Consolidated U.S. Balance Sheet Draws Fire

Jan. 13, 2005
Borrowing a practice from business, the Treasury Dept. and the Office of Management & Budget for the first time have published consolidated financial management statements that list the federal government's major liabilities and assets. But the ...

Borrowing a practice from business, the Treasury Dept. and the Office of Management & Budget for the first time have published consolidated financial management statements that list the federal government's major liabilities and assets. But the statements, released Mar. 31, have drawn criticism from the General Accounting Office (GAO), Congress' auditing arm. Poor record keeping by federal agencies, says GAO in a draft report, "prevent the government from accurately reporting a large portion of its assets, liabilities, and costs." Congressional Republicans also are criticizing the statements for their failure to reflect waste, fraud, and abuse in agencies. Even Vice President Al Gore acknowledged in a statement "that some agencies continue to lack the proper systems to account for their assets, payments, and transfers." But he said the agencies are making progress in improving their financial reporting.

Popular Sponsored Recommendations

The Guide to Eliminate Hidden Wastes in Your Factory

June 28, 2023
Eliminating waste is important in factory operations. Still, eliminating waste is often easier said than done. Small operator disturbances that are often overlooked can result...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

The Benefits of Continuous Thermal Monitoring

Oct. 17, 2023
Read this eBook to learn more about collecting and using data intelligently to improve performance.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!