Financial Reporting

NASA Can Improve Compliance With GAO Standards and Treasury Requirements Gao ID: AFMD-88-21 February 29, 1988

GAO reviewed the National Aeronautics and Space Administration's (NASA) preparation of its fiscal year (FY) 1986 Report on Financial Position to determine the extent of compliance with GAO and Treasury annual financial reporting requirements.

GAO found that: (1) NASA substantially complied with GAO and Treasury standards and requirements in preparing its financial reports; (2) although the Goddard Space Flight Center recorded liabilities for contractor services, employee travel, utilities, and personnel compensation as they occurred, it did not recognize liabilities for goods and services such as inventory items, supplies, and property or services; (3) NASA did not eliminate intra-agency balances, such as receivables and payables, when it prepared consolidated financial statements; and (4) NASA did not disclose its capitalization policy, the basis for its capitalized property valuations, or the method it used in valuing inventories.


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