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FY2017 U.S. Government Financial Report: Key Dates, Reporting Entities, and Fiscal Projections

Explore the FY2017 Financial Report of the U.S. Government, including key historical dates, significant reporting entities, audits, fiscal projections, and traditional reporting. Learn about assets, liabilities, and stewardship information. Find more information at our websites.

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FY2017 U.S. Government Financial Report: Key Dates, Reporting Entities, and Fiscal Projections

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  1. The FY 2017 Financial Report of the U.S. GovernmentPart I AGA – New Mexico April 5, 2018 R. Scott Bell Senior Staff Accountant Department of the Treasury

  2. The first Monthly Treasury Statement of Receipts and Expenses was issued in… • 1789 • 1790 • 1800 • 1815

  3. The first statutory Financial Report of the U.S. Government under GAAP covered which Fiscal Year? • 1927 • 1957 • 1977 • 1997

  4. Key Dates in FR History • 1973 – Fortune Magazine – Carol Loomis • 1970s – Treasury Prototypes • 1990 – Chief Financial Officers Act • 1990 – FASAB is formed • 1999/2002 – AICPA designation • 1994 – Govt Management Reform Act • 1998 – First GAAP-Based FR issued.

  5. Agency Financial Reports Performance & Accountability Reports 39 Significant Reporting Entities 115 Other Reporting Entities Audited By Inspectors General & Contract Auditors Audits Report & Financial Statements Fiscal Projections Analysis & Summary

  6. “Traditional” Reporting

  7. Which agency is not one of the Government Net Cost “Big Four”? • Dept. of Education B) Social Security Administration C) Dept. of Veterans Affairs D) Dept. of Defense E) Dept. of Health & Human Svcs

  8. “Traditional Reporting”Costs and Revenues Gross Cost: $4.6t - Earned Revenue $431.9b +/- Assumption Loss/Gain $356.5b Net Cost: $4.5t - Taxes / Other Revenue $3.4t Net Operating Cost: $1.2t

  9. The Government’s largest asset recorded on its consolidated balance sheet is: A) Cash B) Property, Plant, & Equipment C) Loans Receivable D) Inventories & Related Property E) Land

  10. “Traditional” Reporting Assets and Liabilities on the Government’s Balance Sheet

  11. FRUSG: Then & Now *Required Supplementary Stewardship Information

  12. Audit • 21 of 24 CFO Act agencies received unmodified audit opinions • Disclaimer (DOD, HUD); • Yet to be released (Energy) • Governmentwide – Disclaimer • DOD • Intragovernmental Transactions • Compilation Process / Budget-Accrual Reconciliation

  13. Coming Attractions:Part II Social Insurance!! Fiscal Sustainability!! Long-Term Fiscal Projections Fiscal Gap Transparency / USASpending.gov!!

  14. Find Out More! http://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm http://www.whitehouse.gov/omb/financial/index.html www.gao.gov scott.bell@treasury.gov

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