Federal Accounting and Reporting

Framework for Assessing the Reliability of Budget Execution Data Is Not Yet Fully Implemented Gao ID: GAO-01-43 October 6, 2000

Beginning with fiscal year (FY) 1998, federal agencies were required to prepare a Statement of Budgetary Resources (SBR) as one of their primary financial statements. GAO's review of 22 major budgetary accounts at 10 agencies, constituting approximately 77 percent of FY 1999 net outlays, showed that the federal accounting and reporting framework was properly implemented for 14 accounts constituting 67 percent of the total outlays reviewed. In addition to the assurances over the budget execution data that were provided by the successful implementation of the framework at these agencies, the preparation and audit of the SBR has yielded other benefits at federal agencies. However, problems in implementing the framework have been an impediment to determining the reliability of budget execution information for the remainder of the accounts reviewed. Although GAO found that some audit improvements could be made, its review of the financial statement audits covering the 22 major budgetary accounts showed that they were generally adequate.

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