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Fiscal Year 2004 U. S. Government Financial Statements

By General Accounting Office

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Book Id: WPLBN0000104343
Format Type: PDF eBook
File Size: 0.6 MB
Reproduction Date: 2005
Full Text

Title: Fiscal Year 2004 U. S. Government Financial Statements  
Author: General Accounting Office
Language: English
Subject: Government publications, Accountability in government, United States. General Accounting Office
Collections: Government Library Collection, Government Accountability Integrity Reliability Office Collection
Publication Date:
Publisher: United States General Accounting Office (Gao)


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Office, G. A. (n.d.). Fiscal Year 2004 U. S. Government Financial Statements. Retrieved from

Government Accountability Integrity Reliability Office Collection

Excerpt: Financial Statements: Sustained Improvement in Federal Financial Management Is Crucial to Addressing Our Nation's Future Fiscal Challenges. The federal government completed its consolidated financial statements on December 15, 2004. This is just 76 days after the end of the fiscal year-a record for timeliness. However, as in the previous 7 fiscal years, certain material weaknesses in internal control and in selected accounting and financial reporting practices resulted in conditions that continued to prevent GAO from being able to provide the Congress and American citizens an opinion as to whether the consolidated financial statements of the U.S. government are fairly stated in conformity with U.S. generally accepted accounting principles. Three major impediments to an opinion on the consolidated financial statements continue to be (1) serious financial management problems at the Department of Defense, (2) the federal government?s ineffective process for preparing the consolidated financial statements, and (3) the federal government?s inability to adequately account for and reconcile intragovernmental activity and balances between federal agencies. Further, in our opinion, the federal government did not maintain effective internal control over financial reporting and compliance due to numerous material weaknesses.


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