspond to newly established measurement components in addition to previously established',
2066:'measurement components, separate the two amounts to the extent possible; 5 include outlay estimates for cy +1, +2, and +3;',
2067:'and 5 agencies are expected to report on cy activity, and if not feasible, then py activity is acceptable. future',
2068:'year outlay estimates cy+1, +2 and +3 should match the outlay estimates for those years as reported in the most',
2069:'recent president’s budget. improper payment reduction outlook $ in millions program py outlays py % py $ cy outlays ip',
2070:'% cy ip $ cy+1 est. outlays cy+1 ip % cy+1 ip $ cy +2 est. outlays cy+2 ip %',
2071:'cy+2ip $ cy+3 est. outlays cy+3 cy+3 $ cy ip % note: over and underpayments should be indicated if this',
2072:'information is available. the absolute value of the dollars and the rates should be shown— do not net the figures.',
2073:'v. discuss your agency’s recovery auditing effort, if applicable, including any contract types excluded from review and the justification for',
2074:'doing so; actions taken to recoup improper payments, and the business process changes and internal controls instituted and/or strengthened to',
2075:'prevent further occurrences. in addition, complete the table below. agency component if applicable amount subject to review for cy reporting',
2076:'actual amount reviewed and reported amounts identified for recovery amounts identified / actual amount reviewed amounts recovered cy amounts recovered',
2077:'pys vi. describe the steps the agency has taken and plans to take including time line to ensure that agency',
2078:'managers including the agency head are held accountable for reducing and recovering improper payments. vii. a. describe whether the agency',
2079:'has the information systems and other infrastructure it needs to reduce improper payments to the levels the agency has targeted.',
2080:'b. if the agency does not have such systems and infrastructure, describe the resources the agency requested in its fy',
2081:'2006 budget submission to congress to obtain the necessary information systems and infrastructure. viii. describe any statutory or regulatory barriers',
2082:'which may limit the agencies’ corrective actions in reducing improper payments and actions taken by the agency to mitigate the',
2083:'barriers’ effects. ix. additional comments, if any, on overall agency efforts, specific programs, best practices, or common challenges identified, as',
2084:'a result of ipia implementation. 12.7 other agencyspecific statutorily required reports other agencyspecific statutorily required reports pertaining to an agencys',
2085:'financial or performance management may be included in the performance and accountability report after consultation with omb and congress. the',
2086:'head of the agency must determine if inclusion of an agencyspecific report will make the reported information more useful to',
2087:'decision makers. consultation with congress includes the committee on governmental affairs of the senate, the committee on government reform of',
2088:'the house of representatives, and any other committee of congress having jurisdiction with respect to the report being proposed for',
2089:'consolidation. appendix a statements of federal financial accounting concepts and standards, interpretations, technical bulletins, and technical releases this is a',
2090:'listing of the statements of federal financial accounting concepts sffac and standards sffas, interpretations, technical bulletins, and technical releases set',
2091:'and promulgated by the federal accounting standards advisory board fasab. sffac no. 1 objectives of federal financial reporting sffac no.',
2092:'2 entity and display sffac no. 3 management’s discussion and analysis concepts statements of federal financial accounting standards sffas no.',
2093:'1 accounting for selected assets and liabilities for fiscal years ending on and after september 30, 1994 sffas no. 2',
2094:'accounting for direct loans and loan guarantees for fiscal years ending on and after september 30, 1994 sffas no. 3',
2095:'accounting for inventory and related property for fiscal years ending on and after september 30, 1994 sffas no. 4 managerial',
2096:'cost accounting concepts and standards for fiscal years beginning after september 30, 1996 sffas no. 5 accounting for liabilities of',
2097:'the federal government for fiscal years beginning after september 30, 1996 sffas no. 6 accounting for property, plant, and equipment',
2098:'for fiscal years beginning after september 30, 1997 sffas no. 7 accounting for revenue and other financing sources and concepts',
2099:'for reconciling budgetary and financial accounting for fiscal years beginning after september 30, 1997 sffas no. 8 supplementary stewardship reporting',
2100:'for fiscal years beginning after september 30, 1997 sffas no. 9 deferral of sffas 4 managerial cost accounting for fiscal',
2101:'years beginning after september 30, 1997 statements of federal financial accounting concepts sffas no. 12 recognition of contingent liabilities from',
2102:'litigation amends sffas no. 5 for fiscal years beginning after september 30, 1997 sffas no. 13 deferral of paragraph 65.2',
2103:'material revenuerelated transactions amends sffas no. 7 for fiscal years beginning after september 30, 1998 sffas no. 14 amendments to',
2104:'deferred maintenance reporting amends sffas nos. 6 and 8 for fiscal years beginning after september 30, 1998 sffas no. 10',
2105:'accounting for internal use software amends sffas no. 6 for fiscal years beginning after september 30, 2000 sffas no. 11',
2106:'amendments to accounting for pp&e: definitions amends sffas nos. 6 and 8 for fiscal years beginning after september 30, 1998.',
2107:'rescinded by sffas 23. sffas no. 15 management’s discussion and analysis standards for fiscal years beginning after september 30, 1999',
2108:'sffas no. 16 amendments to accounting for pp&e: multiuse heritage assets amends sffas nos. 6 and 8 for fiscal years',
2109:'beginning after september 30, 1999 sffas no. 17 accounting for social insurance for fiscal years beginning after september 30, 1999',
2110:'sffas no. 18 amendments to accounting standards for direct loans and loan guarantees for fiscal years beginning after september 30,',
2111:'2000 sffas no. 19 technical amendments to accounting standards for direct loans and loan guarantees in sffas no. 2 for',
2112:'fiscal years beginning after september 30, 2002 sffas no. 20 elimination of certain disclosures for fiscal years beginning after september',
2113:'30, 2000 sffas no. 21 reporting corrections of errors and changes in accounting principles for fiscal years beginning after september',
2114:'30, 2001 sffas no. 22 change in certain requirements for reconciling obligations and net cost of operations for fiscal years',
2115:'beginning after september 30, 2000 sffas no. 23 eliminating the category national defense property, plant and equipment for fiscal years',
2116:'beginning after september 30, 2002 sffas no. 24 selected standards for the consolidated financial report of the united states government',
2117:'for fiscal years beginning after september 30, 2001 sffas no. 25 reclassification of stewardship responsibilities and eliminating the current services',
2118:'assessment for fiscal years beginning after september 30, 2004 sffas no. 26 presentation of significant assumptions for the statement of',
2119:'social insurance for fiscal years beginning after september 30, 2004 sffas no. 27 identifying and reporting earmarked funds for fiscal',
2120:'years beginning after september 30, 2005 sffas no. 28 deferral of the effective date of reclassification of the statement of',
2121:'social insurance: amending sffas 25 and 26 for fiscal years beginning after september 30, 2005 interpretations interpretation no. 1 reporting',
2122:'on indian trust funds in general purpose financial reports of the department of interior and in the consolidated financial statements',
2123:'of the united states government: an interpretation of sffas 7 interpretation no. 2 accounting for treasury judgment fund transactions: an',
2124:'interpretation of sffas no. 4 and sffas no. 5 interpretation no. 3 measurement date for pension and retirement health care',
2125:'liabilities interpretation no. 4 accounting for pension payments in excess of pension expense interpretation no. 5 recognition by recipient entities',
2126:'of receivable nonexchange revenue: an interpretation of sffas 7 technical bulletin 20001 purpose and scope of fasab technical bulletins and',
2127:'procedures for issuance technical bulletin 20021 assigning to component entities costs and liabilities that result from legal claims against the',
2128:'federal government technical bulletin 20022 disclosures required by paragraph 79g of sffas 7 technical bulletin 20031certain questions and answers related',
2129:'to the homeland security act of 2002 technical releases technical release no. 1 audit legal representation letter guidance interpretation no.',
2130:'6 accounting for imputed intradepartmental costs: an interpretation of sffas 4 technical bulletins technical release no. 2 determining probable and',
2131:'reasonably estimable for environmental liabilities in the federal government technical release no. 3 auditing estimates for direct loan and loan',
2132:'guarantee subsidies under the federal credit reform act. amendments to technical release 3: preparing and auditing direct loan and loan',
2133:'guarantee subsidies under the federal credit reform act. technical release no. 4 reporting on nonvalued seized and forfeited property technical',
2134:'release no. 5 implementation guidance on statement of federal financial accounting standards 10: accounting for internal use software technical release',
2135:'no. 6 preparing estimates for direct loan and loan guaranty subsidies under the federal credit reform act amendments to technical',
2136:'release 3: preparing and auditing direct loan and loan guaranty subsidies under the federal credit reform act. part b preparing',
2137:'the financial report fr of the united states government part b table of contents title sec./ex. no. page section 1',
2138:'scope and background ………………….……………. 1 137 section 2 legal representation letter………………………… 2 138 section 3 management representation letter…………………. 3 139',
2139:'section 4 adherence to due dates………………….…………… 4 141 appendices agencies required to prepare closing package and to submit representation letters……………………………………………',
2140:'a 142 key dates for the financial report of the united state government………………….……………………………………… b 143 contact information………………….……………………………. c 145 1.',
2141:'scope and background as required under the government management reform act, the secretary of the treasury, in coordination with the',
2142:'director of the office of management and budget omb annually prepares and submits to the president and the congress, an',
2143:'audited financial statement for the preceding fiscal year. the comptroller general of the united states audits these financial statements. as',
2144:'required by this circular, the financial report of the united states government financial report is due no later than december',
2145:'15, following the end of the fiscal year. the department of the treasury treasury prepares the financial report from data',
2146:'provided by federal entities. entities that have some activity that is material to at least one financial statement line or',
2147:'footnote disclosure must provide their data to treasury by preparing a closing package, including specialpurpose financial statements, and submitting it',
2148:'through the governmentwide financial report system gfrs. in addition, these entities must also submit intragovernmental balance information by trading partner.',
2149:'the reporting requirements for these processes are provided in the treasury financial manual tfm, volume 1, part 2, chapter 4700.',
2150:'a list of applicable entities is also provided in the tfm and appendix a below, respectively. the tfm is available',
2151:'on the web at www.fms.treas.gov. the specialpurpose financial statements directly link the entities’ audited consolidated departmentlevel financial statements to the',
2152:'financial report. the agencies’ auditors will opine on the specialpurpose financial statements, including the reclassified balance sheets, the statements of',
2153:'net cost, the statements of changes in net position, and the accompanying notes. see omb bulletin no. 0102, as amended,',
2154:'for additional guidance on auditing the specialpurpose financial statements. see treasury’s tfm for a listing of documents that must accompany',
2155:'the audit opinion on the specialpurpose financial statements. the intragovernmental balance information by trading partner, which is required to be',
2156:'reconciled quarterly, is subject to agreed upon procedures as defined by treasury in the tfm. in addition, the office of',
2157:'the chief financial officer and the office of inspector general must provide a copy of the management representation letters and',
2158:'the legal representation letter, respectively. see below for additional guidance on preparing and submitting these letters. all other executive agencies',
2159:'must submit their preclosing adjusted trial balances atbs through the federal agencies’ centralized trial balance system facts i to be',
2160:'used in the compilation of the financial report. reporting entities from the legislative and judicial branches of the united states',
2161:'government are also encouraged to submit their atbs. the reporting requirements for these processes are provided in the tfm. the',
2162:'financial report is prepared from federal entities audited financial statements and trial balances in accordance with generally accepted accounting principles',
2163:'promulgated by the federal accounting standards advisory board fasab. entities that are required by law or policy to prepare and',
2164:'issue financial statements in accordance with accounting standards other than those recommended by fasab should continue to do so. these',
2165:'reporting entities must identify, to treasury, differences resulting from applying different accounting standards that could be material to the users',
2166:'of the reporting entity’s financial statements. if these differences are material to the financial report, the standards promulgated by fasab',
2167:'should be applied to those material items and subsequently sent to treasury for consolidation into the financial report. the reporting',
2168:'entities also need to provide, to treasury, any additional disclosures required by fasab, and treasury’s tfm, that would not be',
2169:'required by other standards. 2. legal representation letter when preparing the legal representation letters, the general counsel should reference the',
2170:'guidance found in omb bulletin no. 0102, audit requirements for federal financial statements, appendix h2 see www.whitehouse.gov/omb/bulletins. cases and claims',
2171:'should be reported using the format found at www.usdoj.gov/civil/forms/forms.htm. in addition to reporting the status of pending contingent liabilities, the',
2172:'interim legal representation letters should also include the cases reported in the previous year’s legal representation letters that are no',
2173:'longer pending. the final representation letter should be limited to new information i.e., cases that arise subsequent to the interim',
2174:'letter or changes in the status of cases that were reported in the interim letter. the final letter should not',
2175:'repeat information from the interim letter that has not changed. any subsequent changes in cases that arise after the final',
2176:'representation letter but before the end of the audit fieldwork on the financial report, must be emailed to treasury fms',
2177:'see appendix c for email address. when preparing the management schedule which shows how the information contained in the legal',
2178:'counsel’s response was considered in preparing the financial statements, the chief financial officer should follow the format provided in omb',
2179:'bulletin no. 0102, audit requirements for federal financial statements, appendix h3. the schedule should be consistent with information presented in',
2180:'the legal representation letters and the footnotes to the financial statements. an assessment as to whether pending, threatened litigation or',
2181:'unasserted claims should be reported or disclosed in the financial statements must be made by management. this determination extends to',
2182:'cases in which legal counsel has classified the likelihood of loss as “unknown.” the name and telephone number of the',
2183:'individual who is able to answer questions regarding the presentation of legal claims and assessments in the financial statements should',
2184:'also be provided. the office of inspector general should submit the interim and final updates only legal representation letters and',
2185:'management schedule no later than august 29, and november 15, respectively. the documents should be submitted electronically in pdf format,',
2186:'including signatures, to the department of justice, fms, and gao at their electronic addresses provided in appendix c. the office',
2187:'of inspector general should inform fms, via email, of any subsequent changes in cases after the final legal representation letter',
2188:'but prior to november 30. on november 30, the email update should be sent to fms indicating “changes” or in',
2189:'accordance with the statement on auditing standards sas no. 85, management representations, management’s representations may be limited to matters that',
2190:'are considered either individually or collectively material to the financial statements, provided management and the auditor have reached an understanding',
2191:'on materiality for this purpose. materiality may be different for different representations. a discussion of materiality may be included explicitly',
2192:'in the representation letter, in either qualitative or quantitative terms. materiality considerations would not apply to those representations that are',
2193:'not directly related to amounts included in the financial statements. in addition, because of the possible effects of fraud on',
2194:'other aspects of the audit, materiality would not apply to management or those employees who have significant roles in internal',
2195:'control. also in accordance with sas no. 85, the management representation letter should be signed by those members of management',
2196:'with overall responsibility for financial and operating matters that the auditor believes are responsible for and knowledgeable about, directly or',
2197:'through others in the organization, the matters covered by the representations. such members of management normally include the agency head',
2198:'and the chief financial officer. as required by sas no. 89, audit adjustments, the management letter should include a representation',
2199:'regarding the materiality of unrecorded financial statement adjustments aggregated by the auditors. a list of any uncorrected misstatements, including those',
2200:'audit adjustments waived by the componentlevel, should be attached to the management representation letter. management is required to include a',
2201:'representation that addresses the consistency of budgetary data reported on the statement of budgetary resources and the budgetary data submitted',
2202:'through facts ii to prepare the yearend sf 133s, reports on budget execution and budgetary resources. omb plans to amend',
2203:'omb bulletin no. 0102 to include this representation in the future. management may consider using the following sample representation: the',
2204:'information presented on the department’s statement of budgetary resources agrees with the information submitted on the department’s yearend reports on',
2205:'budget execution and budgetary resources sf “no changes” at their electronic address provided in appendix c. 3. management representation letter',
2206:'omb and the department of the treasury rely on the written representations obtained from agency management as part of their',
2207:'financial statement audit. therefore, it is important that management representations include all representations that are required by generally accepted auditing',
2208:'standards and omb bulletin no. 0102, appendix e. general representations must, however, be modified to be consistent with findings reported',
2209:'by the auditor. 133s. this information will be used as input for the fiscal year 20xx actual column of the',
2210:'program and financing schedules reported in the fiscal year 20xz budget of the u.s. government. such information is supported by',
2211:'the related financial records and related data. similar to legal representation letters, an email must be sent to omb/offm and',
2212:'the department of the treasury main see appendix c for email address whether there are “no changes” or “changes” due',
2213:'to subsequent changes to the management representation letter or agency financial statements that have arisen after the management representation letter',
2214:'and financial statements have been submitted but before the end of the audit fieldwork on the financial report. management may',
2215:'consider using the following sample email: the purpose of this email is to inform you that nothing has come to',
2216:'our attention that would require modification to the management representation letter furnished to our auditors, and sent to you, dated',
2217:'[insert date]. additionally, nothing has come to our attention that would materially affect amounts reported in [insert agency’s name]’s financial',
2218:'statements for the fiscal years ended september 30, 20xy and 20xx or require additional disclosures to these financial statements. we',
2219:'understand that these representations will be relied upon by the government accountability office as part of their efforts in auditing',
2220:'the united states government consolidated financial statements for the fiscal years ended september 30, 20xy and 20xx. additional representations are',
2221:'required in relation to the audit of the specialpurpose financial statements closing package and can be found in omb bulletin',
2222:'no. 0102, as amended, appendix k. these representations may be combined with the representations required for the audit of the',
2223:'generalpurpose financial statements financial statements included in part a of a136 in one management representation letter rather than two separate',
2224:'letters. the office of the chief financial officer should submit the management representation letters electronically in pdf format, including signatures,',
2225:'to omb/offm, the department of the treasury main, and gao at the addresses provided in appendix c. the management representation',
2226:'letters should be submitted as soon as they are available but no later than november 15 generalpurpose financial statements and',
2227:'november 18 specialpurpose financial statements following the end of the fiscal year. the office of the chief financial officer should',
2228:'inform omb/offm and the department of the treasury main, via email, of any updates to the management representation letters and',
2229:'updates to financial statements due to subsequent events, up through november 30. on november 30, the email update should be',
2230:'sent to omb/offm and the department of the treasury main indicating “changes” or “no changes” at their electronic addresses provided',
2231:'in appendix c. 4. adherence to due dates the financial report is issued 30 days after agencies submit their performance',
2232:'and accountability reports to omb and the congress. therefore, it is essential that agencies adhere to the dates published in',
2233:'the tfm, chapter 4700 and appendix b of part b of circular a136. these are “no later than dates;” earlier',
2234:'submissions are encouraged. appendix a agencies required to prepare closing package and to submit representation letters department of agriculture department',
2235:'of commerce department of defense department of education department of health and human services department of homeland security department of',
2236:'housing and urban development department of interior department of labor department of state department of transportation department of the treasury',
2237:'u.s. agency for international development environmental protection agency general services administration national aeronautics and space administration national science foundation office',
2238:'of personnel management small business administration social security administration farm credit system insurance corporation federal communications commission federal deposit insurance',
2239:'corporation national credit union administration pension benefit guaranty corporation securities and exchange commission smithsonian institution tennessee valley authority u.s. postal',
2240:'service department of energy department of justice department of veterans affairs nuclear regulatory commission exportimport bank of the united states',
2241:'railroad retirement board key dates for the financial report of the united states government key due date who should submit',
2242:'recipient 7/21/2005 cfo act and atda agencies all cfo submits 3rd quarter financial statements when available but nlt 8/29/2005 agencies',
2243:'in appendix a ig submits interim legal representation letter and management schedule doj, fms, gao payroll providers ig submits retirement,',
2244:'health benefits, and life insurance withholdings/contributions and supplemental semiannual headcount report opm agencies in appendix a cfo submits intragovernmental fourth',
2245:'quarter 2005 data files fms all ifcs closes for 4th quarter 2005 final fms agencies in appendix a cfo submits',
2246:'4th quarter status of disposition certification fms all cfo submits draft performance and accountability report omb offm and rmo 11/15/2005',
2247:'cfo submits 2005 performance and accountability report omb offm and rmo, main treasury, fms, gao when available but nlt 11/15/2005',
2248:'appendix b requirement omb offm and rmo 10/1/2005 10/19/2005 10/19/2005 10/27/2005 11/1/2005 all agencies in appendix a cfo submits management',
2249:'representation letter omb offm, main treasury, gao when available but nlt 11/15/2005 agencies in appendix a ig submits final legal',
2250:'representation letter and management schedule doj, fms, gao 11/16/2005 midnight est. agencies in appendix a preparers submit closing package data',
2251:'through gfrs refer to tfm, part 2, chapter 4700 for further details fms 11/16/2005 midnight est. agencies excluded from appendix',
2252:'a nonverifying agencies submit adjusted trial balances through facts i and notes through gfrs fms 11/18/2005 noon est. cfo submits',
2253:'approval of closing package refer to tfm, part 2, chapter 4700 for further details fms agencies in appendix a key',
2254:'due date who should submit recipient requirement 11/18/2005 noon est. agencies in appendix a cfo submits management representation letter for',
2255:'the special purpose financial statements omb offm, main treasury, gao 11/18/2005 noon est. agencies in appendix a ig submits opinion',
2256:'on closing package refer to tfm, part 2, chapter 4700 for documents to attach to the opinion omb offm, fms',
2257:'and gao 11/23/2005 cfo submits representation on intragovernmental activity and balances fms and gao 11/30/2005 agencies in appendix a cfo',
2258:'submits adjusted trial balances through facts i fms agencies in appendix a ig sends email on subsequent changes or no',
2259:'changes to cases after the final legal representation letter changes occurring fms 11/30/2005 agencies in appendix a cfo sends email',
2260:'on subsequent changes or no changes to the management representation letter and financial statements, due to subsequent events omb offm',
2261:'and main treasury 12/2/2005 agencies in appendix a ig submits agreedupon procedures report on the closing package intragovernmental activity and',
2262:'balances fms and gao see omb’s amendments to omb bulletin no. 0102, audit requirements for federal agencies in appendix a',
2263:'11/30/2005 financial statements, dated july 2004, for agencies subject to the accountability of tax dollars act. appendix c contact information',
2264:'for legal and management representation letters office of management and budget new executive office building office of federal financial management',
2265:'725 17th street, nw, suite 6025 washington, dc 20503 attn: dana james email: davidzavadastatements@omb.eop.gov telephone: 202 3953993 fax: 202 3953952',
2266:'office of management and budget new executive office building resource management office 725 17th street, nw washington, dc 20503 office',
2267:'number, email, telephone, and fax should be obtained from the respective rmo. department of the treasurymain 1500 pennsylvania avenue, nw',
2268:'room 2064 washington, dc 20220 attn: ann davis email: ann.davis@do.treas.gov telephone: 202 6221028 fax: 202 6221511 department of the treasury',
2269:'financial management services room 509b 3700 eastwest highway hyattsville, md 20782 attn: faye mccreary email: financial.reports@fms.treas.gov telephone: 202 8749910 fax:',
2270:'202 8749907 government accountability office 441 g street, nw, room 5v09 washington, dc 20548 attn: lynda downing email: uscfs@gao.gov telephone:',
2271:'202 5129168 fax: 202 5129596 department of justice office of the assistant attorney general 950 pennsylvania avenue, nw room 3138',
2272:'washington, dc 20530 attn: col sharon riley email: legal.letters@usdoj.gov telephone: 202 5143886 fax: 202 5148071 beginning august 15 department of',
2273:'justice 1100 l street, nw, room 9048 washington, dc 20005 attn: barbara clatterbos email: legal.letters@usdoj.gov telephone: 202 6167922 fax: 202',
2274:'5141908',