Financial Audit Manual: Volume Three, August 2007
(28-AUG-07, GAO-07-1173g).
The U.S. Government Accountability Office (GAO) and the
President's Council on Integrity and Efficiency (PCIE) maintain
the GAO/PCIE Financial Audit Manual (FAM). The FAM provides
guidance for performing financial statement audits of federal
entities. The FAM is a key tool for enhancing accountability
over taxpayer-provided resources.
-------------------------Indexing Terms-------------------------
REPORTNUM: GAO-07-1173G
ACCNO: A75231
TITLE: Financial Audit Manual: Volume Three, August 2007
DATE: 08/28/2007
SUBJECT: Accounting standards
Auditors
Auditing procedures
Auditing standards
Audits
Federal agencies
Financial statement audits
Internal auditors
Internal audits
Internal controls
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GAO-07-1173G
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Financial Audit Manual:
Volume 3:
August 2007:
United States Government Accountability Office:
President's Council on Integrity and Efficiency:
GAO-07-1173G:
August 28, 2007:
To Audit Officials, Agency CFOs, And Others Interested In Federal
Financial Auditing, Accounting, And Reporting:
This letter transmits the new volume 3 of the Government Accountability
Office (GAO) and the President�s Council on Integrity and Efficiency
(PCIE) Financial Audit Manual (FAM). GAO and the PCIE issued the joint
FAM in July 2001. The FAM presents a methodology to perform financial
statement audits of federal entities in accordance with professional
standards. We have updated the FAM for significant changes that have
occurred in auditing financial statements in the U.S. government
since the last major revisions to the FAM were issued in July 2004.
To help the FAM continue to meet the needs of the federal audit
community and the public it serves, GAO and the PCIE created a joint
FAM Working Group. The Group is comprised of auditors from GAO and
several Offices of the Inspectors General experienced in conducting
audits of federal entity financial statements. Through a collaborative
effort, the FAM Working Group prepared an exposure draft of a new FAM
Volume 3 that contains accounting, reporting, and disclosure
checklists. These checklists are intended to assist federal entities
and their auditors in documenting financial statement conformity with
professional standards.
On June 29, 2007, we issued the exposure draft of FAM Volume 3 for a 30-
day public comment period that ended on July 30, 2007. We received
minor comments which have been considered in this issued version of FAM
Volume 3. We are also working on revisions to FAM Volumes 1 and 2,
which contain the audit methodology. We plan to issue exposure drafts
for public comment on these volumes shortly.
The revisions to the FAM are primarily due to changes in (1)
professional auditing and attestation standards of the Auditing
Standards Board of the American Institute of Certified Public
Accountants (AICPA); (2) GAO�s Government Auditing Standards; (3)
Office of Management and Budget (OMB) audit and reporting guidance; (4)
Federal Accounting Standards Advisory Board (FASAB) accounting
standards; and (5) laws and regulations.
Summary of Major Revisions and Improvements for FAM Volume 3:
FAM Volume 3 incorporates FASAB accounting concepts and standards
issued through May 31, 2007, including new requirements in accounting,
reporting, and disclosure for social insurance, heritage assets and
stewardship land, and earmarked funds. It also includes financial
reporting guidance provided by OMB Circular No. A-136, Financial
Reporting Requirements, (June 29, 2007). Volume 3 has been redesigned
to improve effectiveness and consists of the following two checklists:
FAM 2010 � Federal Accounting Checklist:
FAM 2020 � Federal Reporting and Disclosure Checklist:
These checklists are tools that may be used by entities and auditors to
document conformity with U.S. generally accepted accounting principles
(U.S. GAAP). The use of these checklists is a policy decision to be
made by each organization. However, auditors should document the
alternative means for determining whether the entity�s financial
statements conform with U.S. GAAP. Major changes to improve efficiency
are:
* Two checklists have been created to spread completion and review work
over the entire audit period, rather than performing all of this work
at year end. Previously, FAM 1050 included all of this information in
one checklist that created a difficult process to complete at the end
of the audit. The new FAM 2010 contains questions on federal accounting
that entities may complete during the year and auditors may review as
part of interim audit work. The new FAM 2020 contains questions on year
end reporting and disclosure that entities may complete when they
prepare their annual financial statements and auditors may review
during the reporting phase of the audit.
* Only those sections of the detailed checklists that are applicable to
the entity�s financial statements need detailed completion. Those areas
that are not applicable or not significant are simply documented one
time, thus eliminating the need to read and evaluate each individual
question.
* The checklists are better organized, with accounting issues grouped
by line item and reporting and disclosure issues grouped by financial
statement, footnote, and other required supplemental disclosures to
reduce overlap and duplication. FAM Volume 3 supersedes FAM 1050,
Checklist for Federal Accounting, Reporting, and Disclosures (July
2004), and can be used to prepare and audit federal entity financial
statements for the fiscal year ended September 30, 2007.
Should you need additional information, please contact us at
[email protected] or call GAO�s Financial Management and Assurance Assistant
Directors Roger Stoltz at (202) 512-9408, or Janet Krell at (202) 512-
4716, Director Steve Sebastian at (202) 512-9521, or PCIE Working Group
Leaders Alex Biggs at (202) 693-5258, or Joel Grover at (202) 927-
5768.
Sincerely yours,
Signed by:
Jeffrey C. Steinhoff:
Managing Director:
Financial Management and Assurance:
U.S. Government Accountability Office:
Signed by:
The Honorable John P. Higgins, Jr.:
Chair, Audit Committee:
President�s Council on Integrity and Efficiency:
Enclosures:
[End of section]
United States Government Accountability Office:
President�s Council on Integrity and Efficiency:
Financial Audit Manual:
Volume 3:
2010 - Checklist for Federal Accounting:
Contents:
Abbreviations:
2010 � Checklist for Federal Accounting:
Section I � Overview:
Section II � General Accounting Item:
Section III �Assets:
Section IV � Liabilities:
Section V � Net Position and Related Changes:
Section VI � Net Cost:
Section VII � Budgetary Resources:
Section VIII � Custodial Activity:
Section IX � Required Supplementary Stewardship Information:
Section X � Social Insurance:
Section XI � Credit Reform:
[End of section]
Abbreviations:
AcSEC: Accounting Standards Executive Committee:
AICPA: American Institute of Certified Public Accountants:
CFO Act: Chief Financial Officers Act of 1990:
CSRS: Civil Service Retirement System:
FASAB: Federal Accounting Standards Advisory Board:
FASB: Financial Accounting Standards Board:
FDIC: Federal Deposit Insurance Corporation:
FERS: Federal Employees Retirement System:
FFMIA: Federal Financial Management Improvement Act of 1996:
FHA: Federal Housing Administration:
FIFO: First-In, First-Out (method of inventory valuation):
FMFIA: Federal Managers� Financial Integrity Act of 1982:
GAAP: Generally Accepted Accounting Principles (U.S.):
GAAS: Generally Accepted Auditing Standards (U.S.):
GAGAS: Generally Accepted Government Auditing Standards:
GASB: Government Accounting Standards Board (state & local):
GMRA: Government Management Reform Act of 1994:
GPRA: Government Performance and Results Act of 1993:
GSE: Government Sponsored Enterprise:
HI: Hospital Insurance (Medicare Part A):
IMF: International Monetary Fund:
IPIA: Improper Payments Information Act:
MD&A: Management�s Discussion and Analysis:
MRS: Military Retirement System:
OAI: Other Accompanying Information:
OASDI: Old Age, Survivors, and Disability Insurance:
OMB: Office of Management and Budget:
OPEB: Other Post Employment Benefits:
ORB: Other Retirement Benefits:
PP&E: Property, Plant, and Equipment:
RRB: Railroad Retirement Benefits:
RSI: Required Supplementary Information:
RSSI: Required Supplementary Stewardship Information:
SBR: Statement of Budgetary Resources:
SCNP: Statement of Change in Net Position:
SFAS: Statement of Financial Accounting Standards:
SFFAC: Statements of Federal Financial Accounting Concepts:
SFFAS: Statements of Federal Financial Accounting Standards:
SMI: Supplementary Medical Insurance (Medicare Part B & D):
SNC: Statement of Net Cost:
SOP: Statement of Position:
SOSI: Statement of Social Insurance:
TVA: Tennessee Valley Authority:
UI: Unemployment insurance:
UTF: Unemployment Trust Fund:
[End of section]
2010 � Checklist for Federal Accounting:
Section I � Overview:
Introduction:
The Chief Financial Officers (CFO) Act of 1990 and the Government
Management Reform Act of 1994 (GMRA) require that agencies� chief
financial officers submit annual reports to their agency heads and to
the Office of Management and Budget (OMB). These annual reports are to
contain audited financial statements of their agencies. The financial
statements are to be presented in conformity with U. S. generally
accepted accounting principles (U.S. GAAP). [Footnote 1]
The previous checklist, FAM 1050, Checklist for Federal Accounting,
Reporting, and Disclosures (July 2004), included guidance for
accounting, reporting, and disclosures. This checklist has been revised
and is separated into two separate checklists: FAM 2010, Checklist for
Federal Accounting and FAM 2020, Checklist for Federal Reporting and
Disclosures. FAM 2010 provides guidance for federal accounting that
entities may complete during the year and auditors may review the
completed checklist during interim audit work. FAM 2020 provides
guidance for year end reporting and disclosure that entities may
complete when they prepare their annual financial statements and
auditors may review the completed checklist during the reporting phase
of the audit.
These checklists are being issued to assist (i) federal entities in
preparing their financial statements in accordance with U.S. GAAP, and
(ii) auditors in auditing them in accordance with U.S. generally
accepted government auditing standards (GAGAS). Neither the entities
nor the auditors are required to use this checklist and may develop
their own checklists. However, entities should document how they are
satisfied that their financial statements conform with U.S. GAAP.
Likewise, auditors should document the basis for accepting that the
entity�s financial statements conform with U.S. GAAP if they do not use
the checklist.
The checklist provides a systematic, organized, and structured approach
to preparing or reviewing federal entity financial statements. While
the questions contained in the checklist are taken from authoritative
sources, the checklist itself is not authoritative, nor is it
comprehensive. Preparers and auditors may also consult financial
management regulations and policies for their individual entity, as
these regulations and policies may have guidance when standards allow
alternatives or management flexibility, such as for property
capitalization limits.
Checklist Organization:
In order to facilitate the completion of the checklist, an index of
relevant accounting requirements is included in the following section.
The preparer uses the index to determine those areas that apply to the
entity. The checklist is divided into 10 sections as follows:
Section II � General Accounting Item:
Section III � Assets:
Section IV � Liabilities:
Section V � Net Position and Related Changes:
Section VI � Net Cost:
Section VII � Budgetary Resources:
Section VIII � Custodial Activity:
Section IX � Required Supplementary Stewardship Information:
Section X � Social Insurance:
Section XI � Credit Reform:
Authoritative Guidance:
Each question in this guide is referenced to a source. The sources
cited are (1) Federal Accounting Standards Advisory Board (FASAB)
Statements of Federal Financial Accounting Concepts (SFFAC), (2) FASAB
Statements of Federal Financial Accounting Standards (SFFAS), and (3)
OMB Circular No. A-136, Financial Reporting Requirements. Because this
checklist is for the federal entity reporting level, and is not for the
financial report of the U.S. government, certain sources are excluded.
The four approved accounting concept statements and year they were
issued are:
SFFAC 1, Objectives of Federal Financial Reporting, 1993:
SFFAC 2, Entity and Display, 1995:
SFFAC 3, Management�s Discussion and Analysis, 1999:
SFFAC 4, Intended Audience and Qualitative Characteristics for the
Consolidated Financial Report of the United States Government, 2003
(Not covered by this checklist):
The 32 SFFAS standards and year they were issued are:
SFFAS 1, Accounting for Selected Assets and Liabilities, 1993:
SFFAS 2, Accounting for Direct Loans and Loan Guarantees, 1993:
SFFAS 3, Accounting for Inventory and Related Property, 1993:
SFFAS 4, Managerial Cost Accounting Standards and Concepts, 1995:
SFFAS 5, Accounting for Liabilities of the Federal Government, 1995:
SFFAS 6, Accounting for Property, Plant, and Equipment, 1995:
SFFAS 7, Accounting for Revenue and Other Financing Sources and
Concepts for Reconciling Budgetary and Financial Accounting, 1996:
SFFAS 8, Supplementary Stewardship Reporting, 1996:
SFFAS 9, Deferral of the Effective Date of Managerial Cost Accounting
Standards for the Federal Government in SFFAS No. 4, 1997:
SFFAS 10, Accounting for Internal Use Software, 1998:
SFFAS 11, Amendments to Accounting for Property, Plant, and Equipment -
Definitional Changes, 1998 [Footnote 2]:
SFFAS 12, Recognition of Contingent Liabilities Arising from
Litigation, 1998:
SFFAS 13, Deferral of Paragraph 65.2 � Material Revenue-Related
Transactions Disclosures, 1999:
SFFAS 14, Amendments to Deferred Maintenance Reporting, 1999:
SFFAS 15, Management�s Discussion and Analysis, 1999:
SFFAS 16, Amendments to Accounting for Property, Plant, and Equipment �
Measurement and Reporting for Multi-Use Heritage Assets, 1999 [Footnote
3]:
SFFAS 17, Accounting for Social Insurance, 1999:
SFFAS 18, Amendments to Accounting Standards for Direct Loans and Loans
Guarantees in SFFAS No. 2, 2000:
SFFAS 19, Technical Amendments to Accounting Standards for Direct Loans
and Loan Guarantees in SFFAS No. 2, 2001:
SFFAS 20, Elimination of Certain Disclosures Related to Tax Revenue
Transactions by the Internal Revenue Service, Customs and Others, 2001:
SFFAS 21, Reporting Corrections of Errors & Changes in Accounting
Principles, 2001:
SFFAS 22, Change in Certain Requirements for Reconciling Obligations
and Net Cost of Operations, 2001:
SFFAS 23, Eliminating the Category National Defense Property, Plant, and
Equipment, 2003:
SFFAS 24, Selected Standards for the Consolidated Report of the United
States Government, 2003 (Not covered by this checklist):
SFFAS 25, Reclassification of Stewardship Responsibilities and
Eliminating the Current Services Assessment, 2003 [Footnote 4]:
SFFAS 26, Presentation of Significant Assumptions for the Statement of
Social Insurance, 2004:
SFFAS 27, Identifying and Reporting Earmarked Funds, 2004:
SFFAS 28, Deferral of the Effective Date of Reclassification of the
Statement of Social Insurance, 2005:
SFFAS 29, Heritage Assets and Stewardship Land, 2005:
SFFAS 30, Inter-Entity Cost Implementation, 2005:
SFFAS 31, Accounting for Fiduciary Activities, 2006:
SFFAS 32, CFR of the U.S. Government Requirements, 2006 (Not covered by
this checklist):
Also included in this checklist is FASAB�s Implementation Guide to
Accounting for Revenue and Other Financing Sources, (June 1996), and
OMB Circular No. A-136, Financial Reporting Requirements, (June 29,
2007), that provides detailed requirements for the form and content of
entity financial statements.
FASAB interpretations and technical bulletins are not covered in this
checklist; consult this material as necessary for guidance on specific
situations. Furthermore, preparers and auditors should document how the
entity complied with any new standards issued after SFFAS 32.
How to Use the Index to the Checklist:
The preparer completes the index to FAM 2010, Checklist for Federal
Accounting prior to completing the detailed checklist. For each
category of accounting considerations listed in the index on the next
two pages, the preparer indicates whether it is either applicable (Y)
to the entity�s financial statements, or is not applicable (NA).
Complete only those sections of the detailed checklist that are
applicable to the entity�s financial statements. If the entity has an
insignificant amount of transactions or balances for a section, it may
decide not to complete that section. It may document that decision by
indicating �not significant� (NS). Those areas that are not applicable
or not significant are not considered further, thus eliminating the
need to read and evaluate each individual question. For example, many
federal agencies do not administer loan, loan guarantee, or loan
insurance programs and, therefore, do not have credit program
receivables and related property. Consequently, the questions on these
receivables, property, and subsidies would not apply.
How to Use the Detailed Checklist:
To the right of each question are two columns. The first column
provides for a �yes,� �no,� or �N/A� (not applicable) answer to each
question. The second column provides for an explanation of the answer
to each question.
A �yes� answer indicates that the financial statements contain the
information asked by the question. This would include immaterial items
if the entity elected to disclose them. For each �yes� answer, include
in the explanation column the page number or location in the financial
statements where the information is found. Also, provide any other
information pertinent to the question and the response in the
explanation column.
A �no� answer indicates that the information asked for in the question
is not included in the financial statements, notes, or supplementary
information, respectively. This would include immaterial items that
need not be disclosed. Describe in the explanation column or note why
the information is not included and whether this causes the financial
statements to not be in conformity with U.S. GAAP.
An �N/A� answer might indicate that the question does not apply to the
federal entity. Describe in the explanation column or note why this
information is not applicable.
Completion and Review of the Checklists:
Preparers of entity financial statements may complete the checklists to
document that applicable accounting, reporting, and disclosure items
have been addressed, including those contained in OMB Circular No. A-
136. Auditors generally should then review the checklists for
completeness and accuracy.
Index to the Checklist:
Page No.: 7;
Accounting Considerations: Section II � General Accounting Item;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 8;
Accounting Considerations: Section III � Assets;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 9;
Accounting Considerations: Fund Balance with Treasury;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 11;
Accounting Considerations: Investments;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 12;
Accounting Considerations: Accounts Receivable;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 16;
Accounting Considerations: Interest Receivable;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 17;
Accounting Considerations: Cash and Other Monetary Assets;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 18;
Accounting Considerations: Inventory;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 22;
Accounting Considerations: Operating Materials and Supplies;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 25;
Accounting Considerations: Stockpile Materials;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 27;
Accounting Considerations: Seized Property;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 28;
Accounting Considerations: Forfeited Property;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 31;
Accounting Considerations: Goods Held Under Price Support and
Stabilization Programs;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 34;
Accounting Considerations: General Property, Plant, and Equipment
(Net);
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 46;
Accounting Considerations: Software;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 52;
Accounting Considerations: Other Assets;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 53;
Accounting Considerations: Section IV - Liabilities;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 54;
Accounting Considerations: Liabilities in General;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 56;
Accounting Considerations: Accounts Payable and Interest Payable;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 57;
Accounting Considerations: Capital Lease Liabilities;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 58;
Accounting Considerations: Federal Debt and Related Interest;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 60;
Accounting Considerations: Pensions, Other Retirement Benefits, and
Postemployment Benefits;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 61;
Accounting Considerations: Other Liabilities;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 67;
Accounting Considerations: Section V � Net Position and Related
Changes;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 68;
Accounting Considerations: Unexpended Appropriations & Cumulative
Results of Operation;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 69;
Accounting Considerations: Budgetary Financing Sources;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 72;
Accounting Considerations: Other Financing Sources;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 74;
Accounting Considerations: Earmarked Funds;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 76;
Accounting Considerations: Section VI � Net Cost;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 77;
Accounting Considerations: Cost Accounting;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 87;
Accounting Considerations: Revenues;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 90;
Accounting Considerations: Pensions, Other Retirement, and
Postemployment Benefit Costs;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 96;
Accounting Considerations: Inventory, Materials, Supplies, and
Commodities Costs;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 98;
Accounting Considerations: Property, Plant, and Equipment Costs;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 101;
Accounting Considerations: Clean-up Costs;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 103
Accounting Considerations: Interest Costs;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 104;
Accounting Considerations: Insurance and Subsidies Costs;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 106;
Accounting Considerations: Section VII � Budgetary Resources;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 108;
Accounting Considerations: Section VIII � Custodial Activity;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 114;
Accounting Considerations: Section IX � Required Supplementary
Stewardship Information;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 118;
Accounting Considerations: Section X � Social Insurance;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 120;
Accounting Considerations: Section XI � Credit Reform;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
[End of section]
Section II � General Accounting Item:
This question relates to overall general accounting at the entity.
General Item (1):
1) Does the entity use the following hierarchy as its source of
guidance:
a) FASAB Statements and Interpretations as well as AICPA and FASB
pronouncements if made applicable to federal government entities by a
FASAB Statement or Interpretation;
b) FASAB Technical Bulletins and, if specifically made applicable to
federal government entities by AICPA and cleared by FASAB, AICPA
Industry Audit and Accounting Guides, and AICPA Statements of Position;
c) AICPA Accounting Standards Executive Committee (AcSEC) Practice
Bulletins if specifically made applicable to federal government
entities and cleared by FASAB, as well as Technical Releases of the
Accounting and Auditing Policy Committee of FASAB;
d) Implementation guides published by FASAB staff and practices that are
widely recognized and prevalent in the federal government, [Footnote 5]
and;
e) In the absence of a pronouncement covered by federal U. S. Generally
Accepted Accounting Principles (U.S. GAAP) or another source of
established principles, other accounting literature, depending on its
relevance in the circumstances? [Footnote 6]
(OMB Circular No. A-136, p. 31, item1).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section III � Assets:
Questions related to accounting for assets in federal financial
statements are presented under the following captions.
Caption: Fund Balance with Treasury;
Question Numbers: 1 - 6.
Caption: Investments;
Question Numbers: 7 - 10.
Caption: Accounts Receivable;
Question Numbers: 11 - 25.
Caption: Interest Receivable;
Question Numbers: 26 - 29.
Caption: Cash and Other Monetary Assets;
Question Numbers: 30 - 31.
Caption: Inventory;
Question Numbers: 32 - 53.
Caption: Operating Materials and Supplies;
Question Numbers: 54 - 64.
Caption: Stockpile Materials;
Question Numbers: 65 - 75.
Caption: Seized Property;
Question Numbers: 76 - 82.
Caption: Forfeited Property;
Question Numbers: 83 - 95.
Caption: Goods Held Under Price Support and Stabilization Programs;
Question Numbers: 96 - 107.
Caption: General Property, Plant, and Equipment (Net);
Question Numbers: 108 - 152.
Caption: Software.
Question Numbers: 153 - 180.
Caption: Other Assets;
Question Numbers: 181 - 183.
Fund Balance with Treasury (1 - 6):
[A federal entity's fund balance with the Treasury is the aggregate
amount of funds in the entity's accounts with Treasury for which the
entity is authorized to make expenditures and pay liabilities. Fund
balance with Treasury includes clearing account balances and the dollar
equivalent of foreign currency account balances. For the reporting
entity, a fund balance with Treasury is an asset but for Treasury
it is a liability. From the perspective of the federal government as a
whole, the fund balance is neither an asset nor a liability as it
eliminates in consolidation. However, it represents a commitment from
the Treasury to make resources available to federal departments,
agencies, programs, and other entities. (SFFAS 1, par. 31 & 32)].
1) Does fund balance with Treasury include:
a) clearing account balances;
b) balances for direct loan and loan guarantee activities held in the
credit reform program, financing, and liquidating accounts;
c) funds actually borrowed from Treasury under statutory authority,
and;
d) the dollar equivalent of foreign currency account balances?
(SFFAS 1, par. 32 & 35);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Are foreign currency account balances reported on the balance sheet
translated into U.S. dollars at exchange rates determined by the
Treasury and effective at the financial reporting date? (SFFAS 1, par.
32);
3) Does fund balance with Treasury exclude contract authority [Footnote
7] or unused authority to borrow? (SFFAS 1, par. 34);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Does the entity record an increase in its fund balance with Treasury
when it:
a) receives appropriations, reappropriations, continuing resolutions,
appropriation restorations, and allocations;
b) redeems investments in U.S. securities;
c) receives transfers and reimbursements from other agencies;
d) borrows from the Treasury, Federal Financing Bank, or other
entities, and;
e) collects and credits amounts to its appropriations or fund accounts
that the entity is authorized to spend or use to offset its
expenditures? (SFFAS 1, par. 33).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Does the entity record a decrease in its fund balance with Treasury
when it:
a) disburses to pay liabilities or to purchase assets, goods, and
services;
b) invests in U.S. securities;
c) cancels expired appropriations;
d) makes transfers and reimbursements to other entities or to the
Treasury, and;
e) cancels appropriations as a result of sequestration or rescission?
(SFFAS 1, par. 36);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) Are unexpended appropriations recognized as capital and included
under fund balance with Treasury when they are made available for
apportionment? (SFFAS 7, par. 71);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Investments (7 - 10):
[Investments in federal (i.e., Treasury) securities include (1)
nonmarketable par value Treasury securities, (2) market-based Treasury
securities expected to be held to maturity, (3) marketable Treasury
securities expected to be held to maturity, and (4) securities issued
by other federal entities. Nonfederal securities include those issued
by state and local governments, private corporations, and government-
sponsored enterprises. (SFFAS 1, par. 62)].
7) Are investments in federal securities initially recorded at their
acquisition cost or amortized acquisition cost (less an allowance for
losses, if any)? (SFFAS 1, par. 68 & 69).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) Are investments in federal securities acquired in exchange for
nonmonetary assets recognized at the fair market value of either the
securities acquired or the assets given up, whichever is more
definitively determinable? (SFFAS 1, par. 68).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) Subsequent to acquisition, is the carrying amount (i.e., acquisition
cost) of investments in federal securities, adjusted for amortized
premium or discount? (SFFAS 1, par. 70-71).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) Is the interest method (i.e., effective interest rate multiplied by
the carrying amount) used in amortizing the premium or discount over
the life of the Treasury security? (SFFAS 1, par. 71).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Accounts Receivable (11 - 25):
[Accounts receivable arise from claims to cash or other assets. (SFFAS
1, par. 40)].
11) Is a receivable recognized when a federal entity establishes a
claim to cash or other assets against other entities based on legal
provisions, or when goods or services are provided? (SFFAS 1, par. 41).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) If the exact amount of a receivable is unknown, is a reasonable
estimate made? (SFFAS 1, par. 41).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
13) Are losses on receivables recognized when it is more likely than
not (greater than a 50 percent chance of occurrence) that the
receivables will not be totally collected? (SFFAS 1, par. 44).
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) Is an allowance for estimated uncollectible amounts recognized to
reduce the gross amount of receivables to their net realizable value?
If so, is this allowance reestimated on each annual financial reporting
date and when information indicates that the latest estimate is no
longer correct? (SFFAS 1, par. 45);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) Is an allowance for uncollectible amounts based on an analysis of
both individual accounts receivable and groups of accounts receivable?
(SFFAS 1, par. 47-51; SFFAS 7, par. 56); ;
Yes, No, or N/A: [Empty];
Explanation: [Empty].
16) Are accounts that represent significant amounts individually
analyzed to determine the loss allowance? (SFFAS 1, par. 47);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
17) Is a loss estimation for individual accounts based on:
a) the debtor's ability to pay;
b) the debtor's payment record and willingness to pay, and;
c) probable recovery of amounts from secondary sources including liens,
garnishments, cross collections, and other applicable collection tools?
(SFFAS 1, par. 47);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
18) If information is not available to make a reliable assessment of
losses on an individual account basis, or if the nature of the
receivables does not lend itself to individual account analysis, are the
potential losses assessed on a group basis? (SFFAS 1, par. 48);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
19) If potential losses are assessed on a group basis, are the
receivables separated into groups of homogeneous accounts with similar
risk characteristics? (SFFAS 1, par. 49-51);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
20) Is an account receivable arising from a nonexchange transaction
recognized when a collecting entity establishes a specifically
identifiable, measurable, and legally enforceable claim to cash or
other assets? (SFFAS 7, par. 53, note 9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
21) Are assessments recognized as accounts receivable if an enforceable
claim for taxes and duties exists in instances where:
a) tax returns are filed by the taxpayer without sufficient payment;
b) customs documents are filed by the importer without sufficient
payment;
c) taxpayer agreements to assessments are signed at the conclusion of an
audit or where assessments substitute for a tax return;
d) importer agreements to supplemental assessments are signed;
e) court actions determine an assessment;
f) taxpayer (or importer) agreements to pay an assessment exist on an
installment plan, and;
g) receivables determined to be currently not collectible have future
collection potential? (SFFAS 7, par. 53 & 54);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Entity receivables are amounts due from other federal or nonfederal
entities that the federal entity is authorized by law to include in its
obligational authority or to offset its expenditures and liabilities
upon collection. Nonentity receivables are amounts that the entity is
to collect on behalf of the federal government or other entities, and
the entity is not authorized to spend. (SFFAS 1, par. 43)].
22) Is an entity receivable recognized when (1) a legally enforceable
claim exists between a collecting entity and a recipient entity for the
transfer or repayment of taxes or duties, and (2) claim payment is
probable and measurable? (SFFAS 7, par. 60);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
23) Are receivables distinguished between entity receivables and non-
entity receivables (SFFAS 1, par. 43) in the accounting records?
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Compliance assessments are proposed assessments by the collecting
entity in definitive amounts, but with which the taxpayer (or importer)
still has the right to disagree or object. (SFFAS 7, par. 55.A)
Preassessment work-in-process are assessments not yet officially
asserted by the collecting entity that are subject to a taxpayer�s
right to conference in response to initial information notices. (SFFAS
7, par. 55.B)
Compliance assessments and preassessment work-in-process are not
accounts receivable].
24) Do nonexchange-related accounts receivable for taxes and duties
exclude:
a) amounts received or due with tax returns received after the close of
the reporting period;
b) compliance assessments, and;
c) preassessment work-in-process? (SFFAS 7, par. 54);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
25) Are compliance assessments reclassified and recognized as account
receivables in instances when:
a) the taxpayer files an amended tax return (agreeing to the
assessment);
b) customs� protest or retention period lapses;
c) court action or an appeal finally determines the assessment;
d) the taxpayer (or importer) agrees to pay currently or through an
installment agreement, and;
e) an offer in compromise is accepted? (SFFAS 7, par. 55.A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Interest Receivable (26 - 29):
26) Is interest receivable recognized for the amount of interest income
earned but not received for the accounting period, including interest
earned on investments in interest-bearing securities? (SFFAS 1, par.
53);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
27) Is interest receivable recognized on outstanding accounts
receivable and other U.S. government claims against persons and
entities in accordance with 31 U.S.C. 3717, Interest and Penalty on
Claims? [Footnote 8] (SFFAS 1, par. 53);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
28) Does interest receivable exclude interest on accounts receivable or
investments that are determined to be uncollectible? (SFFAS 1, par.
54);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
29) Is interest receivable from federal entities accounted for
separately from interest receivable from the public? (SFFAS 1, par.
56);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Cash and Other Monetary Assets (30-31):
[Cash (including imprest funds) consists of: coins, paper currency,
readily negotiable instruments (such as checks, money orders, and bank
drafts), demand deposits, and foreign currencies stated in U.S. dollars
at the exchange rate on the financial statement date. (SFFAS 1, par.
27; OMB Circular No. A-136, p. 40, Section II.4.3.3)
Entity cash is the amount of cash that the reporting entity holds and
is authorized to spend. Nonentity cash is cash that a federal entity
collects and holds on behalf of the U.S. government or other entities.
In some instances the entity deposits cash in its accounts in a
fiduciary capacity for the U.S. Treasury or other entities. (SFFAS
1, par. 28 & 29)
Other monetary assets consist of other items such as gold, special
drawing rights, and U.S. reserves in the International Monetary Fund
(IMF). (OMB Circular No. A-136, p. 40, Section II.4.3.3)].
30) Does the entity record all cash and monetary assets to include:
a) cash such as coins, paper currency, negotiable instruments, and
demand deposits;
b) cash available for agency use such as petty cash and cash held in
revolving funds that will not be transferred to the general fund;
c) foreign currency, and;
d) monetary assets such as gold, special drawing rights, reserves in
the IMF, and deposits not confirmed? (OMB Circular No. A-136, p. 84-85,
section II.4.10.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
31) Does the entity record separately any cash restrictions such as:
a) non-entity cash;
b) escrow cash;
c) seized cash;
d) bid deposits, and;
e) cash held in Earmarked Funds? (OMB Circular No. A-136, p. 84-85,
section II.4.10.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Inventory (32 - 53):
[Inventory is tangible personal property that is (1) held for sale,
including raw materials and work in process, (2) in process of
production for sale, or (3) to be consumed in the production of goods
for sale or in the provision of services for a fee. Inventory (for
sale) does not include related property such as (1) stockpile
materials, (2) seized and forfeited property, (3) foreclosed property,
and (4) goods held under price support and stabilization programs.
(SFFAS 3, par. 17; OMB Circular No. A-136, p. 42-43, section
II.4.3.3)].
32) Is inventory recognized when title passes or when goods are
delivered to the purchasing entity? (SFFAS 3, par. 19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
33) Is inventory valued at historical cost, latest acquisition cost, or
net realizable value? (SFFAS 3, par. 20 & 26);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
34) If inventory is valued at historical cost, does that cost include
the purchase amount and all other costs, such as transportation and
production costs, incurred to bring the inventory into its current
condition and location? (SFFAS 3, par. 21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
35) Are abnormal costs, such as excessive handling or rework costs,
charged to operations for the period? (SFFAS 3, par. 21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
36) Is donated inventory valued at its fair value at the time of
donation? (SFFAS 3, par. 21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
37) Is inventory acquired through exchange of nonmonetary assets (e.g.,
barter) valued at the fair value of the asset received at the time of
the exchange? (SFFAS 3, par. 21)
Yes, No, or N/A: [Empty];
Explanation: [Empty].
38) For inventory acquired through exchange of nonmonetary assets, is
any difference between the recorded amount of the asset surrendered and
the fair value of the asset received recognized as a gain or loss?
(SFFAS 3, par 21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
39) Is one of the following historical cost flow assumptions used to
value inventory:
a) first-in, first out (FIFO), or;
b) weighted average, or;
c) moving average, or;
d) any other valuation method (such as a standard cost system) whose
results reasonably approximate �a�, �b�, or �c� above? (SFFAS 3, par.
22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
40) If the latest acquisition cost method of inventory valuation is
used, is the latest invoice price (actual cost) applied to all like
units held, including those acquired through donation or nonmonetary
exchange? SFFAS 3, par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
41) Under the latest acquisition cost method, is the inventory revalued
periodically (or at least by the end of the fiscal year)? [Footnote 9]
(SFFAS 3, par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
42) Under the latest acquisition cost method, is the ending balance of
an allowance account to capture gains or losses (if used) the
cumulative difference between the historical cost, based on estimated
or actual valuation, and the latest acquisition cost of ending
inventory? (SFFAS 3, par. 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
43) Under the latest acquisition cost method, is the balance for the
gain/loss account adjusted each time the inventory balance is adjusted?
(SFFAS 3, par. 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
44) Is the adjustment necessary to bring the allowance to the
appropriate balance a component of the cost of goods sold as computed
under the latest acquisition cost method? [Footnote 10] (SFFAS 3, par.
24 & 25); Yes, No, or N/A: [Empty];
Explanation: [Empty].
45) If the latest acquisition cost method is used to value inventory,
is the reported cost of goods sold adjusted by the difference between
the beginning and ending unrealized holding gains and losses? (SFFAS 3,
par. 24 & 25);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
46) Does the entity value inventory at net realizable value when there
is:
a) an inability to determine approximate cost, or;
b) immediate marketability at quoted prices, or;
c) unit interchangeability (e.g., petroleum reserves)? (SFFAS 3, par.
26);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
47) Is excess, obsolete, and unserviceable inventory valued at its
expected net realizable value? (SFFAS 3 par. 30);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
48) When inventory is declared excess, obsolete, or unserviceable, is
the difference between the carrying amount and the expected net
realizable value recognized as a loss (or gain)? (SFFAS 3, par. 30);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
49) For excess, obsolete, or unserviceable inventory, are any
subsequent adjustments to the inventory�s net realizable value or
any loss (or gain) upon disposal recognized as losses (or gains)?
(SFFAS 3, par. 30);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
50) When inventory is held for repair, is it valued using:
a) the allowance method (valued at the same value as a serviceable item
and a contra-asset repair allowance account is established), or;
b) the direct method (valued at the same value as a serviceable item
less estimated repair costs)? (SFFAS 3, par. 32 & 33);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
51) If inventory is transferred to �inventory held for repair,� are
estimated prior period repair costs either credited to the repair
allowance (under the repair allowance method) or to the inventory
account (under the direct method) and reported as an adjustment to
equity? (SFFAS 3, par. 34);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
52) Is inventory held in reserve for future sale valued using the same
basis as inventory held for sale in normal operations? (SFFAS 3, par.
27);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
53) Are items intended for sale that are held for remanufacture
[Footnote 11] valued in the same manner as items intended for sale or
items held for repair, as applicable? (Interpretation No. 7, par. 10);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Operating Materials and Supplies (54 - 64):
[Operating materials and supplies are tangible personal property to be
consumed in normal operations (SFFAS 3, par. 36) and are categorized as
held for use, held in reserve for future use, or excess, obsolete, and
unserviceable (SFFAS 3, par. 37)].
54) Are operating materials and supplies recognized as assets when
produced or purchased (the consumption method of accounting)? (SFFAS 3,
par. 38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
55) Has the entity adopted the purchase method to expense operating
materials and supplies when purchased only when:
a) amounts are not significant, and;
b) they are in the hands of end users for use in normal operations, or;
c) it is not cost-beneficial to apply the consumption method of
accounting? (SFFAS 3, par. 40 and 41);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
56) Are operating materials and supplies valued at historical cost,
including all appropriate purchase and production costs incurred to
bring the items to their current condition & location? (SFFAS 3, par.
42-43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
57) Are donated operating materials and supplies valued at their fair
value at the time of donation? (SFFAS 3, par. 43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
58) Are operating materials and supplies acquired through exchange of
nonmonetary assets (e.g., barter) valued at the fair value of the asset
received at the time of exchange? (SFFAS 3, par. 43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
59) Is one of the following historical cost flow assumptions used to
value operating materials and supplies:
a) FIFO, or;
b) weighted average, or;
c) moving average, or;
d) any other valuation method (such as a standard cost system) whose
results reasonably approximate �a�, �b�, or �c� above? (SFFAS 3, par.
42 & 44);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
60) Are excess, obsolete, and unserviceable operating materials and
supplies valued at their estimated net realizable value? (SFFAS 3, par.
48);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
61) When operating materials and supplies are declared excess,
obsolete, or unserviceable is the difference between the carrying
amount before identification as excess, obsolete, or unserviceable and
the estimated net realizable value recognized as a loss (or gain)?
(SFFAS 3, par. 48);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
62) For excess, obsolete, or unserviceable operating materials and
supplies, are any subsequent adjustments to the operating materials and
supplies� estimated net realizable value or any loss (or gain) upon
disposal recognized as losses (or gains)? (SFFAS 3, par. 48);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
63) Are items held for remanufacture that meet the definition of
operating materials and supplies valued in the same manner as items
held for repair or operating materials and supplies, as applicable?
(Interpretation No. 7, par. 13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
64) Are operating materials and supplies held in reserve for future use
valued using the same basis as operating materials and supplies held
for use in normal operations? (SFFAS 3, par. 45);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Stockpile Materials (65 - 75):
[Stockpile materials are strategic and critical materials held due to
statutory requirements for use in national defense, conservation, or
national emergencies. (SFFAS 3, par. 51)].
65) Are stockpile materials recognized as assets when produced or
purchased (i.e., recognized as assets using the consumption method)?
(SFFAS 3, par. 52);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
66) If the contract between the buyer and seller of the stockpile
materials is silent regarding passage of the title, is title assumed to
pass upon delivery of the goods? (SFFAS 3, par. 52);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
67) Are stockpile materials valued at historical cost, including all
appropriate purchase, transportation, and production costs incurred to
bring the items to their current condition and location? (SFFAS 3, par.
53);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
68) Are abnormal costs, such as excessive handling or rework costs
removed from inventory? (SFFAS 3, par. 53);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
69) Is one of the following historical cost flow assumptions used to
value stockpile materials under the consumption method:
a) FIFO;
b) weighted average;
c) moving average, or;
d) any other valuation method (such as a standard cost system) whose
results reasonably approximate �a�, �b�, or �c� above? (SFFAS 3, par.
53);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
70) If stockpile materials have either suffered a permanent decline in
value to an amount below cost, or have become damaged or decayed, has
their value been reduced to expected net realizable value? (SFFAS 3,
par. 54);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
71) Is the resultant decline in value recognized as a loss or expense
in the period in which it occurs? (SFFAS 3, par. 54);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
72) When stockpile materials are authorized to be sold, are those
materials reported as stockpile materials held for sale? (SFFAS 3,
par. 55);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
73) Are stockpile materials authorized for sale valued using the same
basis used before they were authorized for sale? (SFFAS 3, par. 55);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
74) If stockpile materials are sold, is the cost removed from stockpile
materials and reported as a cost of goods sold? (SFFAS 3, par. 55);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
75) Is any gain (or loss) from the sale of stockpile materials
recognized as a gain (or loss) at that time? (SFFAS 3, par. 55);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Seized Property (76 - 82):
[Seized property includes monetary instruments, real property, and
tangible personal property belonging to others in actual or
constructive possession of the custodial agency. This includes illegal
drugs, contraband, and counterfeit items seized by authorized law
enforcement agencies (SFFAS 3, par. 59).
There may be as many as three government entities involved with seized
property: (1) the seizing agency, (2) the custodial agency, and (3)
another agency with a �central fund� set up for financial record
keeping of seizure activities. (SFFAS 3, par. 57)].
76) Is seized property accounted for by the entity that is operating as
the central fund? (SFFAS 3, par. 60);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
77) Are seized monetary instruments recognized as seized assets when
seized? (SFFAS 3, par. 61);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
78) If monetary instruments are seized, are seized assets recognized at
market value of the monetary instruments, and a liability equal to the
seized asset value established? (SFFAS 3, par. 61 & 65);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
79) Is the existence of seized property other than monetary instruments
accounted for in the entity�s property management records until the
property is forfeited, returned, or liquidated? (SFFAS 3, par. 62);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
80) Is seized property valued at its market value when seized (or as
soon thereafter as reasonably possible if the market value cannot be
readily determined)? (SFFAS 3, par. 63);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
81) If no active market exists for the property in the area in which it
was seized, is a value in the principal market nearest the place of
seizure used? (SFFAS 3, par. 63);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
82) Is the valuation of property seized under the Internal Revenue Code
based on the taxpayer�s equity (market value less any third-party
liens)? (SFFAS 3, par. 64);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Forfeited Property (83 - 95):
[Forfeited property consists of (a) property (i.e., monetary
instruments, intangible property, real property, and tangible personal
property) acquired through forfeiture proceedings, (b) property
acquired to satisfy a tax liability, and (c) unclaimed and abandoned
merchandise. (SFFAS 3, par. 67 & 68)].
83) When a forfeiture judgment is obtained for seized monetary
instruments:
a) are they reclassified as forfeited monetary instruments at the
current market value;
b) is revenue recognized in an amount equal to the value of the monetary
asset, and;
c) is the liability associated with the seized monetary instrument
classification removed? (SFFAS 3, par. 69);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
84) When a forfeiture judgment is obtained for real, tangible, and
intangible property:
a) is the property recorded as an asset at its fair value at the time
of forfeiture;
b) is an allowance account (contra-asset account) established for liens
or claims from third party claimants against forfeited property, and;
c) is offsetting deferred revenue recognized? (SFFAS 3, par. 70);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
85) Does the entity not recognize the financial value concerning the
composition, valuation, and disposition of forfeited property that
cannot be sold due to legal restrictions, but may be either donated or
destroyed (such as ivory)? (SFFAS 3, par. 71);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
86) Is revenue from the sale of forfeited property recognized when
sold? (SFFAS 3, par. 72);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Forfeited property not held for sale may be placed into official use,
transferred to another federal agency, distributed to a state or local
law enforcement agency, or distributed to a foreign government. (SFFAS
3, par. 73)].
87) When a determination is made that forfeited property will not be
held for sale, but distributed in one of the manners described above,
is the property reclassified as forfeited property held for donation or
use? (SFFAS 3, par. 74);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
88) Is revenue associated with property not disposed of through sale
recognized upon approval of distribution and the previously established
deferred revenue reversed? (SFFAS 3, par. 74);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
89) Is a distinction maintained in the entity�s accounting reports
between revenue arising from the sale of forfeited property and revenue
arising from forfeited property being transferred, donated, or placed
into official use? (SFFAS 3, par. 72�75 & Table 1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
90) Is property acquired by the government to satisfy a taxpayer�s
liability recorded when title to the property passes to the federal
government, and is a credit made to the related account receivable?
(SFFAS 3, par. 76);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
91) Is the property acquired in satisfaction of a taxpayer�s liability
valued at its market value less any third party liens? (SFFAS 3, par.
76);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
92) Upon sale of forfeited property acquired in satisfaction of a
taxpayer�s liability, is revenue recognized in the amount of the sale
proceeds, and are the property and third party liens removed from the
accounts? (SFFAS 3, par. 76);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
93) Is unclaimed and abandoned merchandise recorded with an offsetting
deferred revenue when statutory and/or regulatory requirements for
forfeiture have been met? (SFFAS 3, par. 77);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
94) Is unclaimed and abandoned merchandise valued at its market value?
(SFFAS 3, par. 77);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
95) Upon the sale of unclaimed and abandoned merchandise, is revenue
recognized in the amount of the sale proceeds, and the merchandise and
the deferred revenue removed from the accounts? (SFFAS 3, par. 77);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Goods Held Under Price Support and Stabilization Program (96 - 107):
[Goods acquired under price support and stabilization programs (i.e.,
commodities) are items of commerce or trade (usually farm commodities)
having an exchange value. Producers of the goods (1) are either given
nonrecourse loans under which they can, at their option, repay the loan
with interest or surrender their commodity pledged as collateral for
the loan, or (2) may enter into purchase agreements that allow the
producer of the option to sell commodities to the government (the
Commodity Credit Corporation) at the price support rate. (SFFAS
3, par. 92, 93, & 94)].
96) Are nonrecourse loans recognized as assets when the loan principal
is disbursed and recorded at the amount of the loan principal? (SFFAS
3, par. 96);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
97) Is interest accrued on nonrecourse loans? (SFFAS 3, par. 96);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
98) When the entity has entered into a purchase agreement and there is
an expected loss:
a) is a loss [Footnote 12] recognized if it is probable that a loss has
been incurred on purchase agreements outstanding and the amount of the
loss can be reasonably measured, and;
b) is a corresponding liability recognized? (SFFAS 3, par. 97 & 103);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
99) When commodities are acquired to satisfy a nonrecourse loan or
purchase agreement, are they recognized as assets at the lower of cost
or net realizable value? (SFFAS 3, par. 99 & 104);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
100) When commodities acquired to satisfy the terms of a nonrecourse
loan or purchase agreement are sold:
a) are revenues recognized, and;
b) is the carrying amount of the commodities removed from the asset
account and reported as a cost of goods sold? (SFFAS 3, par. 100);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
101) When commodities are held for purposes other than sale, is the
carrying amount reported as an expense and removed from the commodity
asset account upon transfer? (SFFAS 3, par. 101);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
102) Are all nonrecourse loans recorded at their face amounts, and is a
valuation allowance set up to recognize losses on such loans when it is
�more likely than not� (i.e., more than a 50 percent chance) that loans
will not be totally collected? (SFFAS 3, par. 102);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
103) Is this allowance reestimated on each financial reporting date?
(SFFAS 3, par. 102);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
104) Does the cost for the commodities acquired through a nonrecourse
loan settlement include the following amounts:
a) loan principal (excluding interest);
b) processing and packaging costs incurred after acquisition, and;
c) other costs (e.g., transportation) incurred in taking title to the
commodity? (SFFAS 3, par. 105);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
105) Does the cost for commodities acquired though a purchase agreement
include the following amounts:
a) the unit price agreed upon in the purchase agreement multiplied by
the number of units purchased, and;
b) other costs incurred in taking title to the commodity? (SFFAS 3,
par. 106);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
106) Is any adjustment necessary to reduce the carrying amount of the
acquired commodities to the lower of cost or net realizable value
recognized:
a) as a loss on farm price support in the current period, and;
b) recorded in a commodity valuation allowance? (SFFAS 3, par. 107);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
107) Are recoveries of losses recognized up to the point of any
previously recognized losses on the commodities, and is the commodity
valuation allowance reduced accordingly in the current period? (SFFAS
3, par. 107);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
General Property, Plant, & Equipment (Net) (108 - 152):
[General property, plant, and equipment (PP&E) are any property, plant,
and equipment used in providing goods or services. (SFFAS 6, par. 23)].
108) Has the entity established and consistently followed PP&E
capitalization thresholds suitable to its financial and operational
conditions? (SFFAS 6, par. 13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
109) Does PP&E consist of tangible assets, including land, which:
a) have estimated useful lives of 2 years or more;
b) are not intended for sale in the ordinary course of operations, and;
c) are acquired or constructed with the intention of being used or being
available for use by the entity? (SFFAS 6, par. 17);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
110) Does PP&E include:
a) assets acquired through capital leases, including leasehold
improvements;
b) property owned by the reporting entity in the hands of others (e.g.,
state and local governments, colleges and universities, federal
contractors), and;
c) land rights? (SFFAS 6 par. 18);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
111) Does general PP&E exclude:
a) items held in anticipation of physical consumption such as operating
materials and supplies, and;
b) items the federal entity has a reversionary interest in? (SFFAS 6,
par. 19 & 21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
112) In determining which categories to place PP&E, has the entity
considered:
a) the cost of maintaining different accounting methods for property and
the usefulness (benefit) of the information;
b) the diversity of the PP&E (e.g., useful lives, value, alternative
uses);
c) the programs being served by the PP&E, and;
d) future disposition of the PP&E? (SFFAS 6, par. 22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
113) Does the entity categorize an asset under general PP&E if it has
one or more of the following characteristics:
a) it could be used for alternative purposes (e.g., by other federal
programs, state or local governments, nongovernmental entities) but is
used to produce goods or services or to support the mission of the
entity;
b) it is used for business-type activities, [Footnote 13] and;
c) it is used by entities in activities whose costs can be compared to
those of other entities performing similar activities (e.g., federal
hospital services in comparison to other hospitals)? (SFFAS 6, par.
23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
114) Is PP&E of entities operating as business-type activities
categorized as general PP&E whether or not it meets the definition of
other PP&E categories (e.g., heritage assets)? (SFFAS 6, par. 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
115) Are land and land rights specifically acquired for or in
connection with other general PP&E included in general PP&E? (SFFAS 6,
par. 25):
Yes, No, or N/A: [Empty];
Explanation: [Empty].
116) Is all general PP&E recorded at cost? (SFFAS 6, par. 26);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
117) Does the cost of general PP&E include all costs to bring it to a
form and location suitable for its intended use to include:
a) amounts paid to vendors;
b) transportation charges to the point of initial use;
c) handling and storage costs;
d) labor and other direct or indirect production costs (for assets
produced or constructed);
e) costs of engineering, architectural, and other outside services for
designs, plans, specifications, and surveys;
f) acquisition and preparation costs of buildings and other facilities;
g) an appropriate share of the cost of the equipment and facilities
used in construction work;
h) fixed equipment and related installation costs required for
activities in a building or facility;
i) direct costs of inspection, supervision, and administration of
construction contracts and construction work;
j) legal and recording fees and damage claims;
k) fair value of facilities and equipment donated to the government,
and;
l) material amounts of interest costs paid? (SFFAS 6, par. 26);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
118) Is the cost of general PP&E acquired through donation, devise, or
judicial process, excluding forfeiture, capitalized at estimated fair
value at the time acquired by the entity? (SFFAS 6, par. 30);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
119) Is general PP&E transferred from other federal entities
capitalized at the book amount recorded by the transferring entity?
(SFFAS 6, par. 31);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
120) Is general PP&E transferred from other federal entities
capitalized at the fair value at the time of the transfer, if the
receiving entity cannot reasonably ascertain the book amount of the
PP&E being transferred? (SFFAS 6, par. 31);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
121) If general PP&E is acquired through exchange between a federal
entity and a nonfederal entity, is it capitalized at the fair value of
the PP&E surrendered at the time of the exchange? (SFFAS 6, par. 32);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
122) If general PP&E is acquired through exchange between a federal
entity and a nonfederal entity and the fair value of the PP&E is more
readily determinable than that of the PP&E surrendered, is the acquired
general PP&E capitalized at its fair value? (SFFAS 6, par. 32);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
123) If general PP&E is acquired through exchange between a federal
entity and a nonfederal entity and neither the fair value of the PP&E
acquired or surrendered is determinable, is the acquired general PP&E
capitalized at the book amount of the PP&E surrendered? (SFFAS 6, par.
32);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
124) If cash is included in an exchange of general PP&E between a
federal entity and a nonfederal entity, is the cost of PP&E acquired
increased by the amount of cash surrendered or decreased by the amount
of cash received? (SFFAS 6, par. 32);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
125) For general PP&E acquired through exchange between a federal
entity and a nonfederal entity, is the recorded cost the fair value of
the PP&E at the time of exchange? (SFFAS 6, par. 32);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
126) Is PP&E recognized when title passes to the acquiring entity or
when PP&E is delivered to the entity or to an agent of the entity?
(SFFAS 6, par. 34);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
127) If general PP&E is under construction, is it recorded as
construction work in process until it is placed into service and
transferred to general PP&E? (SFFAS 6, par. 34);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Depreciation expense is calculated through the systematic and rational
allocation of the cost of general PP&E, less its estimated salvage or
residual value over its estimated useful life. (SFFAS 6, par. 35)].
128) Is depreciation recorded on all general PP&E, except land and land
rights of unlimited duration? (SFFAS 6, par. 35);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
129) Do estimates of useful life of general PP&E consider such factors
as physical wear and tear and technological change? (SFFAS 6, par. 35);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
130) Are changes in estimated useful life or salvage and residual value
of general PP&E accounted for in the period of change and future
periods? (SFFAS 6, par. 35);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
131) Is the depreciation method systematic, rational, and best
reflective of the use of the PP&E, including the use of a composite or a
group methodology [Footnote 14] where the costs of PP&E are allocated
using the same allocation rate? (SFFAS 6, par. 35; SFFAS 23, par.
9(f));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
132) Are depreciation and amortization expenses accumulated in contra-
asset accounts? (SFFAS 6, par. 36);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
133) Are costs that either extend the useful life of existing general
PP&E or enlarge or improve its capacity capitalized and
depreciated/amortized over the remaining useful life of the asset?
(SFFAS 6, par. 37);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
134) When general PP&E is disposed of, retired, or removed from
service, is the asset removed from the asset accounts along with the
associated accumulated depreciation/amortization? (SFFAS 6, par. 38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
135) When general PP&E is disposed of, retired, or removed from
service, is any difference between the book amount of the PP&E and any
amount realized from its sale, scrap, or exchange recognized as a gain
or loss in the period of disposal? (SFFAS 6, par. 38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
136) Is general PP&E removed from general PP&E accounts along with
associated accumulated depreciation/amortization if prior to disposal,
retirement, or removal from service, it no longer provides service
in the operations of the entity? (SFFAS 6, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
137) Is PP& E that has been removed from the asset accounts recorded in
an appropriate asset account at its expected net realizable value?
(SFFAS 6, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
138) Is any difference in the book amount and its expected net
realizable value of about-to-be disposed, retired, or removal-from-
service PP&E recognized as a gain or loss in the period of adjustment?
(SFFAS 6, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
139) Is the expected net realizable value of PP&E no longer providing
service in entity operations adjusted at the end of each accounting
period? (SFFAS 6, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
140) If historical cost information for existing general PP&E has not
been maintained, are cost estimates based on:
a) the cost of similar assets at the time of acquisition, or;
b) the current cost of similar assets discounted for inflation since
the time of acquisition? (SFFAS 6, par. 40);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
141) For general PP&E previously considered national defense PP&E, is
the initial capitalization amount for these assets the initial
historical cost for the items including any major improvements or
modifications? (SFFAS 23, par. 10);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
142) For general PP&E previously considered national defense PP&E where
obtaining initial historical cost is not practical, is estimated
historical cost used, based on:
a) current replacement cost of similar items, deflated through the use
of price-level indexes to the acquisition year or estimated acquisition
year if the actual year is unknown;
b) other information indicating amount expended, such as budget,
appropriation, or engineering documents and other reports reflecting
amounts expended, or;
c) other reasonable approaches for estimating historical cost?
[Footnote 15] (SFFAS 23, par. 12 & 13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
143) For general PP&E previously considered national defense PP&E that
was in service upon implementation of SFFAS 23, are cleanup cost
liabilities adjusted as needed? [Footnote 16] (SFFAS 23, par. 15)
Yes, No, or N/A: [Empty];
Explanation: [Empty].
144) Is accumulated depreciation/amortization recorded based on:
a) the estimated cost of the PP&E and the number of years the PP&E has
been in use relative to its estimated useful life;
b) the PP&E�s estimated net remaining cost [Footnote 17] and the
depreciation or amortization charged over the remaining life based on
that net remaining cost, or;
c) a composite or a group methodology whereby the costs of PP&E are
allocated using the same allocation rate? (SFFAS 6, par. 41; SFFAS 23,
par. 9(f));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
145) If general PP&E would have been substantially depreciated or
amortized had it been recorded upon acquisition, does the entity weigh
materiality and cost-benefit to:
a) record only improvements made during the period beyond the initial
expected useful life of general PP&E, or;
b) make an aggregate entry for whole classes of PP&E (e.g., entire
facilities rather than a building-by-building estimate)? (SFFAS 6, par.
42);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
146) In recording existing general PP&E, is the difference in amounts
added to asset and contra-accounts credited (or charged) to the net
position of the entity? (SFFAS 6, par. 43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
147) In recording existing general PP&E previously identified as
national defense PP&E, is the difference in amounts added to asset and
contra accounts reported as a �change in accounting principle�? (SFFAS
23, par. 10 & 16);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Capital leases are leases that transfer substantially all the benefits
and risks of ownership to the lessee. Operating leases are leases in
which the federal entity does not assume the risks of ownership of
PP&E. Multi-year service contracts and multi-year purchase agreements
for expendable commodities are not capital leases. (SFFAS 6, par. 20,
note 22; SFFAS 5, par. 43)].
148) Does the entity classify a lease as a capital lease if at its
inception the lease either:
a) transfers ownership of the property to the lessee by the end of the
lease term;
b) contains an option to purchase the leased property at a bargain
price;
c) has a term is equal to or greater than 75 percent of the estimated
economic life of the leased property, and the beginning of the lease
term does not fall within the last 25 percent of the total estimated
economic life of the property, or;
d) the present value of rental and other minimum lease payments,
excluding that portion of the payments representing executory cost,
equals or exceeds 90 percent of the fair value of the leased property,
and the beginning of the lease term does not fall within the last 25
percent of the total estimated economic life of the property? (SFFAS 6,
par. 20; SFFAS 5, par. 43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
149) Is the cost of general PP&E acquired under a capital lease equal
to the amount recognized as a liability [Footnote 18] for the capital
lease at its inception? (SFFAS 6, par. 29);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Property, plant, and equipment are classified as heritage assets if
they have (1) historical or natural significance; (2) cultural,
educational, or artistic importance; or (3) significant architectural
characteristic. (SFFAS 29, par. 15) Multiuse heritage assets are
heritage assets that are predominately used in general government
operations (e.g., buildings such as the main Treasury building, which
is used as an office building). (SFFAS 29, par. 22)].
150) Is the cost of acquisition, improvement, reconstruction or
renovation of multi-use heritage asset(s) capitalized as general
PP&E and depreciated over its estimated useful life? (SFFAS 29, par.
22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
151) Are multiuse heritage assets acquired through donation or devise
recognized as general PP&E at the assets� fair value? (SFFAS 29, par.
23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
152) For multiuse heritage assets acquired through donation or devise,
are the assets fair value also recognized as �nonexchange revenue,� as
defined in SFFAS 7? (SFFAS 29, par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Software includes the application and operating system programs,
procedures, rules, and any associated documentation pertaining to the
operation of a computer system or program.
�Internal use software� is software that is purchased from commercial
vendors �off the shelf,� internally developed, or contractor-developed
solely to meet the entity�s internal or operational needs. (SFFAS 10,
par. 8)].
153) Does the entity capitalize the cost of software when it is:
a) specifically identifiable;
b) has a determinate life of 2 years or more;
c) not intended for sale in the ordinary course of operations;
d) acquired or developed with the intention of being used by the entity,
and;
e) meets the criteria for general PP&E in that it is used in providing
goods and services? (SFFAS 6, par. 17; SFFAS 10, par. 15 & 38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
154) Does the capitalized cost of internally developed software include
the full cost (i.e., direct and indirect costs) incurred during the
software development stage? (SFFAS 10, par. 16);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
155) Are capitalized internally developed software development costs
limited to costs incurred after:
a) management authorizes and commits to a computer software project and
believes that it is more likely than not that the project will be
completed;
b) the software will be used to perform the intended function with an
estimated service life of 2 years or more, and;
c) the conceptual formulation, design, and testing of possible software
project alternatives (i.e., preliminary design stage) have been
completed? (SFFAS 10, par. 16);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
156) Do software capitalization costs include costs for new software
[Footnote 19] and documentation manuals? (SFFAS 10, par. 17);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
157) Do the capitalized costs for commercial off-the-shelf (COTS)
software include the amount paid to the vendor? (SFFAS 10, par. 18);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
158) Do the capitalized costs for contract or developed software
include the amount paid to a contractor to design, program, install,
and implement the software? (SFFAS 10, par. 18);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
159) Does the entity capitalize internal costs incurred to implement
the COTS or contractor-developed software and otherwise make it ready
for use? (SFFAS 10, par. 18);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
160) Does the entity expense as incurred all data conversion costs for
internally developed, contractor-developed, or COTS software as well as
the cost to develop or obtain software that allows for access or
conversion of existing data to the new software? (SFFAS 10, par. 19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
161) Does the entity expense costs incurred after the completion of
final acceptance testing? (SFFAS 10, par. 20);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
162) Does the entity treat software that serves both internal uses and
stewardship purposes [Footnote 20] as internal use software and
capitalize it to the extent such software meets criteria for general
PP&E? (SFFAS 10, par. 21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
163) Is computer software that is integrated into and necessary to
operate general PP&E, [Footnote 21] rather than perform a separate
application, considered part of the PP&E of which it is an integral
part, and is it capitalized and depreciated? (SFFAS 10, par. 22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
164) If the entity purchased software as part of a package of products
and services, does it use a reasonable estimate of the relative fair
value of the individual elements in allocating the cost as
capitalizable or noncapitalizable (i.e., expense) elements? (SFFAS 10,
par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
165) If the entity purchased software as part of a package of products
and services, does it expense software costs that are not susceptible
to allocation between maintenance and relatively minor enhancements?
(SFFAS 10, par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
166) Has the entity established capitalization thresholds for its
internal-use software including bulk purchases of software programs and
modules or components of a total software system? (SFFAS 10, par. 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
167) Does the entity capitalize the acquisition cost of enhancements to
existing internal use software, as well as related modules, when it is
more likely than not that they will result in significant additional
capabilities? (SFFAS 10, par. 25);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
168) Does the entity expense, in the period incurred, the cost of minor
enhancements resulting from ongoing systems maintenance as well as the
purchase of enhanced versions of software for a minimal charge? (SFFAS
10, par. 26);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
169) Are costs incurred solely to repair a design flaw or to perform
minor upgrades that may extend the useful life of the software without
adding capabilities expensed? [Footnote 22] (SFFAS 10, par. 27);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
170) Does the entity recognize a loss upon impairment of computer
software when post-implementation or operational conditions apply
where:
a) the software is no longer expected to provide substantive service
potential and will be removed from service, or;
b) a significant reduction occurs in the capabilities, functions, or
uses of the software (or module thereof)? (SFFAS 10, par. 28 & 29);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
171) If impaired software is to remain in use, is the loss due to
impairment measured as the difference between the book value and:
a) the cost to acquire software that would perform similar remaining
functions (i.e., unimpaired), or;
b) the portion of book value attributable to the remaining functional
elements of the software? (SFFAS 10, par. 29);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
172) If the loss due to impairment cannot be determined, is the book
amount of the software amortized over the remaining useful life of the
software? (SFFAS 10, par. 29);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
173) If impaired software is to be removed from use, is the loss due to
impairment measured as the difference between the book amount and any
net realizable value (NRV)? (SFFAS 10, par. 30);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
174) In situations of impaired software to be removed from use, does
the entity transfer the NRV, if any, to an appropriate asset account
until such time as the software is disposed of and the NRV realized?
(SFFAS 10, par. 30);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
175) If the entity�s managers conclude that it is no longer �more
likely than not� that developmental software or a module thereof will
be completed and placed in service, is the accumulated book value or
the balance in a work in process account, if applicable, reduced to
reflect the expected NRV and a loss recognized? (SFFAS 10, par. 31);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
176) Does the entity amortize capitalized internal use software
systematically and rationally over the estimated useful life of the
software? (SFFAS 10, par. 32);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
177) Does amortization of each module or component of a software
project begin when that module or component has been successfully
tested? (SFFAS 10, par. 33);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
178) If the use of a module is dependent on the completion of another
module(s), does the amortization begin only when both that module and
the other module(s) have been successfully tested? (SFFAS 10, par. 33);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
179) Are additions to the book value or changes in useful life of
capitalized software treated prospectively (i.e., during the period of
change and future periods only) when the software is amortized? (SFFAS
10, par. 34);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
180) When the entity replaces existing internal use software with new
software, is the unamortized cost of the old software expensed when the
new software has been successfully tested? (SFFAS 10, par. 34);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Other Assets (181 - 183):
[Advances are cash outlays made by a federal entity to its employees,
contractors, grantees, or others to cover the recipient�s anticipated
expenses or as advance payments for the costs of goods and services
acquired by an entity. (SFFAS 1, par. 57)
Prepayments are payments made by a federal entity to cover certain
periodic expenses before those expenses are incurred (SFFAS 1, par. 58)
Progress payments on work in process are not included in advances and
prepayments (OMB Circular No. A-136, p. 44, section II.4.3.3)].
181) Are amounts of advances or prepayments that are subject to a
refund transferred to accounts receivable? (SFFAS 1, par. 59);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
182) Are advances and prepayments paid out reported separately as
assets and not netted against the liability for advances and
prepayments that the entity received? (SFFAS 1, par. 60);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
183) Are advances and prepayments that are made to federal entities
accounted for separately from those made to nonfederal entities? (SFFAS
1, par. 61);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section IV � Liabilities:
Questions related to accounting for liabilities in the financial
statements are presented below.
Caption: Liabilities in General;
Question Numbers: 1 - 2.
Caption: Accounts Payable and Interest Payable;
Question Numbers: 3 - 8.
Caption: Capital Lease Liabilities;
Question Numbers: 9 - 12.
Caption: Federal Debt and Related Interest;
Question Numbers: 13 - 19.
Caption: Pensions, Other Retirement Benefits, and Postemployment
Benefits;
Question Numbers: 20 - 24.
Caption: Other Liabilities;
Question Numbers: 25 - 48.
Liabilities in General (1 - 2):
[Liabilities of the federal agencies are reported under two major
categories: (1) liabilities covered by budgetary resources [Footnote
23] and (2) liabilities not covered by budgetary resources. [Footnote
24] Within each of these two categories, liabilities are classified as
(1) intra-governmental liabilities, which are amounts owed to other
federal entities or (2) governmental liabilities, which are amounts
owed to nonfederal entities by the federal government or an entity
within the federal government. (SFFAS 1, par. 21; SFFAS 5, note 1 in
summary)].
1) Does the federal entity recognize a liability for probable [Footnote
25] and measurable [Footnote 26] future outflows or other sacrifices of
resources arising from one or more events from:
a) past exchange transactions;
b) government-related events, such as a federal entity accidentally
causing damage to private property;
c) government-acknowledged events, such as natural disasters, for which
the government has taken formal responsibility for the related costs,
and;
d) nonexchange transactions that, according to current law and
applicable policy, are unpaid amounts due as of the reporting date?
(SFFAS 5, par. 19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Are liabilities recognized when incurred regardless of whether they
are covered by available budgetary resources (including those
liabilities related to appropriations canceled under �M� account
legislation (P.L. 101-510, section 1405)? (OMB Circular A-136, p. 45,
section II.4.3.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Accounts payable are amounts owed by a federal entity for goods and
services received, progress in contract performance, and rents due to
other entities. (SFFAS 1, par. 74)].
3) Do accounts payable exclude amounts related to ongoing continuous
expenses, such as salary and related benefits expense, which are
classified as other current liabilities? (SFFAS 1, par. 75);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) When an entity accepts title to goods, whether the goods are
delivered or in transit, does the entity recognize a liability for the
unpaid cost of goods? (SFFAS 1, par. 77);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) If invoices for goods, for which the entity has accepted the title,
are not available, does the entity estimate the amount owed? (SFFAS 1,
par. 77);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) For facilities or equipment constructed or manufactured by
contractors or grantees according to agreements or contract
specifications, are amounts recorded as payable based on an estimate of
work completed under the contract or the agreement in accordance with
the federal entity's engineering and management evaluation of actual
performance progress and incurred costs? (SFFAS 1, par. 78 & 79);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) Is interest incurred, but unpaid on borrowed funds, late payments,
and refunds recognized as interest payable and reported as a liability
at the end of each period? (SFFAS 1, par. 81);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) Is interest payable to federal entities accounted for separately
from interest payable to the public? (SFFAS 1, par. 82);
[Capital leases are leases that transfer substantially all of the
benefits and risks of ownership to the lessee. (SFFAS 5, par. 43)].
9) Is the amount recorded by the lessee as a liability under a capital
lease arrangement the present value of rental and other minimum lease
payments (excluding executory costs) during the lease term? (SFFAS 5,
par. 44);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) If the present value of the rental and other minimum lease payments
during the lease term exceeds the fair value of the leased property, is
the liability recorded as the fair value [Footnote 27] of the property
at the inception of the lease? (SFFAS 5, par. 44);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
11) Does the entity use the applicable Treasury borrowing rate to
determine the discount rate charged on a capital lease unless:
a) it is practicable for the lessee to learn the implicit rate computed
by the lessor, and;
b) the implicit rate is less than the Treasury borrowing rate? (SFFAS
5, par. 45);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) During the lease term, is each minimum lease payment allocated
between a reduction of the obligation and interest expense so as to
produce a constant periodic rate of interest on the remaining balance
of the liability? (SFFAS 5, par. 46);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Debts are amounts borrowed from the Treasury, the Federal Financing
Bank, other federal agencies, or the public under general or special
financing authority such as Treasury bills, notes, bonds, and Federal
Housing Administration (FHA) debentures. (SFFAS 5, par. 47)].
13) Does the entity accounting for federal debt identify the amount of
the outstanding debt liability at any given time and the related
interest cost for each accounting period? (SFFAS 5, par. 48);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) Are fixed-value securities with known redemption or maturity
amounts at time of issue valued at their original face (par) value net
of any unamortized discount or premium? (SFFAS 5, par. 50);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) For fixed-value securities, is the interest method [Footnote 28]
used for amortizing any discount or premium? (SFFAS 5, par. 51);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
16) If the interest method is not used, is the straight line method of
discount or premium amortization used for:
a) short-term securities with a maturity of 1 year or less, and;
b) longer term securities, where the difference between the amount of
amortization under the interest and straight-line methods is immaterial?
(SFFAS 5, par. 50);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
17) If the entity has issued variable value securities of unknown
redemption or maturity values, are they appraised at their original
value and periodically revalued on the basis of the regulations or
offering language? (SFFAS 5, par. 52);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
18) Are old currencies issued by the federal government and not yet
redeemed or written off identified as a noninterest bearing federal
debt liability at face value? (SFFAS 5, par. 55);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
19) Is all debt owed to federal entities recorded separately from debt
owed to the public? (SFFAS 1, par. 18-24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Pensions, Other Retirement Benefits, and Postemployment Benefits (20 -
24):
[Federal employee and veterans benefits include the actuarial portion
of pensions, other retirement benefits, and other postemployment
benefits. (SFFAS 1, par. 83 & 84; SFFAS 5, par. 56)
In the context of accounting for pensions, other retirement benefits
(ORB), and other postemployment benefits, the �administrative entity�
manages and accounts for the pension or other employee plan, while the
�employer entity� employs federal workers and generates employee costs,
for which it would typically receive a salary and expense
appropriation. (SFFAS 5, par. 57, note 38)
The �aggregate entry age normal� actuarial cost method is one under
which the expenses or liabilities arising from the actuarial present
value of projected pension benefits are allocated on a level basis over
the earnings or the service of the group between entry age and assumed
exit ages. The portion of the actuarial present value allocated to a
valuation year is called �normal cost.� (SFFAS 5, par. 64)].
20) Is the aggregate entry age normal actuarial cost method used to
calculate, for the administrative entity financial statements, the
liabilities arising from pension and ORB expenses? (SFFAS 5, par. 64 &
82);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
21) If other actuarial cost methods are used because the results are
not materially different, does the entity provide an explanation why
aggregate entry age normal is not used? (SFFAS 5, par. 64 & 82);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
22) Does the administrative entity report pension and ORB assets
separately from liabilities as opposed to netting them? (SFFAS 5, par.
68 & 85);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
23) Does the administrative entity carry pension and ORB assets at
their acquisition cost, adjusted for amortization, if appropriate?
(SFFAS 5, par. 85);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
24) Does the employer entity recognize the long-term other
postemployment benefits liability as the present value of future
payments discounted at the Treasury borrowing rate for securities of
similar maturity? (SFFAS 5, par. 95);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Other Liabilities (25 - 48):
[Unless they are reported separately, other liabilities include
liabilities not recognized in other categories. They may include, but
are not limited to: capital leases, insurance, advances and
prepayments, deposit funds held in escrow, accrued liabilities related
to ongoing continuous expenses such as federal employee salaries and
accrued employee annual leave, and estimated losses for claims and
other contingencies. Claims and other contingencies include indemnity
agreements, adjudicated claims, and commitments to international
institutions. (SFFAS 1, par. 83-86)].
25) Do all federal insurance and guarantee programs (except social
insurance and loan guarantee programs) recognize a liability for unpaid
claims incurred resulting from insured events that have occurred as of
the reporting date? (SFFAS 5, par. 104);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
26) Do federal insurance programs accrue a liability when an existing
condition, situation, or set of circumstances involving uncertainty as
to possible loss exists, and where:
a) the uncertainty will be resolved when one or more probable future
events either occur or fail to occur, and;
b) future outflow or other sacrifice of resources is probable and
measurable? (SFFAS 5, par. 104 & 108);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
27) Is a liability recognized for future life insurance policy benefits
(such as death or disability)? (SFFAS 5, par. 104);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
28) When insurance payments and losses extend beyond the current year,
does the liability at the end of the year represent net losses
calculated on a present-value basis to reflect the time value of money?
(SFFAS 5, par. 109);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[The liability for future policy benefits is the present value of
future outflows to be paid to (or on behalf of) policyholders, less the
present value of future related premiums. In general, for whole life
policies, the liability for future policy benefits should be no less
than the cash surrender value that accrues to the benefit of the
policyholder. (SFFAS 5, par. 116)].
29) Are liabilities for future benefits of whole life insurance
policies recorded as prescribed by private sector standards (i.e.,
Financial Accounting Standards Board (FASB) Statement of Accounting
Standards (SFAS) 60, 97, & 120; American Institute of Certified Public
Accountants (AICPA) Statement of Position (SOP) 95-1)? (SFFAS 5, par.
117);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
30) Does the liability for future benefits relating to participating
life insurance contracts equal the sum of:
a) the net level premium reserve for death and endowment policy
benefits;
b) liability for terminal dividends, and;
c) any premium deficiency? [Footnote 29] (SFFAS 5, par. 118 & 120);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
31) Has the entity compared the liability for future policy benefits
using actuarial assumptions applicable at the time the contract was
made (contract assumptions) with the liability for future policy
benefits using assumptions that consider:
a) current economic conditions (i.e., current and expected investments
and expected long-term yields), and b) experience (i.e., mortality,
morbidity, and termination rates)? (SFFAS 5, par. 119);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
32) Does the agency record �unearned revenue� as a liability if it
receives advances or progress payments prior to receipt of cash, and it
records the amounts? (SFFAS 7, par. 37);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
33) Are amounts payable for refunds, refund offsets, [Footnote 30] and
drawbacks [Footnote 31] recognized as liabilities when measurable and
legally payable under established processes of the collecting entity?
(SFFAS 7, par. 57);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
34) Do amounts payable for refunds include refund claims filed by the
taxpayer when the government has determined the amount refundable and
identified the payee? (SFFAS 7, par. 57);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
35) Are amounts payable for refunds with respect to returns or claims
filed as of the end of the reporting period included in accounts
payable for refunds if they do not require specific approval before
payment? (SFFAS 7, par. 57);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
36) For claims filed for refunds where specific administrative actions
are required before payments can be made, are the amounts excluded from
being recognized as a liability if the required administrative actions
are not yet complete as of the close of the reporting period, even if
reasonably estimable? (SFFAS 7, par. 58.A);
37) Are unasserted claims for refunds by taxpayers or importers, such
as unfiled claims for refunds or drawbacks for which no claim has been
filed, excluded from liabilities, even if reasonably estimable? (SFFAS
7, par. 58.B);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
38) Are amounts voluntarily made as deposits, such as those made to
stop the accrual of interest or those made pending settlements and
judgments, separately recognized as deposit liabilities? (SFFAS 7, par.
59);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[A loss contingency is an existing condition, situation, or set of
circumstances involving uncertainty as to possible loss to an entity.
The uncertainty should ultimately be resolved when one or more future
events occur or fail to occur. (SFFAS 5, par. 35)]
39) Does the entity recognize estimated losses for claims or other
contingencies if all of the following conditions apply:
a) a past event or exchange transaction has occurred;
b) a future outflow or other sacrifice of resources is probable,
[Footnote 32] and c) the future outflow or sacrifice of resources is
measurable (e.g., the federal entity�s management determines an
estimated settlement amount)? (SFFAS 5, par. 38; SFFAS 6, par. 91; SFFAS
12, par. 10 & 11);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
40) When determining an estimated contingent liability, if some amount
within a range of amounts is a better estimate than any other amount
within the range, is that amount recognized? (SFFAS 5, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
41) When determining an estimated liability, if no amount within a
range of amounts is a better estimate than any other amount, is the
minimum amount in the range recognized? (SFFAS 5, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
42) Does the entity separately recognize a liability for environmental
clean-up costs [Footnote 33] for PP&E if;
a) they are related to a past transaction or event, and;
b) the related costs are probable and measurable? (SFFAS 5, par. 38 &
SFFAS 6, par. 91-93);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
43) When clean-up costs are paid, are the payments recognized as a
reduction in the liability for clean-up costs? (SFFAS 6, par. 100);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
44) If clean-up costs have not been previously recognized, is a
liability recognized for the portion of the estimated total clean-up
cost that is attributable to either the portion of the physical
capacity used or the portion of the estimated useful life that has
passed since the PP&E was placed into service? (SFFAS 6, par. 104-106);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
45) Are any subsequent changes (made in periods following
implementation) in estimated total clean-up cost immediately expensed
(if costs are to be recovered though user charges) and included in the
related liability balance? (SFFAS 6, par. 104);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
46) When clean-up costs are recognized for the first time, is the
offsetting charge for any liability for clean-up costs shown as a
�prior-period adjustment?� (SFFAS 6, par. 105; SFFAS 21, par. 13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Social insurance programs provide for the maintenance and distribution
of incomes and medical benefits during periods of unemployment,
disability, and retirement. These programs are Social Security,
Medicare, Railroad Retirement Benefits, Black Lung Benefits, and
Unemployment Insurance. Expense and liability recognition for these
programs is the same for both the consolidated governmentwide entity
and for the component entities. (SFFAS 17, par. 2, 4, 14, 15, 19, 30, &
app. D, glossary)].
47) Does the entity recognize a liability for social insurance benefits
due and payable including claims incurred but not reported? (SFFAS 17,
par. 22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
48) Does the liability for unemployment insurance include:
a) amounts due to states and territories for benefits they have paid to
beneficiaries but for which they have not withdrawn funds from the
federal Unemployment Trust Fund (UTF) as of the fiscal year end, and;
b) estimated amounts to be withdrawn from UTF and benefits paid by
states and territories after fiscal year end for compensatory days
occurring prior to fiscal year end? (SFFAS 17, par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section V � Net Position and Related Changes:
Questions related to accounting for net position and related changes in
the financial statements are presented below.
Caption: Unexpended Appropriations & Cumulative Results of Operation;
Question Numbers: 1 � 2.
Caption: Budgetary Financing Sources;
Question Numbers: 3 � 18.
Caption: Other Financing Sources;
Question Numbers: 19 � 27.
Caption: Earmarked Funds;
Question Numbers: 28 � 32.
Unexpended Appropriations & Cumulative Results of Operations (1 - 2):
[Net position is affected by changes to its two components: Cumulative
Results of Operations and Unexpended Appropriations, which are broken
out into separate sections in the Statement of Changes in Net Position.
(OMB Circular No. A-136, p. 55, sections II.4.5.1)].
1) Does the line item �unexpended appropriations� include both the
portion of the entity�s appropriation represented by undelivered orders
and unobligated balances? (OMB Circular No. A-136, p. 48, section
II.4.3.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Does the line item �cumulative results of operations� include:
a) the net results of operations since inception;
b) the cumulative amount of prior period adjustments, and;
c) the cumulative amount of donations and transfers of assets in and out
without reimbursement? (OMB Circular No. A-136, p. 48-49, section
II.4.3.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Budgetary Financing Sources displays financing sources and nonexchange
revenue that are also budgetary resources, or adjustments to these
resources, as reported on the Statement of Budgetary Resources and
defined as such by OMB Circular No. A-11, Preparation, Submission and
Execution of the Budget. (OMB Circular No. A-136, p. 62, section
II.4.5.5)].
3) Are unexpended appropriations reduced as appropriations are used?
(SFFAS 7, par. 71)
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Are unexpended appropriations adjusted for other changes in
budgetary resources, such as rescissions and transfers? (SFFAS 7, par.
71);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Do �appropriations transferred in/out (+/-)� equal the amount of
appropriations received in the current or prior year(s) that have been
transferred in or out during the current reporting year? (OMB Circular
No. A-136, p. 62, section II.4.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) Do �other adjustments [Footnote 34] (rescissions, etc.) (+/-)�
include adjustments to either cumulative results of operations or
unexpended appropriations? (OMB Circular No. A-136, p. 62, section
II.4.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) Are appropriations used by collecting entities to provide refunds of
monies deposited to Treasury and trust funds reported under �other
adjustments (rescissions, etc. (+/-))� rather than as an
�appropriations used?� (OMB Circular No. A-136, p. 62, section
II.4.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) Are "appropriations used" recognized as a financing source when
goods and services are received or when benefits and grants are
provided? [Footnote 35; (SFFAS 7, par. 72);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) Is the amount of appropriations used subtracted from unexpended
appropriations and added to cumulative results of operations for a net
zero effect on net position as a whole? (OMB Circular No. A-136, p. 62-
63, section II.4.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) Do �appropriations [Footnote 36] used� exclude:
a) undelivered orders, and;
b) unobligated appropriations? (OMB Circular No. A-136, p. 62, section
II.4.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
11) Is nonexchange revenue recognized by the recipient entity as a
financing source (and not as a deduction in determining the net cost of
operations)? (SFFAS 7, par. 60);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) Does the entity recognize nonexchange revenues, such as taxes, if
legally entitled to the revenue? (SFFAS 7, par. 48 & 49);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
13) Is nonexchange revenue recognized when the government's claim to
resources can be characterized as:
a) specifically identifiable;
b) legally enforceable;
c) reasonably estimable, and;
d) more likely than not collectable? (SFFAS 7, par. 48);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) Is revenue recognized by recipient entities the sum of:
a) cash or cash equivalents transferred to them by the collecting
entities, and;
b) the net change in any related interentity balances between the
collecting and the receiving entities (i.e., the amount to be
transferred to the recipient entities from the collecting entity or
vice versa)? (SFFAS 7, par. 60);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) Do �donations and forfeitures of cash and cash equivalents� include
voluntary gifts and involuntary forfeitures of resources to the federal
government by nonfederal entities? (OMB Circular No. A-136, p. 63,
section II.4.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
16) Do �transfers-in/out without reimbursement (+/-)� under �budgetary
financing sources� include intragovernmental nonappropriated [Footnote
37] balance transfers in or out during the current reporting year? (OMB
Circular No. A-136, p. 63, section II.4.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
17) Is exchange revenue (included in calculating an entity�s net cost of
operations) required to be transferred to the Treasury or another
federal entity recognized as a transfer out? (OMB Circular No. A-136,
p. 63, section II.4.5.5)
Yes, No, or N/A: [Empty];
Explanation: [Empty].
18) Do �other budgetary financing sources� include other financing
sources that affect budgetary resources that have not been covered by
the preceding questions? (OMB Circular No. A-136, p. 63, section
II.4.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Other Financing Sources (19 - 27):
[Other Financing Sources displays financing sources and nonexchange
revenue that do not represent budgetary resources as reported on the
Statement of Budgetary Resources and defined as such by OMB Circular
No. A-11. (OMB Circular A-136, p. 63, section II.4.5.6)].
19) Is revenue arising from donations of property measured at the
estimated fair value of the contribution at the time of the donation?
(SFFAS 6, par. 30; SFFAS 7, par. 62);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
20) Are transferred assets recorded at the book amount of the
transferring entity, or, if the receiving entity does not know the book
amount, is the asset recorded at its estimated fair value as of the
date of the transfer? [Footnote 38] (SFFAS 7, par. 74);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
21) When assets [Footnote 39] are transferred in or out by entities
without reimbursement:
a) does the receiving entity recognize the transfer-in as an increase in
financing sources in its statement of net position, and;
b) does the transferring entity recognize the transfer out as a
decrease in financing sources in its statement of changes in net
position? (SFFAS 7, par. 74);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
22) Does the reporting entity recognize an imputed financing source for
costs funded through other federal entities, as well as nonreimbursed
costs of goods and services provided by other federal entities? (SFFAS
4, par. 109; SFFAS 7, par. 73);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
23) Do �other financing sources� include other financing sources that
do not represent budgetary resources and that have not been covered by
the preceding questions? (OMB Circular No. A-136, p. 64, section
II.4.5.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
24) Is exchange revenue transferred to another government entity or to
the Treasury recognized as a "transfer out" in determining the net
results of operations? (SFFAS 7, par. 75);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
25) Are assets included in general PP&E that are transferred to another
federal entity for use as heritage assets or stewardship land
recognized as a transfer-out of capitalized assets? (SFFAS 29 par. 21 &
39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
26) For transfers of multi-use heritage assets from one federal entity
to another, does the receiving entity recognize a transfer-in at the
transferring entity�s book value or at its estimated fair value if book
value is not provided? (SFFAS 29, par. 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
27) For transfers of multi-use heritage assets from one federal entity
to another, does the transferring entity recognize a transfer-out at
the transferring entity�s book value? (SFFAS 29, par. 24);
Earmarked Funds (Items 28 - 32):
[Earmarked funds are financed by specifically identified revenues, often
supplemented by other financing sources, which remain available over
time. These specifically identified revenues and other financing
sources are required by statute to be used for designated activities,
benefits or purposes, and must be accounted for separately from the
entity�s general revenues. (SFFAS 27, par. 11)].
28) Are earmarked funds accounted for separately from the entity�s
general revenues? (SFFAS 27, par.11);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
29) Do funds designated as earmarked meet these criteria:
a) a statute committing the federal government to use specifically
identified revenues and other financing sources only for designated
activities, benefits or purposes;
b) explicit authority for the earmarked fund to retain revenues and
other financing sources not used in the current period for future use to
finance the designated activities, benefits, or purposes, and;
c) a requirement to account for and report on the receipt, use, and
retention of the revenues and other financing sources that distinguishes
the earmarked fund from the Government�s general revenues? (SFFAS 27,
par.11);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
30) Are intra-governmental funds, credit financing accounts, and
fiduciary funds not characterized as earmarked funds? (SFFAS 27,
par.18);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
31) If more than one component entity is responsible for carrying out
the program financed with earmarked revenues and other financing
sources, can each portion:
a) be clearly identified and the entity includes its respective
portion, or;
b) not be clearly identified and the entity with program management
responsibility report the entire fund? (SFFAS 27, par. 20);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
32) Does the quantitative and qualitative criteria used to present
individual earmarked funds include:
a) percentages of the reporting entity�s earmarked revenues or
cumulative results of operations from earmarked funds;
b) whether an earmarked fund is of immediate concern to constituents of
the fund;
c) whether it is politically sensitive or controversial;
d) whether it is accumulating large balances, and;
e) whether the information provided in the financial statements would
be the primary source of financial information for the public? (SFFAS
27, par. 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section VI � Net Cost:
Questions related to accounting for net cost in the financial
statements are presented below.
Caption: Cost Accounting - Overall Requirements;
Question Numbers: 1 � 7.
Caption: Cost Accounting - Responsibility Segments;
Question Numbers: 8 � 10.
Caption: Cost Accounting - Full Cost;
Question Numbers: 11 � 18.
Caption: Cost Accounting � Inter-entity Costs;
Question Numbers: 19 � 23.
Caption: Cost Accounting - Costing Methodology;
Question Numbers: 24 � 30.
Caption: Revenues;
Question Numbers: 31 � 44.
Caption: Pensions and Other Retirement and Postemployement Benefits
Costs;
Question Numbers: 45 � 68.
Caption: Inventory, Materials, Supplies, and Commodities Costs;
Question Numbers: 69 � 77.
Caption: Property, Plant, and Equipment Costs;
Question Numbers: 78 � 92.
Caption: Clean-up Costs;
Question Numbers: 93 � 100.
Caption: Interest Costs;
Question Numbers: 101 � 102.
Caption: Insurance and Subsidies Costs;
Question Numbers: 103 � 106.
Cost Accounting � Overall Requirements (1 - 7):
[Managerial cost accounting is the process of accumulating, measuring,
analyzing, interpreting, and reporting cost information useful to both
internal and external groups concerned with the way in which the
organization uses, accounts for, safeguards, and controls its resources
to meet its objectives. (SFFAS 4, par. 42)
A cost accounting "system" is a continuous and systematic cost
accounting process that may be designed to accumulate and assign costs
to a variety of objects routinely or as desired by management. (SFFAS
4, par. 74)
Cost finding is a method for determining the cost of producing goods or
services using appropriate procedures, for example, special cost
studies or analyses. (SFFAS 4, par. 76)].
1) Are costs related to the production of outputs reported separately
from costs that are not related to the production outputs (i.e.,
nonproduction costs)? (OMB Circular No. A-136, p. 53, section
II.4.4.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Has the entity established appropriate procedures and practices to
enable the consistent and regular collection, measurement,
accumulation, analysis, interpretation, and communication of cost
information? (SFFAS 4, par. 68-70);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) As a means of providing cost information in an efficient and
reliable manner on a continuing basis, does the entity regularly
accumulate and report the costs of its activities either by means of
cost accounting systems or cost finding techniques? (SFFAS 4, par. 68-
70);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Does the reporting entity's cost accounting system or cost finding
technique:
a) collect cost information by responsibility segments identified by
management; b) define outputs for each responsibility segment;
c) measure the full cost (including the cost of goods or services
provided by other entities) of outputs so that total operational costs
and total unit costs of outputs can be determined;
d) use a costing methodology (e.g., activity-based, job order, standard
costing) that is appropriate for management�s needs and the operating
environment;
e) provide information needed to determine and report service efforts
and accomplishments and information necessary to meet the requirements
of GPRA (or interface with a system that provides such information);
f) report cost information in a timely manner and on a regular basis
consistent with the needs of management and budgetary and financial
reporting requirements;
g) rely on the United States Standard General Ledger as a basis for
integrating its cost information with its financial accounting;
h) supply cost data precise enough to provide reliable and useful
information to internal and external users in making evaluations or
decisions but also avoid unnecessary precision and refinement of data,
and;
i) accommodate management�s cost information needs? (SFFAS 4, par. 71);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Are all managerial cost accounting activities, processes, and
procedures documented? (SFFAS 4, par. 71);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) In determining the appropriate detail for its cost accounting
processes and procedures, has the reporting entity evaluated:
a) nature of its operations;
b) precision desired and needed in cost information;
c) practicality of data collection and processing;
d) availability of electronic data-handling facilities;
e) cost of installing, operating, and maintaining the cost accounting
processes, and;
f) specific information needs of management? (SFFAS 4, par. 72);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) Has the entity used similar or compatible cost accounting processes
throughout its component units? (SFFAS 4, par. 73);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Cost Accounting � Responsibility Segments (8 - 10):
[A responsibility segment is a component of a reporting entity that is
responsible for carrying out a mission, conducting a major line of
activity, or producing one or a group of related products or services.
(SFFAS 4, par. 78)].
8) Has the entity defined and established responsibility segments?
(SFFAS 4, par. 77);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) Does management designate or establish responsibility segments based
on:
a) the entity�s organizational structure;
b) its lines of responsibility and missions;
c) its output (goods or services it delivers), and;
d) budget accounts and funding authorities? (SFFAS 4, par. 86);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) For each responsibility segment, does the entity:
a) define and accumulate outputs and, if feasible, quantify each type
of output in units;
b) accumulate costs and quantitative units of resources consumed in
producing the outputs;
c) assign costs to outputs and calculate the cost per unit of each type
of output, and;
d) establish cost centers within responsibility segments? (SFFAS 4,
par. 79 & 88);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Cost Accounting � Full Cost (11 - 18):
[Full cost is the sum of all costs that contribute to an output and
includes direct and indirect costs regardless of funding sources. It
also includes the costs of supporting services provided by other
responsibility segments or entities. (SFFAS 4, par. 89)
Output is any product or service generated from the consumption of
resources. (SFFAS 4, par. 89) Direct costs are costs that can be
specifically identified with an output. (SFFAS 4, par. 90) Indirect
costs are costs of resources that are jointly or commonly used to
produce two or more types of outputs, but are not specifically
identifiable with any of the outputs. (SFFAS 4, par. 91)].
11) Does the entity include all direct costs in the full cost of
outputs, including:
a) salaries and other benefits for employees who work directly on the
output;
b) materials and supplies used in the work;
c) various costs associated with office space, equipment, facilities,
and utilities that are used exclusively to produce the output, and;
d) costs of goods or services received from other segments or entities
that are used to produce the output? (SFFAS 4, par. 90);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) In the full cost of outputs, does the reporting entity include:
a) indirect costs incurred within a responsibility segment, and;
b) the costs of support services that a responsibility segment receives
from other segments or entities? (SFFAS 4, par. 91, 122, & 123);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
13) Are the costs of employee benefits [Footnote] 40 included as part
of the cost of outputs? (SFFAS 4, par. 93-97);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) Are the costs of other postemployment benefits reported as expenses
for the period during which a future outflow or other sacrifice of
resources is probable and measurable on the basis of an event
occurring on or before the accounting date? (SFFAS 4, par. 96-97);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) Are the full costs of transfer payments for welfare, insurance,
grants, and other public assistance programs separately identified
from the costs of operating such programs? (SFFAS 4, par. 98-101);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
16) Is depreciation expense incurred by responsibility segments on
general PP&E included in the full costs of the goods and services that
the segments produce? (SFFAS 4, par. 102);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
17) Are the costs of acquiring or constructing heritage assets excluded
from the full cost of goods and services and treated as a program cost
[Footnote 41] or period expense? (SFFAS 4, par. 103);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
18) Are nonproduction costs incurred by responsibility segments, such as
reorganization costs and nonrecurring clean-up costs resulting from
facility abandonment, excluded from the full cost of outputs and
treated as current-period expenses? (SFFAS 4, par. 104);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Cost Accounting � Inter-entity Costs (19 - 23):
[Within the federal government, some reporting entities rely on other
federal entities to help them achieve their missions. Often, this
involves support services, but may include the provision of goods. The
reporting entity generally should account for the full cost of goods or
services provided to or received from other federal entities. (SFFAS 4,
par. 105-108)
Costs between reporting entities that are part of the same department
or larger reporting entity (such as bureaus, components or
responsibility segments within a department) are considered intra-
departmental costs. Reporting entities should account for imputed intra-
departmental costs in accordance with the full cost provisions of SFFAS
4. (FASAB Interpretation No. 6, par. 4 & 8)].
Question 19 is effective for reporting periods beginning prior to
September 30, 2008.
19) Does the entity recognize specific interentity costs as identified
by OMB whether or not the entity is fully reimbursed? [Footnote 42]
(SFFAS 4, par 110);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Question 20 is effective for reporting periods beginning after
September 30, 2008. Early implementation is encouraged.
20) Does the entity recognize all material interentity costs whether or
not the entity is fully reimbursed? [Footnote 43] (SFFAS 4, par 111-112;
SFFAS 30, par. 23; OMB Circular No. A-136, p. 53, section II.4.4.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
21) Is recognition of inter-entity costs that are not fully reimbursed
limited to material items based on an assessment of the importance of
the individual inter-entity transaction in light of:
a) significance to the entity;
b) directness of relationship to the entity�s operations, and
c) identifiability? (SFFAS 4, par. 112);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
22) Are the costs of broad, general support services provided by a
federal entity to other federal entities excluded from the costs of the
recipient entity unless such services are integral to the receiving
entity (e.g., Treasury check-writing services provided for the Social
Security Administration)? (SFFAS 4, par. 112);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
23) If the receiving entity cannot get complete information on the full
cost of goods or services provided by another reporting entity, does
the receiving entity use a reasonable estimate of the cost of the goods
or services received or the market value of the goods or services
received if an estimate of the cost cannot be made? (SFFAS 4, par.
109);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Cost Accounting � Costing Methodology (24 - 30):
[Cost accumulation is the process of collecting cost data in an
organized way by responsibility segment. (SFFAS 4, par. 117) Cost
assignment is a process that identifies accumulated costs with
reporting periods and cost objects. Three methods of cost assignment
are direct tracing, cause and effect, and allocating costs on a
reasonable and consistent basis. (SFFAS 4, par. 120) Cost object or cost
objective is an activity, output, or item the cost of which is to be
measured. (SFFAS 4, par. 121)
Entities are not required to use a particular costing system or costing
methodology, but the costing system or methodology used should be
appropriate to the entity's operating environment and used
consistently. Four examples of acceptable (but not necessarily mutually
exclusive) costing methodologies are activity-based costing, job order
costing, process costing, and standard costing. (SFFAS 4, par. 144-
147)].
24) Is the entity's accounting system capable of identifying costs
within responsibility segments? (SFFAS 4, par. 118);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
25) Are the costs of resources used by responsibility segments
classified by type of resource, such as costs of employees, materials,
capital, utilities, and rent? (SFFAS 4, par. 119);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
26) Are data on the quantity of units (e.g., staff days, gallons of
gasoline consumed) related to the various cost categories maintained,
when appropriate and feasible? (SFFAS 4, par. 119);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
27) How are costs assigned to outputs:
a) directly tracing costs used in the production of an output, wherever
economically feasible, [Footnote 44] or;
b) assigning costs on a cause-and-effect basis, or;
c) allocating costs on a reasonable and consistent basis? (SFFAS 4,
par. 124);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
28) For cost allocation purposes, do indirect costs assigned to a given
cost pool have similar characteristics? (SFFAS 4, par. 136);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
29) Are common costs [Footnote 45] assigned to activities either on a
cause-and-effect basis, if feasible, or through reasonable allocations?
(SFFAS 4, par. 140);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
30) Are the full costing methodologies that are appropriate to a
segment's operating environment used and consistently followed, and any
changes documented and explained? (SFFAS 4, par. 145 & 146);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Revenues (31 - 44):
[Revenues are inflows of resources that the government demands, earns,
or receives by donation. Revenue comes from two sources: exchange
transactions and nonexchange transactions. (SFFAS 7, par. 30)
Exchange (or earned) revenues arise when a government entity provides
goods or services to the public or to another government entity for a
price. (SFFAS 7, par. 30) Nonexchange revenues arise primarily from the
government�s sovereign power to demand payments from the public (e.g.,
taxes, duties, fines), and also include donations. (SFFAS 7, par. 30)
The net cost of a program is the difference between its gross costs and
related exchange revenues. (OMB Circular A-136, p. 54, section
II.4.4.5) The net cost of operations by a reporting entity consists of
gross cost incurred by the reporting entity less any exchange revenue
earned from its activities. (OMB Circular No. A-136, p. 54, section
II.4.4.8)].
31) Is collected custodial nonexchange revenue that is legally retained
by the collecting entity as reimbursement for the cost of collection,
recognized as exchange revenue? (SFFAS 7, par. 60.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
32) Is revenue received from the public or other government entity in
return for providing goods or services recognized as exchange revenue?
(SFFAS 7, par. 34);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
33) If an exchange transaction is unusual or nonrecurring for a
particular entity, is a gain or loss recognized rather than a revenue
or expense? (SFFAS 7, par. 35)
Yes, No, or N/A: [Empty];
Explanation: [Empty].
34) Is exchange revenue recognized when
services are performed for transactions in which services are provided
to the public or another government entity? (SFFAS 7, par. 34 & 36
(a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
35) If specific goods or services are made to order under terms of a
contract, is exchange revenue (and any probable loss) recognized in
proportion to estimated total cost when goods and services are acquired
to fulfill the contract? (SFFAS 7, par. 36(b));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
36) When goods are kept in inventory so that they are available to
customers when ordered, is exchange revenue recognized when the goods
are delivered to the customer? (SFFAS 7, par. 36(c));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
37) If services are rendered continuously or the right to use an asset
extends continually over time, is exchange revenue recognized in
proportion to the passage of time or the use of the asset? (SFFAS 7,
par. 36(d));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
38) Is interest received on intra-governmental loans recognized as
exchange revenue if the source of borrowed funds is predominately
exchange revenue? (SFFAS 7, par. 36(d));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
39) When an asset other than inventory is sold, is any gain (or loss)
recognized when the asset is delivered to the purchaser? (SFFAS 7, par.
36(e));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
40) When advance fees or payments are received, such as for large-
scale, long-term projects, is revenue recognized only as the cost of
providing the corresponding goods and services are incurred? (SFFAS 7,
par. 37);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
41) Is the measurement of revenue from exchange transactions based on
the actual price received or receivable under established pricing
arrangements? (SFFAS 7, par. 38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
42) To the extent that realization of the full amount of exchange
revenue is not probable due to credit losses (caused by the failure of
the debtor to pay the established or negotiated price), is an expense
recognized and the allowance for bad debts increased, if the bad debts
can be reasonably estimated? (SFFAS 7, par. 40);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
43) If the realization of the full amount of exchange revenue is not
probable for reasons apart from credit losses (e.g., returns and
allowances), is a provision made to reduce the recognized revenue (if
amounts can be reasonably estimated), with the provision recognized as
a revenue adjustment? (SFFAS 7, par. 41);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
44) Is exchange revenue recognized regardless of whether the entity
retains the revenue for its own use or transfers it to other entities?
(SFFAS 7, par. 43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Pensions, Other Retirement, and Post Employment Benefit Costs (45 -
68):
[Pension benefits include all retirement, disability, and survivor
benefits financed through a pension plan, including unfunded pension
plans. Required federal payments to social insurance plans (i.e.,
Social Security and Medicare) and matching federal payments to defined
contribution pension plans are also considered to be plan expenses.
(SFFAS 5, par. 61)
Costs of pensions and other retirement benefits (ORB), whether they are
paid for in part or in total by other governmental entities, are
included in the costs of program outputs. (SFFAS 4, par. 95))
Recognition of other postemployment benefits (OPEB) is linked to the
occurrence of an OPEB event rather than the production of an output.
OPEB costs are generally treated as period expenses. Special-purpose
cost studies may distribute OPEB costs over a number of prior years to
determine the cost of outputs OPEB recipients helped produce. (SFFAS 4,
par. 96 & 97)
In accounting for pensions, ORB, and OPEB, the �administrative entity,�
typically manages and accounts for the related assets and liabilities.
The �employer entity� accounts for the related costs of pensions, ORB,
and OPEB. For these costs the employer entity receives a salary and
expense appropriation, imputes a financing source, or both. (SFFAS 5,
par. 57, note 38)
The �aggregate entry age normal� actuarial cost method is one under
which the expenses or liabilities arising from the actuarial present
value of projected pension benefits are allocated on a level basis over
the earnings or the service of the group between entry age and assumed
exit ages. The portion of the actuarial present value of pension plan
and benefits and expenses that is allocated to a valuation year is
called �normal cost.� (SFFAS 5, par. 64)].
45) Are pensions and ORB recognized as expenses at the time the
employee�s services are rendered? (SFFAS 5, par. 59);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
46) Are postemployment benefits recognized as expenses at the time the
accountable event occurs? (SFFAS 5, par. 59);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
47) Is the "aggregate entry age normal" actuarial cost method (or other
actuarial cost method, if the results are not materially different and
an explanation is provided) used to calculate pension expense, the
liability for the administrative entity financial statements, and the
expense for the employer entity financial statements? (SFFAS 5, par.
64);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
48) When using the "aggregate entry age normal" actuarial cost method,
does the entity allocate pension expenses on the basis of a level
percentage of earnings? (SFFAS 5, par. 64);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
49) Does the administrative entity base its actuarial assumptions for
pension plans on the experience of the covered groups, longterm trends,
and guidance of the Actuarial Standards Board? (SFFAS 5, par. 65);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
50) Does the administrative entity base its interest rate assumptions
on the estimated long-term investment yield for the pension plan or, if
the plan is not being funded, on some other appropriate long-term
assumption (e.g., the federal long-term borrowing rate)? (SFFAS 5, par.
66);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
51) When a new pension plan is initiated or a current one amended, does
the administrative entity recognize all past and prior service costs
[Footnote 46] or gains immediately, without amortization? (SFFAS 5,
par. 69);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
52) Does the administrative entity recognize actuarial gains and losses
[Footnote 47] immediately, without amortization? (SFFAS 5, par. 69);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
53) Does the administrative entity report pension plan revenue for the
sum of contributions from:
a) the employer;
b) its employees, [Footnote 48] and;
c) interest on the plan�s investments? (SFFAS 5, par. 73);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
54) Does the employer entity recognize a pension expense that equals
the service cost (normal cost) for its employees for the accounting
period, less the amount contributed by the employees, if any? (SFFAS 5,
par. 74);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
55) Is the employer entity's pension expense balanced by (1) a decrease
to its �fund balance with Treasury� for the amount of its contribution
to the pension plan, if any; and if this does not equal the full pension
expense, by (2) an increase to an account representing an intra-
governmental financing source (e.g., �imputed financing expenses
paid by other agencies)?� (SFFAS 5, par. 75);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
56) If the employer entity is also the administrative entity, does it
also report the liability [Footnote 49] and recognize the expense for
all components of the pension plan's cost? (SFFAS 5, par. 71 & 76);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[ORB includes all retirement benefits other than pension benefits. The
predominant ORB expense in the federal government is retirement health
benefits. (SFFAS 5, par. 58 & 79)].
57) Is the "aggregate entry age normal" actuarial cost method (or other
actuarial cost method, if the results are not materially different and
an explanation is provided) used to calculate the ORB expense and
liability for the administrative entity financial statements and the
expense for the employer entity financial statements? (SFFAS 5, par.
82);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
58) Are expenses and other liabilities attributable to ORB expenses
allocated based on the service provided by each employee? (SFFAS 5,
par. 82);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
59) Do the amounts calculated for financial reports prepared for ORB
plans reflect:
a) general actuarial and economic assumptions that are consistent with
those used for pensions, and;
b) a health care cost trend assumption that is consistent with Medicare
projections or other authoritative sources appropriate for the
population covered by the plan? (SFFAS 5, par. 83);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
60) Does the administrative entity discount the projected ORB costs at
the rate of expected return of plan assets, if the plan is being
funded, or on some other long-term assumptions (e.g., the long-term
federal government borrowing rate) for unfunded plans? (SFFAS 5, par.
83);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
61) Is the accrual period for ORB based on the expected retirement age
rather than the age when the employee first becomes eligible for
retirement benefits? (SFFAS 5, par. 84);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
62) When a new ORB plan is initiated or a current one amended, does the
administrative entity recognize all past and prior service costs or
gains immediately, without amortization? (SFFAS 5, par. 86 & 87);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
63) Does the administrative entity recognize all actuarial gains and
losses from changes in the ORB liability immediately, without
amortization? (SFFAS 5, par. 86 & 87);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
64) Does the administrative entity report ORB revenue for the sum of
contributions from the employer entity and its employees? (SFFAS 5,
par. 89);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
65) Does the employer entity report ORB expenses equal to the service
cost (normal cost) for its employees for the accounting period, less
the amount contributed by the employees? (SFFAS 5, par. 90);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
66) Is the employer entity�s ORB expense balanced by either:
a) a decrease to its �fund balance with Treasury� for the amount of its
contribution to the ORB plan, if any, or;
b) an increase to an account representing an intra-governmental
imputed financing source (e.g., �imputed financing-expenses paid by
other entities�)? (SFFAS 5, par. 91);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
67) If the employer entity is also the administrative entity, does it
also report the liability [Footnote 50] and recognize the expense for
all components of the ORB's cost? (SFFAS 5, par. 88 & 92);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[OPEB are provided to former or inactive employees, beneficiaries, and
covered dependents outside pension or ORB plans. Postemployment
benefits can include salary continuation, severance benefits,
counseling and training, continuation of health care or other benefits,
unemployment workers' compensation, and veterans� disability
compensation benefits paid by the employer. (SFFAS 4, par. 96; SFFAS
5, par. 57 & 94)].
68) Does the employer recognize an expense and a liability for OPEB
when a future outflow or other sacrifice of resources is probable
(i.e., more likely than not) and measurable? (SFFAS 5, par. 95);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Inventory, Materials, Supplies, and Commodities Costs (69 - 77):
[Upon sale of inventory (when the title passes or the goods are
delivered) or upon use in the provision of a service, the related
expense shall be recognized and the cost of those goods shall be
removed from inventory. (SFFAS 3, par. 19)
The cost of goods shall be removed from operating materials and
supplies (i.e., the asset account) and reported as an operating expense
in the period they are issued to an end user for consumption in normal
operations. (SFFAS 3, par. 39)].
69) Upon sale or use of inventory, is the related expense recognized
and the cost of those goods removed from the inventory asset account?
(SFFAS 3, par. 19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
70) To arrive at the cost of cost of goods sold, is one of the
following cost flow assumptions used for ending inventory:
a) FIFO;
b) weighted average;
c) moving average, or;
d) any other valuation method (such as a standard cost system) whose
results reasonably approximate one of the above historical cost methods?
(SFFAS 3, par. 22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
71) Are operating materials and supplies expensed using the consumption
method (i.e., reported as an operating expense when they are issued to
the end user for consumption in normal operations)? (SFFAS 3, par. 38 &
39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
72) Are operating materials and supplies expensed upon purchase using
the purchase method only when:
a) amounts are not significant, and;
b) they are in the hands of end users for use in normal operations, or;
c) it is not cost beneficial to apply the consumption method of
accounting? (SFFAS 3, par. 40 & 41);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
73) For inventory and operating materials and supplies acquired through
a nonmonetary exchange, is the difference between the fair value of the
acquired items and the recorded amount surrendered reported as a gain
or loss? (SFFAS 3, par. 21 & 43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
74) Are abnormal costs associated with inventory and operating
materials and supplies, such as excessive handling or rework costs,
charged to operations of the period? (SFFAS 3, par. 21 & 43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
75) Are any unrealized gains or losses resulting from periodic
revaluations of inventory captured in a designated allowance account?
(SFFAS 3, par. 23 & 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
76) Is the cost of stockpile materials removed from the corresponding
asset account and reported as an operating expense when issued for use
or sale? (SFFAS 3, par. 52);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
77) Are abnormal costs of stockpile materials, such as excessive
handling and rework costs, expensed in current operations? (SFFAS 3,
par. 53);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Property, Plant, and Equipment Costs (78 - 92):
[A common expense related to PP&E that is included in the Statement of
Net Cost is depreciation. Other PP&E-related expenses that are reported
in the Statement of Net Cost include all current costs of acquiring and
maintaining stewardship land and heritage assets (other than multiuse
heritage assets.) (SFFAS 6, par. 35, & 69; SFFAS 16, par. 8)
Depreciation expense is calculated through systematic and rational
allocation of the cost of PP&E, less its estimated salvage or residual
value, over its estimated useful life. A composite or group
methodology, [Footnote 51] whereby the costs of PP&E are allocated
using the same allocation rate, is permissible. (SFFAS 6, par. 35;
SFFAS 23, par. 9, item f)].
78) Is depreciation expense recognized on all general PP&E? (SFFAS 6,
par. 35);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
79) Is depreciation expense calculated through a systematic and
rational allocation of the PP&E cost less salvage value over the
estimated useful life? (SFFAS 6, par. 35);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
80) In an exchange transaction with a nonfederal entity, is the
difference between the book value (i.e., cost less accumulated
depreciation) of PP&E surrendered and the cost of PP&E acquired
[Footnote 52] recognized as either a gain or a loss? (SFFAS 6, par.
32);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
81) In the event that cash consideration is included in the exchange
transaction with a nonfederal entity, is the cost of PP&E acquired
either increased by the amount of cash consideration surrendered or
decreased by the amount of cash consideration received? (SFFAS 6, par.
32);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
82) When assets have been removed from PP&E in anticipation of disposal,
retirement, or removal from service, has the entity stopped recording
depreciation and amortization expenses for such assets? (SFFAS 6, par.
38 & 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
83) For general PP&E that is disposed of, retired or removed from
service, is any difference between the book value of the PP&E and
amounts realized recognized as a gain or a loss in the period of
disposal, retirement, or removal from service? (SFFAS 6, par. 38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
84) For PP&E assets recorded at expected net realizable value, is this
value adjusted at the end of each accounting period and the adjustment
recognized as either a gain or loss? (SFFAS 6, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
85) Are costs to acquire, improve, reconstruct, or renovate heritage
assets, other than multiuse heritage assets, recognized for the period
in which the costs are incurred? (SFFAS 29, par. 19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
86) Do the recognized costs of heritage assets also include all costs
incurred during the period to bring the item(s) to their current
condition? (SFFAS 29, par. 19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
87) Are amounts for heritage assets acquired through donation or devise
excluded from the cost of heritage assets with the exception of multi-
use heritage assets? (SFFAS 29, par. 20);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
88) Are amounts for stewardship land acquired through donation or
devise excluded from the cost of stewardship land? (SFFAS 29, par. 38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
89) Is the cost of acquisition of stewardship land, including all costs
to prepare stewardship land for its intended purpose (e.g., razing a
building), recognized for the period in which the cost is incurred?
(SFFAS 29, par. 37);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
90) If stewardship land is acquired along with existing structures and
the structure is deemed a heritage asset that is significant, does the
entity treat the acquisition cost as either the cost of stewardship
land, heritage asset, or both based on its judgment? (SFFAS 29, par.
37a);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
91) If stewardship land is acquired along with existing structures and
the structure is to be used in operations (e.g., as general PP&E) but
the value is significant or its acquisition is merely a byproduct of the
acquisition of the land, is the cost treated as an acquisition of
stewardship land? (SFFAS 29, par. 37b);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
92) If stewardship land is acquired along with existing structures and
the structure is significant and has an operating use (e.g., a
constructed hotel or employee housing block), is the structure treated
as general PP&E by identifying the cost attributable to general PP&E
and segregated from the cost of the stewardship land acquired? (SFFAS
29, par. 37c);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Clean-up Costs (93 - 100):
[Clean-up costs are the costs of removing, containing, and/or disposing
of (1) hazardous waste from property or (2) material and/or property
that consists of hazardous waste upon permanent or temporary closure or
shutdown of associated PP&E. Clean-up costs may include, but are not
limited to, decontamination, decommissioning, site restoration, site
monitoring, closure, and postclosure costs. (SFFAS 6, par. 85 & 87)].
93) When PP&E is placed into service, does the entity estimate the
associated clean-up costs? (SFFAS 6, par. 94);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
94) In estimating clean-up costs and liability, has the entity
evaluated:
a) the level of restoration to be performed;
b) current legal and regulatory requirements;
c) current technology, and;
d) current costs (i.e., amount that would be paid if all goods and
services included in the clean-up estimate were acquired in the current
period)? (SFFAS 6, par. 95);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
95) Are estimated clean-up costs periodically revised to account for
material changes due to inflation or deflation and changes in
regulations, plans, and/or technology? (SFFAS 6, par. 96);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
96) When PP&E is placed into service, does the entity recognize cleanup
costs during each period that general PP&E is in operation, in a
systematic and rational manner based on either:
a) physical capacity of the PP&E, (e.g., expected usable landfill
area), or;
b) the estimated useful life of the associated PP&E (if physical
capacity is not applicable or estimable)? (SFFAS 6, par. 97);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
97) Does recognition of the cleanup costs and the accumulation of the
related liability begin on the date that the associated PP&E is placed
into service, continue in each period that operation continues, and end
when the PP&E ceases operation? (SFFAS 6, par. 98);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
98) If clean-up costs are reestimated, are the cumulative effects of
changes in total estimated cleanup costs related to current and past
operations of PP&E immediately recognized as an expense and is the
corresponding liability adjusted? (SFFAS 6, par. 99);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
99) When stewardship PP&E is placed into service, does the entity
expense the total estimated clean-up costs and establish a liability in
the period the asset is placed into service? (SFFAS 6, par. 101);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
100) If clean-up costs for stewardship PP&E are reestimated, are any
adjustments to the liability associated with clean-up costs expensed in
the period of the change in estimate? (SFFAS 6, par. 102);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Interest Costs (101 - 102):
[Interest incurred results from borrowing funds from Treasury, Federal
Financing Bank, other federal entities, or the public. Interest also
should be recorded on late payment of bills by the federal entity and
on refunds. (SFFAS 1, par. 81)
Interest costs are generally related to securities and other debt
instruments issued by the U.S. Treasury or other federal agencies.
(SFFAS 5, par. 47-48)].
101) Does the related interest cost of federal debt include:
a) the accrued (prorated) share of the interest incurred during the
accounting period;
b) the amortized discounts or premiums for each accounting period for
fixed value securities, and;
c) the amount of change in the current value for the accounting period
for variable value securities? (SFFAS 5, par. 53);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
102) If securities are retired before maturity, is the difference
between the reacquisition price and net carrying value of the
extinguished debt recognized in the period of extinguishment as a gain
or loss? (SFFAS 5, par. 54);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Insurance and Subsidies Costs (103 - 106):
[Federal insurance and guarantee programs are established to assume
risks that private sector entities are unwilling or unable to assume or
to subsidize the provision of insurance to achieve social objectives.
For life insurance, a premium deficiency occurs if the liability for
future policy benefits using current conditions exceeds the liability
for future policy benefits using contract conditions. (SFFAS 5, par. 97
& 120)].
103) If an insured event has occurred as of the financial statement
reporting date, has the federal entity recognized an expense for all
claims incurred during the period, including, when appropriate, those
incurred but not reported (IBNR) and contingencies that meet the
criteria for recognition? (SFFAS 5, par. 104 & 109);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
104) Are changes in estimates of claim cost resulting from:
(1) the present value calculations;
(2) the continuous review process, and;
(3) differences between the estimates and actual payments for claims,
recognized as charges against operations of the period in which the
estimates are changed or payments are made? (SFFAS 5, par. 109);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
105) If the liability for future [life insurance] policy benefits using
current conditions exceeds the liability for future policy benefits
under contract conditions (resulting in a premium deficiency), is the
difference recognized as a charge to operations in the current period?
(SFFAS 5, par. 120);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
106) Does the entity recognize an expense for social insurance
[Footnote 53] benefits paid during the reporting period plus any
increase (or less any decrease) in the liability for social insurance
benefits due and payable to or on behalf of beneficiaries, from the end
of the prior period to the end of the current period? (SFFAS 17, par.
22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section VII � Budgetary Resources:
There are five questions in this section which relate to accounting for
budgetary resources in the Statement of Budgetary Resources (SBR).
Budgetary Resources (1 - 5):
[Offsetting receipts are collections that are credited to general fund,
special fund, or trust fund receipt accounts and that offset gross
outlays. Unlike offsetting collections, which are credited to
expenditure accounts and offset outlays at the account level,
offsetting receipts are credited to receipt accounts and offset outlays
at the agency or governmentwide level.
Offsetting receipts may be distributed or undistributed to agencies.
Distributed offsetting receipts offset the outlays of the agency, while
undistributed offsetting receipts offset governmentwide outlays.
Distributed offsetting receipts typically offset the outlays of the
agency that conducts the activity generating the receipts and the
subfunction to which the activity is assigned. Offsetting receipts are
composed of proprietary receipts from the public, receipts from intra-
governmental transactions, and offsetting governmental receipts. (OMB
Circular No. A-136, p. 70, section II.4.6.8)].
1) Do offsetting receipts include all distributed offsetting receipts
for the entity? [Footnote 54] (OMB Circular No. A-136, p. 70, section
II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Do offsetting receipts include entity receipt accounts for:
a) Proprietary Receipts from the Public;
b) Intrabudgetary Receipts Deducted by Agencies, and;
c) Offsetting Governmental Receipts? (OMB Circular No. A-136, p. 70,
section II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Is the amount of distributed offsetting receipts the aggregate of
cash collected in these receipt accounts and reported to Treasury on a
monthly basis? [Footnote 55] (OMB Circular No. A-136, p. 71, section
II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Does the entity credit undistributed offsetting receipts to
governmentwide outlay totals which results in an exclusion from the
SBR? (OMB Circular No. A-136, p. 71, section II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) In order to have consistency between the information presented in
the SBR and the Budget of the United States Government, does the
entity:
a) post all changes, whether material or not, to OMB�s MAX A-11 budget
preparation system during the time frames provided by OMB, and;
b) post all changes, whether material or not, to the Federal Agencies
Centralized Trial-balance System II (FACTS II) during the time period
specified for posting corrections to the budget information? (OMB
Circular No. A-136, p. 33, section II.4.2, item 4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section VIII � Custodial Activity:
Questions related to accounting for custodial activity in the financial
statements are presented below.
Caption: General;
Question Numbers: 1.
Caption: Sources of Collections;
Question Numbers: 2 - 7.
Caption: Dedicated Collections and Other Accompanying Information;
Question Numbers: 8 - 12.
General (1):
[Collecting entities do not recognize as revenue those collections that
have been or should be transferred to others as revenues. [Footnote 56]
Rather, they shall account for sources and disposition of the
collections as custodial activities.
Custodial collections are normally nonexchange revenues, such as taxes
and duties collected by the Internal Revenue Service and the U.S.
Customs and Border Protection. (OMB Circular No. A-136, p. 73, section
II.4.8.1)].
1) If the entity collects exchange revenue (e.g., rents and royalties)
on behalf of other entities and recognizes virtually no costs in
connection with earning that revenue, does the entity account for it as
a custodial activity? (SFFAS 7, par. 45);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Are transactions recognized as taxes and other nonexchange revenues
from the public for:
a) individual and corporate income taxes, social insurance taxes and
contributions, excise taxes, estate and gift taxes, and customs duties;
b) social insurance taxes and contributions paid by federal employees;
c) deposits by states for unemployment trust funds;
d) user fees and harbor maintenance trust fund payments;
e) customs service fees;
f) deposits of earnings from the Federal Reserve System;
g) donations, except types of PP&E that are expensed;
h) fines and penalties;
i) penalties due to delinquent taxes in connection with custodial
activity, and;
j) forfeitures? (SFFAS 7, par. 49; SFFAS 7, Appendix B, par. 242 -
264);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Does the collecting entity measure taxes and duties on a cash basis
and then modify that with an accrual adjustment to determine the amount
of revenue to be recognized? (SFFAS 7, par. 49 & 52);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Except for deposits, are cash collections [Footnote 57] based on
amounts actually received during the fiscal period including
withholdings, estimated payments, final payments, and collections of
receivables? (SFFAS 7, par. 50 & 59);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Are the components of cash collections classified by source and
nature of collection, such as by type of tax or duty? (OMB Circular No.
A-136, p. 75, section II.4.8.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) Are cash refunds of nonexchange revenue based on refunds of taxes
and duties during the period? (SFFAS 7, par. 51);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) Do cash refunds of nonexchange revenue for taxes and duties include
refund offsets [Footnote 58] and drawbacks? [Footnote 59] (SFFAS 7,
par. 51);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Dedicated Collection and Other Accompanying Information (8 - 12):
[Dedicated collections are funds held with the expectation that they
will be applied to the purposes for which the funds were dedicated.
Such funds include all funds within the budget classified as trust
funds, those funds within the budget that are classified as �special
funds� but that are similar in nature to trust funds, and those funds
(inside or outside the budget) that are fiduciary in nature. (SFFAS 7,
par. 83)].
Questions 8 - 10 are applicable to funds not meeting the definition of
earmarked funds defined in SFFAS 27.
8) Does the management of a reporting entity identify and track the
receipts and expenditures of dedicated trust funds, "special funds,"
and fiduciary or deposit funds (both inside and outside the budget)
for which it is responsible? (SFFAS 7, par. 83);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) If revenues, other financing sources, or costs are associated with,
but not legally allowable to a fund, does the larger reporting entity
of which the fund is a component recognize them? (SFFAS 7, par. 86);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) If more than one reporting entity is responsible for carrying out a
program financed with dedicated collections, does the entity with the
largest share of the activity take responsibility for reporting all
revenues, other financing sources, assets, liabilities, and costs of
the fund? (SFFAS 7, par. 87);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
11) If information on actual collections is not currently available
from the collecting entity, do the trust funds that are legally
entitled to receive only excise taxes that are actually collected by
the collecting entity recognize revenue from excise taxes on the basis
of assessments in lieu of excise taxes actually collected? (SFFAS 7,
par. 60.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) Is the amount of revenue recognized by the social security trust
fund based on the best available information (i.e., on the basis of the
higher of the amount of Internal Revenue Service (IRS) assessments or
the amounts actually reported by employers to Social Security
Administration)? (SFFAS 7, par. 60.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section IX � Required Supplementary Stewardship Information:
Questions related to accounting for stewardship investments in the
financial statements are presented below.
Stewardship Investments (1 - 14):
[Stewardship investments are substantial investments made by the federal
government for the benefit of the nation. When incurred, they are
treated as expenses in calculating net cost, but they are also
separately reported as RSSI to highlight the extent of investments that
are made for long-term benefit. (SFFAS 8, par. 12) Stewardship
investments include:
* nonfederal physical property: federally financed (but not federally
owned) purchases, construction, or major renovation of physical
property owned by state and local governments, including major
additions, alterations, and replacements, the purchase of major
equipment; and the purchase or improvement of other physical assets.
[Footnote 60]
* human capital: expenses incurred for programs for education and
training of the public [Footnote 61] that are intended to increase or
maintain national productive capacity and that produce outputs and
outcomes that provide evidence of maintaining or increasing national
productive capacity.
* research and development: expenses incurred to support the search for
new or refined knowledge and ideas and for the application or use of
such knowledge and ideas for the development of new or improved
products and processes with the expectation of maintaining or
increasing national productive capacity or yielding other future
benefits. (SFFAS 8, par. 12, 83, 89, 90, & 96)].
1) Are nonfederal physical property investments reported in nominal
dollars on the basis of "expenses incurred" and measured on the same
basis of accounting used for financial statement purposes, including
appropriate accrual adjustments, general and administrative overhead,
and costs of facilities? (SFFAS 8, par. 84);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Are investments in nonfederal physical property and related cash
grants reported as expenses in arriving at the net cost of operations?
(SFFAS 8, par. 85);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Are expenses incurred for nonfederal physical property program
costs, contracts, or grants with split purposes [Footnote 62] reported
in RSSI on the basis of a logical allocation? (SFFAS 8, par. 86);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) If an allocation of nonfederal physical property program costs,
contracts, or grants with split purposes is not feasible, is the
investment reported on the basis of the predominant application of the
expenses incurred? (SFFAS 8, par. 86);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Are investments in human capital reported in nominal dollars on the
basis of "expenses incurred" and measured on the same basis of
accounting as financial statements, including appropriate accrual
adjustments, general and administrative overhead, and costs of
facilities? (SFFAS 8, par. 91);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) Are expenses incurred for human capital program costs, contracts, or
grants with split purposes [Footnote 63] reported in RSSI on the
basis of a logical allocation? (SFFAS 8, par. 92);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) If an allocation of human capital program costs, contracts, or
grants with split purposes is not feasible, is the investment reported
on the basis of the predominant application of the expenses incurred?
(SFFAS 8, par. 92);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) Does the entity link its investments in human capital to outcomes
that can be described in financial, economic, or quantitative terms?
(SFFAS 8, par. 93);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) If outcome data are not available, does the reporting entity report
output data that best provide indications of the intended program
outcomes? (SFFAS 8, par. 93);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) Is the investment in research and development reported in nominal
dollars on the basis of "expenses incurred" and measured on the same
basis of accounting used for financial statement purposes, including
appropriate accrual adjustments, general and administrative overhead,
and costs of facilities? (SFFAS 8, par. 97);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
11) Are expenses incurred for research and development program costs,
contracts, or grants with split purposes [Footnote 64] reported in RSSI
on the basis of a logical allocation? (SFFAS 8, par. 98);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) If an allocation of research and development program costs,
contracts, or grants with split purposes is not feasible, is the
investment reported on the basis of the predominant application of the
expenses incurred? (SFFAS 8, par. 98);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
13) Does the entity link its investments in research and development to
program outcome data via a narrative discussion of the major results
achieved by the program during the year for:
a) basic research, which refers to an identification of any major new
discoveries that were made during the year;
b) applied research, which refers to an identification of any major new
applications that were developed during the year, and;
c) development, which refers to the progress of major developmental
projects including the results with respect to projects completed or
otherwise terminated during the year and the status of projects that
will continue? (SFFAS 8, par. 99);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) If outcome data are not available, does the reporting entity use
output data [Footnote 65] that best provide indications of the intended
program outcomes? (SFFAS 8, par. 99);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section X � Social Insurance:
Questions related to accounting for social insurance programs in the
Statement of Social Insurance (SOSI) are presented below.
Statement of Social Insurance (Items 1 - 7):
[Reporting on stewardship responsibilities aids in assessing the federal
government�s financial condition and the sufficiency of future
budgetary resources to sustain public services and meet obligations as
they become due. Information for social insurance programs is to be
reported to address fundamental questions about the current and future
financial condition of these programs. These fundamental questions
include whether scheduled expenditures are sustainable with current
scheduled income. Information required to be disclosed for social
insurance programs is intended to facilitate an assessment of the long-
term sustainability of the program as well as the ability of the
program to raise resources from future program participants to pay for
benefits to present participants.
For the programs listed as social insurance, the entity should present
the actuarial present value for the projection period of all future
contributions and tax income (excluding interest) received from or on
behalf of current and future participants; the actuarial present value
for the projection period of estimated future scheduled expenditures
paid to or on behalf of current and future participants; and the
actuarial present value for the projection period of the estimated
future excess of contributions and tax income (excluding interest) over
future scheduled expenditures. The entity should provide such
information for the current year and separate estimates for each of the
preceding four years. (SFFAS 17, par. 1; OMB Circular No. A-136, p. 76,
section II.4.9.1)].
1) Are projections and estimates based on the entity�s best estimates
of demographic and economic assumptions? (SFFAS 17, par. 25);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Are future changes mandated by current law incorporated into the
entity�s demographic and economic assumptions? (SFFAS 17, par. 24;
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Are all projections and estimates made as of a date (i.e., the
valuation date) as close to the end of the fiscal year (i.e., current
year) being reported on as possible and no more than 1 year prior to
the end of the current year? (SFFAS 17, par. 26);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Is the valuation date consistently followed from year to year?
(SFFAS 17, par. 26);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Are benefits paid during the reporting period plus any increase (or
less any decrease) in the liability from the end of the prior period to
the end of the current period recognized as an expense for the reporting
period? (SFFAS 17, par. 22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) Are social insurance benefits due and payable to or on behalf of
beneficiaries at the end of the reporting period, including claims
incurred but not reported (IBNR) recognized as a liability? (SFFAS 17,
par. 22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) For Unemployment Insurance (UI), are liabilities recognized for:
a) amounts due to states and territories for benefits they have paid to
beneficiaries but for which they have not withdrawn funds from the
federal Unemployment Trust Fund (UTF) as of fiscal year end, and;
b) estimated amounts to be withdrawn from UTF and benefits paid by
states and territories after fiscal year end for compensable days
occurring prior to fiscal year end? (SFFAS 17, par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section XI � Credit Reform:
Questions related to accounting for credit reform in the financial
statements are presented below.
Caption: Credit Program Receivables;
Question Numbers: 1 � 29.
Caption: Liabilities for Loan Guarantees;
Question Numbers: 30 � 37.
Caption: Credit Program Costs;
Question Numbers: 38 � 75.
Caption: Other Financing Sources;
Question Numbers: 76 � 81.
Credit Program Receivables (1 - 29):
[The Federal Credit Reform Act (FCRA) of 1990, as amended, divides
loans and loan guarantees into two groups: pre-1992 and post-1991. Pre-
1992 refers to direct loan obligations or loan guarantee commitments
made prior to fiscal year 1992. Post-1991 refers to direct loan
obligations or loan guarantee commitments made after fiscal year 1991.
[Footnote 66] (OMB Circular No. A-136, p. 98, section II.4.10.8,
instructions item A)].
1) Are credit program receivables considered an entity asset if:
a) the entity has the authority to determine the use of the funds
collected, or;
b) the entity is legally obligated to use the funds to meet entity
obligations (e.g., loans payable to Treasury)? (OMB Circular No. A-136,
p. 38, section II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) If a loan guarantee program, which guarantees a loan, is generating
a negative subsidy and the lender has not disbursed the loan as of the
balance sheet date, does the entity include this amount as part of the
total undelivered orders? Footnote 67] (OMB Circular No. A-136, p. 38,
section II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[For post-1991 direct loans and guarantees, a subsidy expense is
recognized in the year they are disbursed. For pre-1992 direct loans
and guarantees, a loss and liability need not be recognized until it is
more likely than not that a loan (either direct or guaranteed) will go
into default. (SFFAS 2, par. 24 & 39)].
3) Are post-1991 direct loans disbursed and outstanding recognized as
assets at the present value (discounted at a comparable Treasury rate)
of their estimated net cash inflows? (SFFAS 2, par. 22 & app. B, part I
A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Is the difference between the outstanding principal of post-1991
direct loans and the present value of their net cash inflows recognized
as a subsidy cost allowance? (SFFAS 2, par. 22 & app. B, part I A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) When post-1991 direct loans are written off, is the unpaid principal
removed from unpaid loans receivable and charged against the allowance
for subsidy costs? (SFFAS 2, par. 61);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) Are losses of pre-1992 direct loans obligated recognized (and a
corresponding allowance amount set up) when it is more likely than not
that the direct loans will not be totally collected? (SFFAS 2, par. 39 &
app. B, part II A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) Are allowances for uncollectible pre-1992 loans reestimated each
year? (SFFAS 2, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[A loan modification is a federal government action that directly or
indirectly alters the estimated subsidy cost and the present value of
outstanding direct loans or the liability of loan guarantees. A direct
modification changes the subsidy cost by altering the terms of existing
contracts or through the sale of direct loans. An indirect modification
changes the subsidy costs by altering the way loans and loan guarantees
are administered. A modification does not include subsidy cost
reestimates, routine administrative workouts of troubled loans, and
other actions permitted within existing contract terms. (SFFAS 2, par.
41-44)].
8) When post-1991 loans are modified, is the existing book amount
changed to an amount equal to the present value of the loans' net cash
inflows that are projected under the modified terms from the time of
the modification to the loans' maturity and discounted at the original
rate? (SFFAS 2, par. 46 & app. B, part I D (4));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) When pre-1992 loans are directly modified, are they:
a) transferred from the liquidating account to a financing account,
and;
b) recorded at their post-modification value? (SFFAS 2, par. 47 & app.
B, part II B (4));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) Are subsequent (direct) modifications of pre-1992 loans treated as
a modification of post-1991 loans? (SFFAS 2, par. 47)
Yes, No, or N/A: [Empty];
Explanation: [Empty].
11) When pre-1992 loans are indirectly modified, are they:
a) kept in a liquidating account, and;
b) reassessed and adjusted to reflect amounts that would not be
collected due to the modification? (SFFAS 2, par. 47);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) When post-1991 and pre-1992 loans are sold, is the sale treated as
a direct modification if the agency did not assume sales proceeds in
the cash flow estimates for the initial subsidy calculation? (SFFAS
2, par. 53 & App. B, Part I F, note 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Foreclosed property is any asset, which is assumed to be held for
sale, that is either received in satisfaction of a loan receivable or
as a result of payment of a claim under a guaranteed or insured loan
(excluding commodities acquired under price support programs). Pre-1992
foreclosed property refers to property associated with direct loans
obligated or loan guarantees committed before October 1, 1991. Post-
1991 foreclosed property refers to property associated with direct
loans obligated or loan guarantees committed after September 30, 1991.
(SFFAS 3, par. 79 & 80)].
13) Is post-1991 foreclosed property valued at the net present value of
the projected future cash flows associated with the property? (SFFAS 3,
par. 81);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) Is pre-1992 foreclosed property recorded at cost and adjusted to
the lower of cost or net realizable value with any difference between
cost and net realizable value carried in a valuation allowance? (SFFAS
3, par. 81);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) In determining net present value, does the entity project future
cash flows to include estimates of:
a) sales proceeds;
b) rent, management expense, and repair costs during the holding
period, and;
c) selling expense (i.e., advertising and commissions)? (SFFAS No. 3,
par. 82);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
16) In estimating sales proceeds for projecting the future cash flows
associated with the property in determining net present value, has the
entity considered its historical experience in selling property as well
as the nature of the sale? (SFFAS 3, par. 82);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
17) Were the estimated future cash flows of post-1991 foreclosed
property or acquired loans discounted at the original (or Treasury)
discount rate in effect at the time the underlying loan or guarantee was
granted? (SFFAS 2, par. 57& 59; SFFAS 3, par. 83; SFFAS 19, par. 7(e));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
18) Is the net present value of post-1991 foreclosed property adjusted
periodically to recognize both changes in the expected future cash
flows and accrual of interest due to the passage of time? (SFFAS 3, par.
84);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
19) Are any adjustments in the carrying amounts of post-1991 foreclosed
property included in the presentation of "interest income" and the
reestimate of "subsidy expense?" (SFFAS 3, par. 84);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
20) Is post-1991 foreclosed property accounted for by:
a) recording third party claims at their net present value at the time
of the foreclosure, using the same discount rate that applies to
related foreclosed property, and;
b) including any periodic changes in net present value of the claim in
"interest income" and "subsidy expense"? (SFFAS 3, par. 87);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
21) Are receipts or disbursements associated with acquiring and holding
post-1991 foreclosed property charged or credited to foreclosed
property? (SFFAS 3, par. 88);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
22) When foreclosed assets are acquired in full or partial settlement
of post-1991 direct loans or guarantees, is the present value of the
government's claim against the borrowers reduced by the amount settled
as a result of the foreclosure? (SFFAS 2, par. 60);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
23) If a lender, debtor, or other third party has a legitimate claim to
a post-1991 foreclosed asset, is the net present value of the estimated
claim recognized as a special contra-valuation allowance? (SFFAS 2, par.
58; SFFAS 3, par. 87);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
24) Is pre-1992 foreclosed property recorded at cost and adjusted, if
necessary, to the lower of cost or net realizable value? (SFFAS 3, par.
81 & 85);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
25) Is the net realizable value based on an estimate of the market
value of the property adjusted for any expected losses consistent with
historical experience, abnormal market conditions, and time limitations
as well as any other costs of the sale? (SFFAS 3, par. 85 & 86);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
26) Is the estimate of market value based on:
a) the market value of the property if an active market exists;
b) the market value of similar properties if no active market exists,
or;
c) a reasonable forecast of expected cash flows adjusted for estimates
of all holding costs, including any cost of capital? (SFFAS 3, par.
85);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
27) For pre-1992 foreclosed property, are third party claims recorded
at the expected amount of cash required to settle the claims? (SFFAS 3,
par. 87);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
28) If foreclosed property is not sold but placed into operation, is
the asset removed from foreclosed property? (SFFAS 3, par. 90);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
29) If reimbursement for the transfer of assets from one program to
another is made, are the proceeds from the transfer treated in the same
manner as a sale to a third party? (SFFAS 3, par. 90);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Liabilities for Loan Guarantees (30 - 37):
[A loan guarantee is any guarantee, insurance (but not deposit
insurance), or other pledge with respect to the payment of all or part
of the principal or interest on any debt obligation of a nonfederal
borrower to a nonfederal lender. (SFFAS 2, app. C)
The Federal Credit Reform Act of 1990 requires federal entities to
estimate and budget for the costs arising from default of guaranteed
loans made after fiscal year (FY) 1991 (i.e., post 1991). (SFFAS 2,
par. 7)].
30) Is the present value of estimated net cash outflows from post-1991
(i.e., committed after September 30, 1991) loan guarantees recognized
as a liability? (SFFAS 2, par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
31) Is a liability for a pre-1992 (i.e., committed before October 1,
1991) loan guarantee recognized when it is more likely than not that
the loan guarantee will require a future cash outflow to pay a default
claim? (SFFAS 2, par. 39 & app. B, part IV A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
32) Are the liabilities for the pre-1992 loan guarantees reestimated
each year as of the date of the financial statements? (SFFAS 2, par.
39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
33) When post-1991 loan guarantees are modified, is the existing book
amount of the related liability changed to an amount equal to the
present value of net cash outflows that are projected under the
modified terms from the time of the modification to the loan�s
maturity, and discounted at the original discount rate? [Footnote 68]
(SFFAS 2, par. 50 & app. B, part III D(4); SFFAS 19, par. 7(d));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
34) When pre-1992 loan guarantees are directly modified, are:
a) the loan guarantees transferred from the liquidating account to a
financing account, and;
b) the existing book value of the liability of the modified loan
guarantees changed to an amount equal to its postmodification liability
(i.e., the present value of the net cash outflows under
postmodification terms discounted at the current Treasury rate)?
(SFFAS 2, par. 51 & app. B, part IV B (2) & (4));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
35) When pre-1992 loan guarantees are indirectly modified, are:
a) the loan guarantees kept in a liquidating account, and;
b) the related liability reassessed and adjusted to reflect any change
in the liability resulting from the modification? (SFFAS 2, par. 51);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
36) Are subsequent modifications of pre-1992 loan guarantees treated as
modifications of post-1991 loan guarantees? (SFFAS 2, par. 51);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
37) If a post-1991 or pre-1992 loan is sold with a recourse provision,
is the present value (discounted at the Treasury rate in effect at the
time of the sale) of the estimated losses recognized as a subsidy
expense and a loan guarantee liability? (SFFAS 2, par. 54 & app. B,
part I F(3));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Credit Programs Costs (38 - 75):
[In accordance with the Federal Credit Reform Act of 1990, as amended,
a subsidy expense is recognized for direct or guaranteed loans
disbursed during the fiscal year. The amount of the subsidy expense
equals the present value of estimated cash outflows over the life of
the loans minus the present value of the estimated cash inflows. The
discount rate used to calculate the present value is the average
interest rate on marketable Treasury securities of similar maturity to
the cash flows of the direct loan or loan guarantee for which the
estimate is being made. (SFFAS 2, par. 6, 7, 24, 30, & 31; SFFAS 19,
par. 6 & 7)].
38) For post-1991 direct or loan guarantee programs, is the present
value of estimated cash outflows over the life of the loans minus the
present value of estimated cash inflows discounted at the interest rate
of marketable Treasury securities with similar maturity to the cash
flows? (SFFAS 2, par. 24; SFFAS 19, par. 6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
39) For post-1991 direct or loan guarantee programs, are the net
present values recognized as subsidy expense in the year the loan is
disbursed? (SFFAS 2, par. 24; SFFAS 19, par. 6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
40) Are the components of estimated subsidy costs (and offsetting
receipts) of post-1991 loans and guarantees separately recognized for:
a) interest subsidy costs; [Footnote 69]
b) default costs; [Footnote 70]
c) present value of fees and other collections, and;
d) other subsidy costs? (SFFAS 2, par. 25-29);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
41) Is the subsidy cost allowance for post-1991 direct loans amortized
using the interest method? [Footnote 71] (SFFAS 2, par. 30, 31, and
app. B, part I B (2); SFFAS 19, par. 7(a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
42) If the effective interest for post-1991 direct loans is less than
the nominal interest, is the subsidy cost allowance increased by the
difference and recognized as a reduction in interest income? (SFFAS 2,
par. 30 & app. B, part I B (2); SFFAS 19, par. 7(a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
43) If the effective interest for post-1991 direct loans is greater
than the nominal interest, is the subsidy cost allowance decreased by
the difference and recognized as an increase in interest income? (SFFAS
2, par. 30 & app. B, part I B (2); SFFAS 19, par. 7(a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
44) Is interest accrued and compounded on the liabilities of post-1991
loan guarantees at the interest rate that was originally used to
calculate the present value of the loan guarantee liabilities when the
guaranteed loans were disbursed, after adjusting for the interest
reestimate? (SFFAS 2, par. 31 & app. B, part III B (2); SFFAS 19, par.
7(b));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
45) Is the interest accrued and compounded on the liabilities of post-
1991 loan guarantees recognized as an interest expense? (SFFAS 2, par.
31 & app. B, part III B (2));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Two kinds of reestimates for the subsidy cost allowance for
outstanding direct loans and the liability for outstanding loan
guarantees are (1) interest rate reestimates and (2) technical/default
reestimates. An interest rate reestimate is due to a change in the
interest rates from those that were assumed in budget preparation and
used in calculating the subsidy expense to the interest rates that are
prevailing during the periods in which the direct or guaranteed loans
are disbursed. A technical/default reestimate is due to changes in
projected cash flows of outstanding direct loans and loan guarantees
after reevaluating the underlying assumptions and other factors (except
for interest rate reestimates) that affect cash flow projections as of
the financial statement date. (SFFAS 18, par. 9)].
46) Does the entity measure reestimates of allowances for subsidy costs
of post-1991 loans and liabilities for guarantees in two components
separately, specifically: the interest rate reestimate and the
technical/default reestimate? (SFFAS 18, par. 9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
47) Is any increase (or decrease) in the subsidy cost allowance of post-
1991 direct loans or loan guarantee liabilities resulting from the
interest rate and technical /default reestimates recognized as a subsidy
expense (or a reduction in subsidy expense)? (SFFAS 2, par. 32; SFFAS
18, par. 9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
48) If the assumed interest rates used in calculating the subsidy
expenses for cohorts [Footnote 72] from which direct or guaranteed
loans are disbursed differ from the rates prevailing at the time of the
loan disbursement, is an interest rate reestimate for those cohorts
made as of the date of the financial statements? (SFFAS 2, par. 32 (A);
(A)SFFAS 18, par. 9 (A));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
49) Do technical/default reestimates take into consideration all
factors that may have affected various components of projected cash
flows, including defaults, delinquencies, recoveries, and prepayments?
(SFFAS 2, par. 32 (B); SFFAS 18, par. 9 (B));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
50) Are technical/default reestimates made each year as of the date of
the financial statements? (SFFAS 18, par. 9 (B));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
51) For direct loans, do other adjustments include loan modifications,
fees received, loans written off, foreclosed property or other
recoveries acquired, and subsidy allowance amortization? (SFFAS 18, par.
10);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
52) For loan guarantees, do other adjustments include loan guarantee
modifications, fees received, interest supplements paid, claim payments
made to lenders, foreclosed property or other recoveries acquired, and
interest accumulated on the loan guarantee liability? (SFFAS 18, par.
10);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
53) Are default costs estimated and periodically reestimated for each
post-1991 loan and loan guarantee program on the basis of separate
cohorts and risk categories? (SFFAS 2, par. 33);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
54) In estimating default costs, did the entity evaluate:
a) loan performance experience;
b) the current and forecasted international, national, or regional
economic conditions that may affect the performance of the loans;
c) financial and other relevant characteristics of borrowers;
d) the value of collateral to loan balance;
e) changes in recoverable value of collateral;
f) newly developed events that could affect the loans' performance,
and;
g) improvements in methods to reestimate defaults? (SFFAS 2, par. 34);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
55) In estimating and reestimating future default costs for each group,
cohort, and risk category of loan and guarantee, has the agency used a
systematic methodology based on experience? (SFFAS 2, par. 35 & 36);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
56) Is interest (at the discount rate in effect when the loans were
first disbursed) accrued on post-1991 direct loans, including amortized
interest, recognized as interest income? (SFFAS 2, par. 37 & app. B,
part I B (2) & C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
57) Is interest (at the original discount rate) accrued on debt to the
Treasury arising from post-1991 direct loans recognized as interest
expense? (SFFAS 2, par. 37 & app. B, part I B (2) & C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
58) Is interest (at the discount rate in effect when the loans were
first disbursed) accrued on liability of post-1991 loan guarantees
recognized as interest expense? (SFFAS 2, par. 37 & app. B, part III B
(2) & C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
59) Is interest (at the original discount rate) due from the Treasury
on uninvested funds associated with post-1991 loan guarantee
liabilities recognized as interest income? (SFFAS 2, par. 37 & app. B,
part III B (2) & C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
60) Are costs for administering credit activities (such as salaries,
legal fees, and servicing) that are incurred in support of direct loan
and guaranteed loan programs recognized as administrative expenses and
not included in direct loan and loan guarantee subsidy costs? (SFFAS 2,
par. 38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
61) Are losses (as well as valuation allowances and corresponding
liabilities) of direct loans obligated and loan guarantees committed
before October 1, 1991, recognized when it is more likely than not that
the direct loans will not be totally collected or that the loan
guarantees will require a future cash outflow to pay default claims?
(SFFAS 2, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Foreclosed properties are assets received in satisfaction of a loan
receivable or as a result of payment of a claim under a guaranteed or
insured loan (excluding commodities acquired under price support
programs.) All properties included in foreclosed property are assumed
to be held for sale. Pre-1992 foreclosed property refers to property
associated with direct loans obligated or loan guarantees committed
before October 1, 1991. Post-1991 foreclosed property refers to property
associated with direct loans obligated or loan guarantees committed
after September 30, 1991. (SFFAS 3, par. 79 & 80)].
62) If, at the time of the foreclosure, the expected net realizable
value of pre-1992 foreclosed property is less than the cost (i.e., the
carrying amount of the loan, or for a loan guarantee, the amount of the
claim paid), is the loss charged to operations and tracked in a
valuation allowance account? (SFFAS 3, par. 86);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
63) If the pre-1992 foreclosed asset's net realizable value
subsequently increases or decreases, does the entity credit or charge
this amount to results of operations and adjust the valuation
allowance? (SFFAS 3, par. 86);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
64) Upon sale of foreclosed property, is any difference between the net
carrying amount of foreclosed property and the net proceeds of the sale
recognized as a component of operating results? (SFFAS 3, par. 89);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
65) For post-1991 foreclosed property, is interest income accrued from
the previous periodic adjustment in the carrying amount up to the sale
date? (SFFAS 3, par. 89);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
66) For post-1991 foreclosed property, is the resulting difference
between the adjusted carrying amount and the net sales proceeds
recognized as a reestimate of �subsidy expense�? (SFFAS 3, par. 89);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
67) For pre-1992 foreclosed property, is the difference between the
adjusted carrying amount and net sales proceeds recognized as a gain or
a loss on the sale of foreclosed property? (SFFAS 3, par. 89);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[The term modification, as it applies to direct loans and loan
guarantees, means a federal government action, including new
legislation or administrative action that directly or indirectly alters
the estimated subsidy cost and the present value of outstanding direct
loans, or the liability of loan guarantees. The cost of the
modification is the excess of the premodification value of a direct
loan (or postmodification liability of loan guarantees) over the
postmodification value of a direct loan (or premodification liability
of loan guarantees), both of which have been discounted at the Treasury
rate in effect when the modification occurred. (SFFAS 2, par. 41; SFFAS
2, par. 45, notes 3 & 4 & par. 49, notes 6 & 7; SFFAS 19, par. 6)
The book value of the loan or guarantee is discounted at the Treasury
rate originally used to calculate the present value of the direct loan
or loan guarantee liability when the loan was originally disbursed.
(SFFAS 2, par. 48 & 50, app. B parts I D (4 & 5), II B (4), III B (4),
& IV B (4))
The sale of post-1991 and pre-1992 direct loans is treated as a direct
modification of the loans sold if the sale proceeds were not included
in the cash flows estimates for the initial subsidy calculation. The
cost of modification is determined on the basis of the premodification
value of the loans sold. However, if sale proceeds were included in the
cash flow estimates for the initial subsidy calculation, the effect of
the loan sale on the cost of the program is recognized in the
reestimates. (SFFAS 2, par. 53, Appendix B. par 1F)].
68) If pre-1992 or post-1991 direct loans are modified, is the excess
of the premodification value [Footnote 73] over the postmodification
value [Footnote 74] recognized as a modification expense? (SFFAS 2,
par. 45 & app. B, parts I D (1-3) & II B (1-3));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
69) If the cost of modifying pre-1992 or post-1991 loans is either
greater or less than the decrease in the loans' book value, is the
difference recognized as either a gain or loss? (SFFAS 2, par. 48 &
app. B, parts I D (4 & 5) & II B (4 & 5));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
70) If pre-1992 or post-1991 loan guarantees are modified, is the
excess of the postmodification liability [Footnote 75] over the
premodification liability [Footnote 76] recognized as a modification
expense? (SFFAS 2, par. 49 & app. B, parts III D (1-3), & IV B (1-3));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
71) If the cost of modifying pre-1992 or post-1991 loan guarantees is
either greater or less than the increase in the book value of the
related loan guarantee liabilities, is the difference recognized as a
either a gain or loss? (SFFAS 2, par. 52 & app. B, parts III D (4 & 5),
& IV B (5));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
72) If the premodification value of post-1991 and pre-1992 loans sold
[Footnote 77] exceeds the net proceeds from the sale, is the excess
treated as the cost of modification and recognized as a modification
expense? (SFFAS 2, par. 45 & 53 & app. B, part I F (1));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
73) If a loan is sold with recourse, is the present value of estimated
losses under the recourse or guarantee obligations recognized as a
subsidy expense and as a loan guarantee liability? (SFFAS 2, par. 54);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
74) If the modification expense arising from a loan sale is greater
than the book value loss, is the difference recognized as a gain?
(SFFAS 2, par. 55 & app. B, part I F (2));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
75) If the modification expense arising from a loan sale is less than
the book value loss, is the difference recognized as a loss? (SFFAS 2,
par. 55 & app. B, part I F (2));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Other Financing Sources (76 - 81):
76) Is a gain [Footnote 78] from the modification [Footnote 79 of post-
1991 loans reported as a reduction in financing source and paid to the
Treasury as a "modification adjustment transfer?" (SFFAS 2, par. 48, &
app. B, part I D (5));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
77) Is a loss [Footnote 80] from the modification of post-1991 loans
reported as a financing source when the reporting entity receives from
the Treasury a "modification adjustment transfer?" (SFFAS 2, par. 48 &
app. B, part I D (5));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
78) Is a gain [Footnote 81] resulting from a modification of post-1991
loan guarantees reported as a reduction in financing source and paid to
the Treasury as a "modification adjustment transfer?" (SFFAS 2, par. 52
& app. B, part III D (5));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
79) Is a loss [Footnote 82] resulting from a modification of post-1991
loan guarantees reported as a financing source when the reporting entity
receives from the Treasury a "modification adjustment transfer" to
offset the difference? (SFFAS 2, par. 52 & app. B, part III D (5));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
80) Is a gain on the sale of a post-1991 loan reported as a reduction
in financing source and paid to the Treasury as a "modification
adjustment transfer?" (SFFAS 2, par. 55 & app. B, part I F (2));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
81) Is a loss on the sale of a post-1991 loan reported as a financing
source when the reporting entity receives from the Treasury a
�modification adjustment transfer?� (SFFAS 2, par. 55 & app. B, part I
F (2));
[End of section]
Footnotes:
[1] The American Institute of Certified Public Accountants (AICPA)
recognizes federal accounting standards promulgated by the Federal
Accounting Standards Advisory Board as U.S. GAAP.
[2] SFFAS 11 was rescinded in its entirety by SFFAS 23.
[3] SFFAS 16 was rescinded in its entirety by SFFAS 29.
[4] SFFAS 25 changes reporting requirements for social insurance
information required by SFFAS 17.
[5] Including requirements in OMB Circular No. A-136 that are not
specified in a) through c) above.
[6] Other accounting literature includes for example, FASAB Concept
Statements, Governmental Accounting Standards Board (GASB) Statements,
Interpretations, Technical Bulletins, and Concept Statements, and AICPA
Issue Papers.
[7] Contract authority is a statutory authority under which contracts
or other obligations may be entered into prior to receiving an
appropriation for the payment of obligations.
[8] See also Federal Claims Collection Standards, 31 C.F.R. Parts 900-
904).
[9] Revaluation results in recognition of unrealized holding
gains/losses in the ending inventory value. Upon adjustment for
unrealized holding gains/losses, the latest acquisition cost method
then results in an approximation of historical cost.
[10] Cost of goods sold under the latest acquisition cost method equals
(1) beginning inventory at beginning-of-the period latest acquisition
cost, less: beginning allowance for unrealized holding gains/losses,
plus: actual purchases, and (2) resulting cost of goods available for
sale, less: ending inventory at end-of-the period latest acquisition
cost, plus: ending allowance for unrealized holding gains/losses.
[11] Items held for remanufacture are in the process of (or awaiting)
inspection, disassembly, evaluation, cleaning, rebuilding, refurbishing
and/or restoration to serviceable or technologically updated/upgraded
condition. Items may consist of direct materials, (including repairable
parts and subassemblies, also referred to as �carcasses� at the
Department of Defense) and work-in-process (including labor costs).
[12] The loss amount is the difference between the contract price and
the net realizable value of the commodities.
[13] A business-type activity is defined as a significantly self-
sustaining activity that finances its continuing cycle of operations
through the collection of exchange revenue.
[14] The composite methodology is a method of calculating depreciation
that applies a single average rate to a number of heterogeneous assets
that have dissimilar characteristics and service lives. The group
methodology is a method of calculating depreciation that applies a
single, average rate to a number of homogeneous assets having similar
characteristics and service lives.
[15] For example, the latest acquisition cost may be substituted for
current replacement cost in some situations.
[16] This adjustment may be needed because the Department of Defense
may have already recognized the total estimated cleanup costs as a
liability and expense for some military equipment (SFFAS 6.101).
[17] Net remaining cost is the original cost of the asset less any
accumulated depreciation/amortization to date (i.e., book value).
[18] The liability is the net present value of lease payments unless
the net present value of the lease payments exceeds the fair value of
the asset, in which case the amount recorded as the liability would be
the fair value of the asset. (SFFAS 5, par. 44)
[19] Examples of costs for new software are salaries of programmers,
systems analysts, project managers, and administrative personnel;
associated employee benefits; outside consultants� fees; rent; and
supplies.
[20] Software that serves both internal uses and stewardship purposes
is referred to as multiuse software. An example is a global positioning
system used in connection with national defense activities and general
operating activities and services.
[21] For example, such software could include software necessary to
operate airport radar and computer operated lathes.
[22] SFFAS 10 provides that material expenditures to add software
capability/functionality would be capitalized but that expenditures
that result in extending useful life or capacity would be expensed.
(SFFAS 10, par. 42 & 43).
[23] Liabilities covered by budgetary resources are liabilities covered
by realized budgetary resources as of the balance sheet date. Budgetary
resources include (1) new budget authority, (2) unobligated balances of
budgetary resources at the beginning of the year or net transfers of
prior year balances during the year, (3) spending authority from
offsetting collections (credited to an appropriation or fund account),
(4) recoveries of unexpired budget authority through downward
adjustments of prior year obligations, and (5) permanent indefinite
appropriations or borrowing authority, which have been enacted and
signed into law as of the balance sheet date, provided that the
resources may be apportioned by OMB without further action by the
Congress and without a contingency having to be met.
[24] Liabilities not covered by budgetary resources are liabilities for
which congressional action is needed before budgetary resources can be
provided.
[25] Probable refers to that which can be reasonably expected or is
believed to be more likely than not on the basis of available evidence
or logic. However, in the context of assessing the outcome of matters
of pending or threatened litigation and unasserted claims and
recognizing an associated liability, �probable� refers to that which is
likely, not to that which is �more likely than not.�
[26] Measurable refers to that which can be quantified in monetary
units with sufficient reliability to be reasonably estimable.
[27] Fair value is the price for which an asset could be bought or sold
in an arm�s-length transaction between unrelated parties. Roman L. Well
and Patrick C. O�Brien, Accounting: The Language of Business, 9th ed.
(Sun Lakes, Arizona: Thomas Horton and Daughters, 1994).
[28] The interest method for amortizing a bond premium or discount
reduces the discount or premium by the difference between the effective
interest and stated interest on the bond. (SFFAS 1, app B, tables 1 &
2).
[29] A premium deficiency occurs if the liability for future policy
benefits using current conditions exceeds the liability for future
policy benefits using contract conditions.
[30] Refund offsets are amounts withheld from refunds on behalf of
other agencies. (See also OMB Circular No. A-129 (revised), app. A,
Part V, section 2.c.i. (1))
[31] Drawbacks are refunds payable on all or part of duties paid on
imported goods that are subsequently exported or destroyed. (SFFAS 7,
app. C, glossary)
[32] In the context of pending or threatened litigation, �probable� is
taken to mean �likely;� otherwise, �probable� refers to that which is
believed to be more �likely than not� or can be reasonably expected.
[33] Clean-up costs are the costs of removing, containing, and/ or
disposing of (1) hazardous waste from property, or (2) material and/or
property that consists of hazardous waste at permanent or temporary
closure or shutdown of associated PP&E. (SFFAS 6, par. 85)
[34] Some examples of adjustments include reductions of appropriations
and cancellations of expired appropriation expenditure accounts, which
would also be included in line 6, �Permanently not available� on the
Statement of Budgetary Resources.
[35] This is true whether the goods, services, and benefits are payable
or paid as of the reporting date and whether the appropriations are
used for items that are expensed or capitalized.
[36] Appropriations used does not increase net position. It is
subtracted from �unexpended appropriations� and added to �cumulative
results of operations,� which are line items on the balance sheet.
[37] Nonappropriated balances include financing sources and revenue not
reported as unexpended appropriations.
[38] FASAB Technical Bulletin 2003-1 offers specific guidance dealing
with transfers arising from the creation of the Department of Homeland
Security and other transfers of operations between federal entities
directed by the Homeland Security Act of 2002 (P.L. 107-296).
[39] This amount includes intra-governmental transfers in to or out of
capitalized assets during the current reporting year.
[40] These include health, life insurance, pension, and other
retirement benefits, but not other postemployment benefits.
[41] Acquisition costs of heritage assets are part of the costs of the
entity or the program that makes the property acquisitions.
[42] Examples of unreimbursed costs that reporting entities are
required to recognize include (but are not limited to): (1) employees�
pension, post-retirement health and life insurance benefits, (2) other
postemployment benefits for retired, terminated, and inactive
employees, which includes unemployment and workers compensation under
the Federal Employees' Compensation Act, as amended, and (3) losses in
litigation proceedings (see FASAB Interpretation No. 2, Accounting for
Treasury Judgment Fund Transactions). In the case of employee benefits,
the imputed amount is the difference between employer/employee
contributions and the total cost of the benefit. (OMB Circular A-136,
p. 53, section II.4.4.3)
[43] See note above.
[44] A method is economically feasible if the benefits resulting from
implementing the method outweigh its costs.
[45] Common costs refer to the costs of maintaining and operating
facilities and other resources that cannot be directly traced to any of
the activities or outputs that share resources.
[46] Past service costs result from retroactive benefits granted when a
new plan is initiated. Prior service costs result from retroactive
benefits granted in a plan amendment.
[47] Actuarial gains and losses are changes in the balance of the
pension liability that result from (1) deviations between actual
experience and the actuarial assumptions used or (2) changes in
actuarial assumptions.
[48] The administrative entity may also receive financing from the
general fund to cover prior service or other costs for which
contributions were not provided by the employer or employee.
[49] The liability is the actuarial present value of all future
benefits, based on projected salaries and total projected service, less
the actuarial present value of future normal cost contributions that
would be made for and by the employees under the plan.
[50] The liability is the actuarial present value of all future
benefits less the actuarial present value of future normal cost
contributions that would be made for and by the employees under the
plan. (SFFAS 5, par. 88).
[51] The composite methodology is a method of calculating depreciation
that applies a single average rate to a number of heterogeneous assets
that have dissimilar characteristics and service lives. The group
methodology is a method of calculating depreciation that applies a
single, average rate to a number of homogeneous assets having similar
characteristics and service lives.
[52] The cost of the PP&E acquired is recorded at the cost of the PP&E
surrendered net of any accumulated depreciation or amortization when
the fair value of the PP&E surrendered or acquired is not determinable.
[53] Social insurance programs include Social Security, Medicare,
Railroad Retirement, Black Lung Benefits, and Unemployment Insurance
(SFFAS 17, par. 14).
[54] A list of distributed offsetting receipt accounts can be found in
the Treasury Annual Report Appendix, Part 4, Other Information/Receipts
by Department Listing.
[55] Agencies use the SF 224, Statement of Transactions; SF 1219,
Statement of Accountability; and SF 1220, Statement of Transactions.
[56] Revenue collected is not revenue that the collecting entity can
use in its operations and is thus not recognized. The sources of cash
collection are reported by type as indicated in the illustrated
statement of custodial activity. (OMB Circular A-136, p. 74, section
II.4.8.2)
[57] Cash collections include any amounts paid in advance of due dates
unless they are deposits. Deposits are amounts voluntarily paid to
reporting entities, such as those made to stop the accrual of interest
or those made pending settlements and judgments. Such deposits are
separately recognized as deposit liabilities.
[58] Refund offsets are amounts withheld from refunds on behalf of
other agencies and paid to such agencies.
[59] Drawbacks are refunds of duties paid on imported goods that are
subsequently exported or destroyed.
[60] Grants for maintenance and operations are not investments in
nonfederal physical property.
[61] The definition excludes education and training expensed for
federal civilian and military personnel.
[62] An example of an investment with a split purpose is a grant issued
to a state to construct segments of the National Highway System and to
conduct highway research.
[63] An example of an investment with a split purpose is a grant issued
to a teaching hospital for both medical education and medical research.
[64] ibid.
[65] In research and development programs, output data might consist of
a number of new projects initiated, or the number of projects
continued, completed, or terminated. It also might consist of
quantitative measures such as publication counts, citation counts,
patent counts, or scientific and engineering personnel funded.
[66] Section 506 (a) of the Federal Credit Reform Act, as amended,
exempts the credit activities of certain agencies, such as the Federal
Deposit Insurance Corporation (FDIC) and the Tennessee Valley Authority
(TVA). These agencies can report in accordance with other requirements.
[67] Undelivered orders are the value of goods and services ordered and
obligated but not yet received.
[68] The original discount rate is the rate that was originally used to
calculate the present value of the liability when the guaranteed loans
were disbursed, after adjusting for the interest rate reestimate.
[69] The interest subsidy cost of direct loans is the excess of the
amount of the loans disbursed over the present value of the interest
and principal payments required by loan contracts discounted at the
applicable Treasury rate; for loan guarantees it is the present value
of estimated interest supplement payments.
[70] The default cost of direct loans or loan guarantees is measured at
the present value of projected payment delinquencies and omissions
minus projected net recoveries.
[71] Under the interest method, the amortized amount is the difference
between the nominal interest (face amount of loan times stated
interest) and effective interest (present value of loan times discount
rate). The effective interest rate is the average interest rate of
marketable Treasury securities with similar maturity that was used to
calculate the present value of the direct loans when the direct loans
were disbursed, after adjusting for the interest rate reestimate.
[72] Cohort is a budget term that refers to all direct loans or loan
guarantees of a program for which a subsidy appropriation is provided
for a given fiscal year, even if disbursements occur in subsequent
years.
[73] This is the present value of the net cash inflows estimated under
premodification terms discounted at the current Treasury rate.
[74] This is the present value of the net cash inflows estimated under
postmodification terms discounted at the current Treasury rate.
[75] This is the present value of the net cash flows under
postmodification terms discounted at the current Treasury rate.
[76] This is the present value of the net cash flows under
premodification terms discounted at the current Treasury rate.
[77] This is the present value of the loans� net cash inflows
discounted at the current discount rate.
[78] The excess of the cost of the modification over the decrease in
loan book value discounted at the Treasury rate.
[79] A modification means a federal government action, including new
legislation or administration action, which directly or indirectly
alters the estimated subsidy cost and present value of outstanding
loans or the liability of loan guarantees. (SFFAS 2, par. 41)
[80] The excess of the decrease in loan book value, discounted at the
Treasury rate, over the cost of the modification.
[81] The excess of the cost of the modification over the increase in
liability discounted at the Treasury rate.
[82] The excess of the increase in liability, discounted at the
Treasury rate, over the cost of the modification.
[End of checklist]
United States Government Accountability Office:
President�s Council on Integrity and Efficiency:
Financial Audit Manual:
Volume 3:
2020 - Checklist for Federal Reporting and Disclosures:
Contents:
Abbreviations:
2020 � Checklist for Federal Reporting and Disclosures:
Section I�Overview:
Section II � Management Discussion and Analysis:
Section III � Performance Reporting:
Section IV � Financial Statement Requirements:
Section V -- Note Disclosures:
Section VI � Required Supplementary Stewardship Information:
Section VII � Required Supplementary Information:
Section VIII � Other Accompanying Information:
[End of section]
Abbreviations:
AcSEC: Accounting Standards Executive Committee:
AICPA: American Institute of Certified Public Accountants:
CFO Act: Chief Financial Officers Act of 1990:
CSRS: Civil Service Retirement System:
FASAB: Federal Accounting Standards Advisory Board:
FASB: Financial Accounting Standards Board:
FDIC: Federal Deposit Insurance Corporation:
FERS: Federal Employees Retirement System:
FFMIA: Federal Financial Management Improvement Act of 1996:
FHA: Federal Housing Administration:
FIFO: First-In, First-Out (method of inventory valuation):
FMFIA: Federal Managers� Financial Integrity Act of 1982:
GAAP: Generally Accepted Accounting Principles (U.S.):
GAAS: Generally Accepted Auditing Standards (U.S.):
GAGAS: Generally Accepted Government Auditing Standards:
GASB: Government Accounting Standards Board (state & local):
GMRA: Government Management Reform Act of 1994:
GPRA: Government Performance and Results Act of 1993:
GSE: Government Sponsored Enterprise:
HI: Hospital Insurance (Medicare Part A):
IMF: International Monetary Fund:
IPIA: Improper Payments Information Act:
MD&A: Management�s Discussion and Analysis:
MRS: Military Retirement System:
OAI: Other Accompanying Information:
OASDI: Old Age, Survivors, and Disability Insurance:
OMB: Office of Management and Budget:
OPEB: Other Post Employment Benefits:
ORB: Other Retirement Benefits:
PP&E: Property, Plant, and Equipment:
RRB: Railroad Retirement Benefits:
RSI: Required Supplementary Information:
RSSI: Required Supplementary Stewardship Information:
SBR: Statement of Budgetary Resources:
SCNP: Statement of Change in Net Position:
SFAS: Statement of Financial Accounting Standards:
SFFAC: Statements of Federal Financial Accounting Concepts:
SFFAS: Statements of Federal Financial Accounting Standards:
SMI: Supplementary Medical Insurance (Medicare Part B & D):
SNC: Statement of Net Cost:
SOP: Statement of Position:
SOSI: Statement of Social Insurance:
TVA: Tennessee Valley Authority:
UI: Unemployment insurance:
[End of section]
2020 � Checklist for Federal Reporting and Disclosures:
Section I�Overview:
Introduction:
The Chief Financial Officers (CFO) Act of 1990 and the Government
Management Reform Act of 1994 (GMRA) require that agencies� chief
financial officers submit annual reports to their agency heads and to
the Office of Management and Budget (OMB). These annual reports are to
contain audited financial statements of their agencies. The financial
statements are to be presented in conformity with U. S. generally
accepted accounting principles (U.S. GAAP). [Footnote 1]
The previous checklist, FAM 1050, Checklist for Federal Accounting,
Reporting, and Disclosures (July 2004), included guidance for
accounting, reporting, and disclosures. This checklist has been revised
and is separated into two separate checklists: FAM 2010, Checklist for
Federal Accounting and FAM 2020, Checklist for Federal Reporting and
Disclosures. FAM 2010 provides guidance for federal accounting that
entities may complete during the year and auditors may review the
completed checklist during interim audit work. FAM 2020 provides
guidance for year end reporting and disclosure that entities may
complete when they prepare their annual financial statements and
auditors may review the completed checklist during the reporting phase
of the audit.
These checklists are designed to assist (i) federal entities in
preparing their financial statements in accordance with U.S. GAAP, and
(ii) auditors in auditing them in accordance with U.S. generally
accepted government auditing standards (GAGAS). Neither the entities
nor the auditors are required to use this checklist and may develop
their own checklists. However, entities should document how they are
satisfied that their financial statements conform with U.S. GAAP.
Likewise, auditors should document the basis for accepting that the
entity�s financial statements are in conformity with U.S. GAAP if they
do not use the checklist.
The checklist provides a systematic, organized, and structured approach
to preparing or reviewing federal entity financial statements. While
the questions contained in the checklist are taken from authoritative
sources, the checklist itself is not authoritative, nor is it
comprehensive. Preparers and auditors may also consult financial
management regulations and policies for their individual entity, as
these regulations and policies may have guidance when standards allow
alternatives or management flexibility, such as for property
capitalization limits.
Checklist Organization:
In order to facilitate the completion of the checklist, an index of
relevant reporting and disclosure requirements is included in the
following section. The preparer uses the index to determine those areas
that apply to the entity. The checklist is divided into 7 sections
as follows:
Section II - Management�s Discussion and Analysis (MD&A):
Section III - Performance Reporting:
Section IV - Financial Statements:
Section V - Note Disclosures:
Section VI - Required Supplementary Stewardship Information (RSSI):
Section VII - Required Supplementary Information (RSI):
Section VIII - Other Accompanying Information:
Authoritative Guidance:
Each question in this guide is referenced to a source. The sources
cited are (1) Federal Accounting Standards Advisory Board (FASAB)
Statements of Federal Financial Accounting Concepts (SFFAC), (2) FASAB
Statements of Federal Financial Accounting Standards (SFFAS), and (3)
OMB Circular No. A-136, Financial Reporting Requirements. Because this
checklist is for the federal entity reporting level, and is not for the
financial report of the U.S. government, certain sources are excluded.
The four approved accounting concept statements and year they were
issued are:
SFFAC 1, Objectives of Federal Financial Reporting, 1993:
SFFAC 2, Entity and Display, 1995:
SFFAC 3, Management�s Discussion and Analysis, 1999:
SFFAC 4, Intended Audience and Qualitative Characteristics for the
Consolidated Financial Report of the United States Government, 2003
(Not covered by this checklist):
The 32 SFFAS standards and year they were issued are:
SFFAS 1, Accounting for Selected Assets and Liabilities, 1993:
SFFAS 2, Accounting for Direct Loans and Loan Guarantees, 1993:
SFFAS 3, Accounting for Inventory and Related Property, 1993:
SFFAS 4, Managerial Cost Accounting Standards and Concepts, 1995:
SFFAS 5, Accounting for Liabilities of the Federal Government, 1995:
SFFAS 6, Accounting for Property, Plant, and Equipment, 1995:
SFFAS 7, Accounting for Revenue and Other Financing Sources and
Concepts for Reconciling Budgetary and Financial Accounting, 1996:
SFFAS 8, Supplementary Stewardship Reporting, 1996:
SFFAS 9, Deferral of the Effective Date of Managerial Cost Accounting
Standards for the Federal Government in SFFAS No. 4, 1997:
SFFAS 10, Accounting for Internal Use Software, 1998:
SFFAS 11, Amendments to Accounting for Property, Plant, and Equipment -
Definitional Changes, 1998 [Footnote 2]:
SFFAS 12, Recognition of Contingent Liabilities Arising from
Litigation, 1998:
SFFAS 13, Deferral of Paragraph 65.2 � Material Revenue-Related
Transactions Disclosures, 1999:
SFFAS 14, Amendments to Deferred Maintenance Reporting, 1999:
SFFAS 15, Management�s Discussion and Analysis, 1999:
SFFAS 16, Amendments to Accounting for Property, Plant, and Equipment �
Measurement and Reporting for Multi-Use Heritage Assets, 1999 [Footnote
3]:
SFFAS 17, Accounting for Social Insurance, 1999:
SFFAS 18, Amendments to Accounting Standards For Direct Loans and Loans
Guarantees in SFFAS No. 2, 2000:
SFFAS 19, Technical Amendments to Accounting Standards for Direct Loans
and Loan Guarantees in SFFAS No. 2, 2001:
SFFAS 20, Elimination of Certain Disclosures Related to Tax Revenue
Transactions by the Internal Revenue Service, Customs and Others, 2001:
SFFAS 21, Reporting Corrections of Errors and Changes in Accounting
Principles, 2001:
SFFAS 22, Change in Certain Requirements for Reconciling Obligations
and Net Cost of Operations, 2001:
SFFAS 23, Eliminating the Category National Defense Property, Plant, and
Equipment, 2003:
SFFAS 24, Selected Standards for the Consolidated Report of the United
States Government, 2003 (Not covered by this checklist):
SFFAS 25, Reclassification of Stewardship Responsibilities and
Eliminating the Current Services Assessment, 2003 [Footnote 4]:
SFFAS 26, Presentation of Significant Assumptions for the Statement of
Social Insurance, 2004:
SFFAS 27, Identifying and Reporting Earmarked Funds, 2004:
SFFAS 28, Deferral of the Effective Date of Reclassification of the
Statement of Social Insurance, 2005:
SFFAS 29, Heritage Assets and Stewardship Land, 2005:
SFFAS 30, Inter-Entity Cost Implementation, 2005:
SFFAS 31, Accounting for Fiduciary Activities, 2006:
SFFAS 32, CFR of the U.S. Government Requirements, 2006 (Not covered by
this checklist):
Also included in this checklist is FASAB�s Implementation Guide to
Accounting for Revenue and Other Financing Sources, (June 1996), and
OMB Circular No. A-136, Financial Reporting Requirements, (June 29,
2007), that provides detailed requirements for the form and content of
entity financial statements.
FASAB interpretations and technical bulletins are not covered in this
checklist; consult this material as necessary for guidance on specific
situations. Furthermore, preparers and auditors should document how the
entity complied with any new standards issued after SFFAS 32.
How to Use the Index to the Checklist:
The preparer completes the following index to FAM 2020, Checklist for
Federal Reporting and Disclosures before completing the detailed
checklist. For each category of reporting and disclosure listed in the
index on the next two pages, the preparer indicates whether it is
applicable (Y) to the entity�s financial statements, or is not
applicable (NA). Complete only those sections of the detailed checklist
that are applicable to the entity�s financial statements. If the entity
has an insignificant amount of transactions or balances for a section,
it may decide not to complete that section. It may document that
decision by indicating �not significant� (NS). Those areas that are not
applicable or not significant are not considered further, thus
eliminating the need to read and evaluate each individual question. For
example, many federal agencies do not administer loan, loan guarantee,
or loan insurance programs and, therefore, do not have credit program
receivables and related property. Consequently, the questions on these
receivables, property, and subsidies would not apply.
How to Use the Detailed Checklist:
To the right of each question are two columns. The first column
provides for a �yes,� �no,� or �N/A� (not applicable) answer to each
question. The second column provides for an explanation of the answer
to each question.
A �yes� answer indicates that the financial statements contain the
information asked by the question. This would include immaterial items
if the entity elected to disclose them. For each �yes� answer, include
in the explanation column the page number or location in the financial
statements where the information is found. Also, provide any other
information pertinent to the question and the response in the
explanation column.
A �no� answer indicates that the information asked for in the question
is not included in the financial statements, notes, or supplementary
information, respectively. This would include immaterial items that
need not be disclosed. Describe in the explanation column or note why
the information is not included and whether this causes the financial
statements to not be in conformity with U.S. GAAP.
An �N/A� answer indicates that the question does not apply to the
federal entity. Describe in the explanation column or note why this
information is not applicable.
Completion and Review of the Checklists:
Preparers of entity financial statements may complete the checklists to
document that applicable accounting, reporting, and disclosure items
have been addressed, including those contained in OMB Circular No. A-
136. Auditors generally should then review the checklists for
completeness and accuracy.
Index to the Checklist:
Page No.: 7;
Disclosure Considerations: Section II - Management Discussion &
Analysis;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 12;
Disclosure Considerations: Section III - Performance Reporting;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 15;
Disclosure Considerations: Section IV - Financial Statements;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 16;
Disclosure Considerations: General;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 21;
Disclosure Considerations: Balance Sheet;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 23;
Disclosure Considerations: Statement of Net Cost;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 26;
Disclosure Considerations: Statement of Changes in Net Position;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 31;
Disclosure Considerations: Statement of Budgetary Resources;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 37;
Disclosure Considerations: Statement of Custodial Activity;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 39;
Disclosure Considerations: Statement of Social Insurance;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 41;
Disclosure Considerations: Section V - Note Disclosures;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 43;
Disclosure Considerations: Significant Accounting Policies;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 45;
Disclosure Considerations: Non-entity Assets;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 46;
Disclosure Considerations: Fund Balance with Treasury;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 48;
Disclosure Considerations: Cash and Other Monetary Assets;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 50;
Disclosure Considerations: Investments;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 52;
Disclosure Considerations: Receivables (Net);
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 54; Direct Loans and Loan Guarantees;
Disclosure Considerations:
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 65;
Disclosure Considerations: Inventory and Related Property;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 74;
Disclosure Considerations: General Property, Plant, and Equipment
(Net);
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 76;
Disclosure Considerations: Stewardship Property;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 78;
Disclosure Considerations: Other Assets;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 79;
Disclosure Considerations: Liabilities Not Covered by Budgetary
Resources;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 80;
Disclosure Considerations: Debt;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 82;
Disclosure Considerations: Federal Employee and Veterans� Benefits;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 84;
Disclosure Considerations: Environmental Liabilities;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 85;
Disclosure Considerations: Cleanup Cost Adjustments;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 86;
Disclosure Considerations: Other Liabilities;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 87;
Disclosure Considerations: Leases;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 90;
Disclosure Considerations: Life Insurance Liabilities;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 91;
Disclosure Considerations: Commitments and Contingencies;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 93;
Disclosure Considerations: Earmarked Funds;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 95;
Disclosure Considerations: Intragovernmental Costs and Exchange
Revenue;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 96;
Disclosure Considerations: Suborganization Program Costs/Program Costs
by Segment;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 97;
Disclosure Considerations: Stewardship PP&E;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 98;
Disclosure Considerations: Exchange Revenues;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 99;
Disclosure Considerations: Statement of Budgetary Resources
Disclosures;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 101;
Disclosure Considerations: Statement of Custodial Activity Disclosures;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 103;
Disclosure Considerations: Statement of Social Insurance Disclosures;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 104;
Disclosure Considerations: Dedicated Collections;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 106;
Disclosure Considerations: Restatements;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 108;
Disclosure Considerations: Reconciliation of Net Cost of Operations to
Budget;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 117;
Disclosure Considerations: Fiduciary Activities;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 121;
Disclosure Considerations: Section VI - Required Supplementary
Stewardship Information;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 122;
Disclosure Considerations: Non-federal Physical Property;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 123;
Disclosure Considerations: Human Capital;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 124;
Disclosure Considerations: Research and Development;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 125;
Disclosure Considerations: Section VII - Required Supplementary
Information;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 126;
Disclosure Considerations: Stewardship Property, Plant, & Equipment;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 127;
Disclosure Considerations: Deferred Maintenance;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 130;
Disclosure Considerations: Social Insurance;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 134;
Disclosure Considerations: Statement of Budgetary Resources;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 135;
Disclosure Considerations: Statement of Custodial Activity;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 136;
Disclosure Considerations: Risk-Assumed Information;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 137;
Disclosure Considerations: Section VIII - Other Accompanying
Information;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 138;
Disclosure Considerations: Revenue Forgone;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 138;
Disclosure Considerations: Tax Burden/Tax Gap;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 139;
Disclosure Considerations: Tax Expenditures with Directed Flow of
Resources;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 139;
Disclosure Considerations: Management Challenges;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 139;
Disclosure Considerations: Summary of Audit and Management Assurances;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 140;
Disclosure Considerations: Improper Payments Information Act (IPIA)
Reporting;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
Page No.: 142.
Disclosure Considerations: Other Agency-specific Statutorily Required
Reports;
Applicable (Y), Not Applicable (NA), or Not Significant (NS): [Empty].
[End of section]
Section II � Management Discussion and Analysis:
Management Discussion and Analysis (Items 1 - 8):
[Management�s Discussion and Analysis (MD&A) is Section 1 of the
entity�s Performance and Accountability Report (PAR) and should follow
the Entity Head�s Message. The MD&A is intended for a non-technical
audience and provides an overview of the entity�s financial and
performance results. (OMB Circular No. A-136 p. 13, section II.I.2)].
1) Does the MD&A provide a clear, concise, brief overview of the entire
PAR that a nontechnical audience can understand? (OMB Circular No. A-
136, pp.13 &17, section II.1.2 & II.2.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Is the MD&A limited to the most important matters that could:
a) lead to significant actions or proposals by top management of the
reporting unit;
b) be significant to the managing, budgeting, and oversight functions of
Congress and the administration, and;
c) significantly affect the judgment of citizens about the efficiency
and effectiveness of the entity? (SFFAS 15, par. 5 & 6 and OMB Circular
A-136, p.16, section II.2.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Does the MD&A provide information on:
a) mission and organizational structure;
b) performance goals, objectives and results;
c) analysis of the financial statements and stewardship information;
d) analysis of systems, controls and legal compliance;
e) forward-looking information about the possible effects of the
important existing and anticipated performance and financial demands,
events, conditions and trends, and;
f) important problems that need to be addressed and corrective actions
planned to address those problems? (SFFAS 15, par. 2-4; OMB Circular No.
A-136, pp.18 -22, sections II.2.3-II.2.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Does the mission and organizational structure describe its related
organizational structure consistent with the entity's strategic plan?
(OMB Circular No. A-136, p.19, section II.2.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Does the performance goals, objectives, and results section present
highlights that provide:
a) a clear, objective picture of the entity�s program results compared
to its goals and objectives;
b) the extent to which its programs are achieving their intended goals
and objectives;
c) an explanation of performance trends;
d) a discussion of the strategies and resources the entity uses to
achieve its performance goals;
e) an evaluation of underlying factors that may have affected the
reported performance, including information on factors that are
substantially outside the entity�s control and factors over which the
entity has significant control;
f) an explanation of plans and timelines to improve performance where
targets were not met;
g) summary procedures management has designed and followed to provide
reasonable assurance that reported performance information is relevant
and reliable;
h) a discussion of important limitations and difficulties associated
with performance measurement and reporting, and, if relevant,
information relative to the efficiency and effectiveness, including cost
effectiveness, of the entity�s programs/operations? (SFFAC 3, par. 11 &
13 & OMB Circular No. A-136, pp. 19 & 20, section II.2.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) Does the analysis of the financial statements and stewardship
information section include:
a) comparisons of the current year to prior year with an analysis of the
entity�s overall financial position and results of operations to assist
users in assessing whether the financial position has improved or
deteriorated as a result of the year�s activities;
b) major changes in types or amounts of assets, liabilities, costs,
revenues, obligations, and outlays;
c) relevance of particular balances and amounts shown in the principal
financial statements, particularly if relevant to important financial
management issues;
d) stewardship information, and;
e) discussion of key financial-related measures emphasizing financial
trends and the assessment of financial operations? (OMB Circular No. A-
136, p. 21, section II.2.7);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) Does the analysis of the systems, controls and legal compliance
section include:
a) management�s assurances as to the status and effectiveness of the
internal controls and financial management systems that support the
preparation of the financial statements, and;
b) a separate section entitled �Management Assurances� that provides
assurances related to 31 U.S.C. 3512 (c), (d), commonly known as the
Federal Managers� Financial Integrity Act (FMFIA), and its compliance
determinations required by the Federal Financial Management Improvement
Act (FFMIA) and OMB Circular No. A-123, Management�s Responsibility
for Internal Control? (OMB Circular No. A-136, p. 21-22, section
II.2.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) Does the MD&A include additional items for:
a) other management information, initiatives and issues;
b) a section on the limitations of the financial statements including:
i) the principal financial statements have been prepared to report the
financial position and results of operations of the entity, pursuant to
the requirements of 31 U.S.C. 3515 (b). While the statements have been
prepared from the books and records of the entity in accordance with
GAAP for federal entities and the formats prescribed by OMB, the
statements are in addition to the financial reports used to monitor and
control budgetary resources which are prepared from the same books and
records;
ii) the statements are for a component of the U.S. Government, a
sovereign entity? (OMB Circular A-136, pp. 22-23, sections II.2.10 &
II.2.11);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section III � Performance Reporting:
Performance Reporting (Items 1 - 5):
[Agencies prepare an annual performance report which for most entities
is the performance section of the entity�s PAR. For those entities
participating in the pilot, the APR will be combined with the Annual
Performance Plan and included in the Congressional budget
justification. (OMB Circular No. A-136, p. 24, section II.3.1)].
1) Does the annual performance report include:
a) a comparison of actual performance with the projected (target)
levels of performance as set out in the performance goals in the
entity�s annual performance budget;
b) actual performance information for at least four fiscal years,
c) an explanation where a performance goal was not achieved and why the
goal was not met;
d) a description of the plans and schedules to meet an unmet goal in
the future, or alternatively, recommended action regarding an unmet
goal where management concluded it is impractical or infeasible to
achieve that goal;
e) an evaluation of the entity�s performance for the current fiscal
year, taking into account the actual performance achieved, and;
f) an assessment by the agency head of the reliability and completeness
of the performance information included in the performance report?
(OMB Circular No. A-136, p. 25, section II.3.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Does the comparison of actual performance to performance goals
include:
a) actual performance for every performance goal in the entity�s
annual performance budget, even if the goal was discontinued after that
year, and;
b) performance goals where actual performance information is missing,
incomplete, preliminary, or estimated? For such goals, does the annual
performance report indicate the approximate date when actual
performance information, sufficient to make an accurate comparison with
performance goal target levels, will be available? (OMB Circular No. A-
136, pp. 25, section II.3.4.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Is an explanation of why a performance goal or target was not met,
either with:
a) A specific reason why a significant performance shortfall occurred,
the consequences, and corrective actions to eliminate or reduce future
shortfalls for this goal, or;
b) a generic explanation if the difference between the goal target
level and actual performance is slight? (OMB Circular No. A-136, p. 26,
section II.3.4.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Does the PAR:
a) include preliminary data only if actual data is not available, and;
b) disclose that actual data will be included in subsequent reports
when available? (OMB Circular No. A-136, p. 26, section II.3.4.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Are other elements included in the performance report such as:
a) program evaluations, including a summary of findings and
recommendations of evaluations completed during the fiscal year or a
disclosure that no evaluations were completed;
b) an acknowledgement of the role and a brief description of any
significant contribution made by a non-federal entity in preparing the
report;
c) classified appendices not available to the public, and;
d) budget information consistent with obligation amounts shown in the
Budget Appendix? (OMB Circular No. A-136, p. 28, section II.3.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section IV � Financial Statements:
Caption: General;
Question Numbers: 1 - 16.
Caption: Balance Sheet;
Question Numbers: 17 - 22.
Caption: Statement of Net Cost;
Question Numbers: 23 - 35.
Caption: Statement of Changes in Net Position;
Question Numbers: 36 - 55.
Caption: Statement of Budgetary Resources;
Question Numbers: 56 - 73.
Caption: Statement of Financing [Footnote 5];
Question Numbers: [Empty].
Caption: Statement of Custodial Activity;
Question Numbers: 74 - 82.
Caption: Statement of Social Insurance;
Question Numbers: 83 - 85.
General (Items 1 - 16):
[Reporting entities should ensure that information in the financial
statements is presented in accordance with U.S. GAAP for federal
entities and the requirements of OMB Circular No. A-136. Preparers of
financial statements seeking additional guidance on matters involving
the recognition, measurement, and disclosure requirements should refer
to the specific FASAB standards governing those requirements. These
standards are available at [hyperlink, http://www.fasab.gov]. Where the
FASAB standards or instructions in Circular No. A-136 do not provide
guidance, agencies shall follow the hierarchy of accounting principles
described in Section II.4.2 Q&A. (OMB Circular No. A-136, p. 29,
section II.4.1)].
1) In the PAR, is there a dated transmittal letter from the agency head
highlighting:
a) the entity�s mission with goals and accomplishments, and;
b) an assessment of whether financial and performance data in the
report is reliable and complete, identifying material internal control
weaknesses and corrective actions? (OMB Circular No. A-136, pp. 12-13,
section II.1.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Does the PAR consist of:
a) an MD&A;
b) a performance section;
c) a financial section including:
i) a CFO letter,
ii) the auditor�s report,
iii) basic statements and notes,
iv) required supplementary stewardship information (RSSI),
v) required supplementary information (RSI); and;
d) other accompanying information (OAI), that provides users of the
financial statements with a better understanding of the entity�s
programs and the extent to which program objectives were achieved?
(OMB Circular No. A-136, pp. 13-14, section II.1.2 and p. 32 section
11.4.2, item 2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Do the basic statements include:
a) Balance Sheet;
b) Statement of Net Cost;
c) Statement of Changes in Net Position;
d) Statement of Budgetary Resources;
e) Statement of Custodial Activity (when applicable), and;
f) Statement of Social Insurance (when applicable)? (OMB Circular No. A-
136, p. 32, section II.4.2, item 2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Are the basic statements presented in accordance with U.S. GAAP? (OMB
Circular No. A-136, p. 29, sec. II.4.1, item A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Is comparative information and the related note disclosures
presented for the current year and prior year for the basic financial
statements, except for the Statement of Social Insurance? [Footnote 6]
(OMB Circular No. A-136, pp. 29 and 33, section II.4.1, item B,
and section II.4.2, item 3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) Is comparative information presented in the RSSI and RSI when the
information would be meaningful to the user of the financial report?
(OMB Circular No. A-136, p. 33, section II.4.2, item 3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) When the entity presents disaggregated information for component
organizations, does the total column for the entity as a whole show
consolidated totals net of intraentity transactions, except for the
Statement of Budgetary Resources, which is presented on a combined
basis? (OMB Circular No. A-136, p. 29, sec. II.4.1, item C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) If the entity aggregates line items in its departmental statements,
is the composition of the aggregated line items disclosed? (OMB
Circular No. A-136, p. 30 section II.4.1, item D);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) If the entity disaggregates line items in its departmental
statements, is the total of the disaggregated line items provided
either on the face of the statements or in a note? (OMB Circular No. A-
136, p. 30 section II.4.1, item D);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) Do schedule totals presented in the notes, in support of amounts
presented in financial statements, agree with the amounts presented in
the body of the financial statements? (OMB Circular No. A-136, p. 30,
section II.4.1, item G);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
11) When presenting dollar amounts in the statements and the notes,
does the entity:
a) round amounts to the nearest whole dollar, thousand, million, or
billion based upon informative value to the reader;
b) maintain the chosen rounding level throughout the financial
statements and notes, and;
c) adjust line items for the differences created by the rounding process
rather than adjusting column totals? (OMB Circular No. A-136, p. 30,
section II.4.1, item H);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) Are statement line items, notes, and lines, or columns in notes
that do not apply or are not informative for the reporting entity
properly omitted? (OMB Circular No. A-136, p. 30, section II.4.1, item
F);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
13) Are line numbers (i.e. 1.) used for reference purposes on
illustrative statement formats properly omitted on the statements? (OMB
Circular No. A-136, p. 30, sec. II.4.1, item I);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) Are notes sequentially numbered? (OMB Circular No. A-136, p. 30,
section II.4.1, item J);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) Does the entity use the following hierarchy as the source of
guidance in preparing its financial statements:
a) FASAB Statements & Interpretations, as well as AICPA and FASB
pronouncements if made applicable to federal government entities by a
FASAB Statement or Interpretation;
b) FASAB Technical Bulletins and, if specifically made applicable to
federal government entities by AICPA and cleared by FASAB, AICPA
Industry Audit and Accounting Guides and AICPA Statements of Position;
c) AICPA Accounting Standards Executive Committee (AcSEC) Practice
Bulletins if specifically made applicable to federal government
entities and cleared by the FASAB, as well as Technical Releases of the
Accounting and Auditing Policy Committee of the FASAB;
d) implementation guides published by the FASAB staff and practices
that are widely recognized and prevalent in the federal government,
and;
e) other relevant accounting literature? [Footnote 7] (OMB Circular No.
A-136, p. 31, section II.4.2, item 1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[While a department receives budget authority in accordance with law,
the same law may require that department (the parent) to allocate some
or even all of the budget authority to another federal entity. When a
parent makes such a delegation, the Treasury Department establishes a
subsidiary account called a "transfer appropriation account� (the child
account). The transfer itself is referred to as an allocation transfer.
In the child account, the receiving federal entity receives the budget
authority, and then obligates and outlays sums up to the amount included
in the allocation. (OMB Circular No. A-136, p. 34, section II.4.2, item
5)].
16) Are all budgetary and proprietary activity reported by the parent
in its financial statements, whether material to the child or not? (OMB
Circular No. A-136, p. 34, section II.4.2, item 5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[The Balance Sheet presents, as of a specific time, amounts of future
economic benefits owned or managed by the reporting entity (assets),
amounts owed by the entity (liabilities), and amounts that comprise the
difference (net position). (SFFAC 2, par. 57; OMB Circular No. A-136,
p. 37, section II.4.3.1)].
Balance Sheet (Items 17 - 22):
17) Do �other� assets and liabilities include only items that are
immaterial to the entity and do not warrant separate reporting?
(OMB Circular No. A-136, p. 30, section II.4.1, Item E);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
18) Are entity and nonentity assets combined on the face of the balance
sheet but nonentity assets are disclosed in a note? (OMB Circular No. A-
136, p. 37, section II.4.3.1 and p. 39, section II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
19) Is there a line item on the balance sheet with a note that
discloses information about heritage assets and stewardship land?
[Footnote 8] (SFFAS 29, par. 25 & 40);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
20) Are unexpended appropriations and cumulative results of operations
related to earmarked funds shown separately on the face of the balance
sheet, if material? (SFFAS 27, par. 29, and OMB Circular No. A-136, pp.
48-49, section II.4.3.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Liabilities covered by budgetary resources are liabilities covered by
realized budgetary resources as of the balance sheet date. Budgetary
resources encompass not only new budget authority but also other
resources available to cover liabilities for specified purposes in a
given year. Available budgetary resources include (1) new budget
authority, (2) unobligated balances of budgetary resources at the
beginning of the year or net transfers of prior year balances during
the year, (3) spending authority from offsetting collections (credited
to an appropriation or fund account), and (4) recoveries of unexpired
budget authority through downward adjustments of prior year
obligations. Liabilities are covered by budgetary resources if they are
to be funded by permanent indefinite appropriations, which have been
enacted and signed into law and are available for use as of the balance
sheet date, provided that the resources may be apportioned by OMB
without further action by the Congress and without a contingency having
to be met first. (OMB Circular No. A-136, p. 41, section II.4.3.4)].
21) Are liabilities covered by budgetary resources and liabilities not
covered by budgetary resources combined on the face of the balance
sheet, but liabilities not covered by budgetary resources disclosed
in a note? (OMB Circular No. A-136, p. 37, section II.4.3.1, p. 45,
section II.4.3.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Intragovernmental assets arise from transactions among federal
entities. Intragovernmental assets represent claims of a federal entity
against other federal entities. Intragovernmental liabilities are
claims against the reporting entity by other federal entities. (OMB
Circular No. A-136, p. 39, section II.4.3.3; p. 45, section II.4.3.4)].
22) Are intragovernmental assets and liabilities reported separately
from assets and liabilities from non-federal entities? (The Federal
Reserve system and government sponsored enterprises are also considered
non-federal entities.) [Footnote 9] (OMB Circular No. A-136, p. 39,
section II.4.3.3, pp. 45-46, section II.4.3.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Net Cost (Items 23 - 35):
[The Statement of Net Cost is designed to show separately the
components of the net cost of the reporting entity�s operations for the
period. The statement and any related supporting schedules classify
revenue and cost information by major program and by suborganization or
responsibility segment. (OMB Circular No. A-136, p. 50, section
II.4.4.1)
Managerial cost accounting is the process of accumulating, measuring,
analyzing, interpreting, and reporting cost information useful to both
internal and external groups concerned with the way in which the
organization uses, accounts for, safeguards, and controls its resources
to meet its objectives. (SFFAS 4, par. 42)
A cost accounting �system� is a continuous and systematic cost
accounting process that may be designed to accumulate and assign costs
to a variety of objects routinely or as desired by management. (SFFAS
4, par. 74)
Cost finding is a method for determining the cost of producing goods or
services using appropriate procedures, for example, special cost
studies or analyses. (SFFAS 4, par. 76)].
23) Are net costs reported for the entity as a whole and for its
suborganizations [Footnote 10] and major programs? (OMB Circular No. A-
136, p. 51, section II.4.4.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
24) Does the entity present responsibility segments that align directly
with the major goals and outputs described in the entity�s strategic
and performance plans required by the Government Performance and
Results Act of 1993 (GPRA)? (SFFAS 4, par. 69; OMB Circular No. A-136,
p. 50, section II.4.4.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
25) Does the Statement of Net Cost report by program:
a) gross costs;
b) related exchange revenues;
c) excess of costs over exchange revenues (net program costs);
d) costs that cannot be assigned to specific programs or outputs, and
e) exchange revenues that cannot be attributed to specific programs and
outputs? (SFFAS 7, par. 43 & 44; OMB Circular No. A-136, p. 51, section
II.4.4.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
26) Are the full costs of goods and services received from other
federal entities, whether or not the providing entity is fully
reimbursed, included in the Statement of Net Cost? (SFFAS 4, par. 105;
SFFAS 30, par. 5; OMB Circular No. A-136, pp. 52-53, section II.4.4.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
27) Are inter-entity expenses and financing sources eliminated for any
consolidated financial statements covering both entities? (SFFAS 4,
par. 109);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
28) Are costs related to the production of outputs reported separately
from costs that are not related to the production of outputs (i.e.,
nonproduction costs)? (OMB Circular No. A-136, p. 53, section
II.4.4.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
29) Are general management and administrative support costs that cannot
be directly traced, assigned on a cause-and effect basis, or reasonably
allocated to segments and their outputs reported as costs not assigned
to programs on the Statement of Net Cost? (SFFAS 4, par. 92; OMB
Circular No. A-136, p. 54, section II.4.4.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
30) Are non-production costs that cannot be assigned to a particular
program reported as costs not assigned to programs on the Statement of
Net Cost? (SFFAS 4, par. 92; OMB Circular No. A-136, p. 54, section
II.4.4.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
31) Is earned revenue reported on the Statement of Net Cost or in a
supplementary schedule (regardless of whether the entity is permitted
to retain the revenue in whole or in part)? OMB Circular No. A-136, p.
54, section II.4.4.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
32) Are earned revenues deducted from the full cost of outputs or
outcomes to determine their net program costs? (SFFAS 7, par. 43; OMB
Circular No. A-136, p. 54, sections II.4.4.4 and II.4.4.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
33) Is the net amount of gains (or losses) subtracted from (or added
to) the gross cost to determine the net cost of operations and
programs? (SFFAS 7, par. 44);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
34) Are earned revenues that are insignificant or cannot be attributed
to particular outputs or programs reported separately as a deduction to
determine the net cost of operations of the reporting entity as a
whole? (OMB Circular No. A-136, p. 54, section II.4.4.7);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
35) Are nonexchange revenues and other financing sources excluded from
calculating net cost of operations for the reporting entity? (SFFAS 7,
par. 44);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Changes in Net Position (Items 36 - 55):
[The Statement of Changes in Net Position (SCNP) reports the change in
net position during the reporting period. Net position is affected by
changes to its two components: Cumulative Results of Operations and
Unexpended Appropriations. (OMB Circular No. A-136, p. 55, section
II.4.5.1)].
36) Do beginning balances of Cumulative Results of Operations and
Unexpended Appropriations agree with the amounts reported as net
position on the prior year�s Balance Sheet? (OMB Circular No. A-136,
p. 59, section II.4.5.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
37) Are �beginning balances, as adjusted,� equal to the sum of the
beginning balances of net position as reported on the prior year�s
Balance Sheet, and the prior period adjustments? (OMB Circular No. A-
136, p. 62, section II.4.5.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
38) Are the net position balances attributable to earmarked funds
reported separately from all other funds, if material? (OMB Circular
No. A-136, p. 59, section II.4.5.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
39) Are adjustments to the beginning balances for Cumulative Results of
Operations and Unexpended Appropriations reported for:
a) changes in accounting principles?
b) correction of errors? (OMB Circular No. A-136, pp. 59-62,
section II.4.5.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
40) Are other financing sources, including appropriations, and net cost
of operations reported separately on the face of the SCNP? (OMB
Circular No. A-136, p. 58, section II.4.5.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
41) Are portions of Cumulative Results of Operations and Unexpended
Appropriations attributable to earmarked funds reported separately on
the face of the SCNP? (OMB Circular No. A-136, p. 58, section
II.4.5.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
42) Are earmarked and all other funds presented on a combined basis?
(OMB Circular No. A-136, p. 58, section II.4.5.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
43) Are eliminations shown on the SCNP, including eliminations between
the earmarked funds and all other funds, as well as eliminations within
earmarked and all other funds? (OMB Circular No. A-136, p. 58, section
II.4.5.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
44) Does the entity use a columnar presentation for its SCNP? (OMB
Circular No. A-136, pp. 55-58, sections II.4.5.2 and II.4.5.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
45) If the entity chose to use a linear presentation, did the entity
also display:
a) elimination amount for each affected statement line, and;
b) the SCNP in a columnar presentation in the note? (OMB Circular No. A-
136, p. 58, section II.4.5.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
46) If errors [Footnote 11] were discovered after the issuance of the
prior year financial statements, and if those financial statements or
the current financial statements would be materially misstated absent
correction of the errors, were corrections made in the SCNP as follows:
a) If only the current period statement is presented, is the cumulative
effect of correcting the error reported as a prior period adjustment to
the beginning balance of the cumulative results of operations?
b) If comparative financial statements are presented, are individual
amounts on the financial statements corrected in the earliest affected
period presented?
c) If the earliest period presented in the comparative financial
statements is not the period in which the error occurred and the
cumulative effect is attributable to prior periods, is the cumulative
effect reported as a prior period adjustment to the beginning balance
of cumulative results of operations in the SCNP for the earliest
period presented? (SFFAS 21, par. 10 & 11; OMB Circular No. A-136, p.
59, section II.4.5.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
47) Is the nature of an error in previously issued financial statements
and the effect of its correction on relevant balances disclosed? (SFFAS
21, par. 10 (c));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
48) If changes in accounting principles [Footnote 12] would
have resulted in a change to prior period financial statements, are
they handled in the following manner:
a) the cumulative effect of the change on prior periods is reported as
a �change in accounting principle� and reported as an adjustment to the
beginning balance of the cumulative results of operations in the SCNP
for the period that the change is made;
b) if comparative financial statements, prior period amounts are
presented as previously reported, and;
c) the nature of the changes in accounting principle and its effect on
relevant balances are disclosed in the current period? [Footnote 13]
(SFFAS 21, par. 12 & 13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
49) Do the items reported in the �other financing sources� section
equal the amounts reported as similar line items in the �other
resources� [Footnote 14] section on the Statement of Financing? (OMB
Circular No. A-136, p. 63, section II.4.5.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
50) Does imputed financing reported on the Statement of Changes in Net
Position equal the amount of imputed costs within the Statement of Net
Cost? (OMB Circular No. A-136, p. 63, section II.4.5.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
51) Does the amount �net cost of operations� reported under cumulative
results of operations agree with �net cost of operations� as reported
on the Statement of Net Cost and Statement of Financing? (OMB Circular
No. A-136, p. 64, section II.4.5.7);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
52) Is the difference between the net cost of operations and the sum of
the financing sources (i.e., budgetary and other) and beginning
balance, as adjusted, equal to the change in the ending balance of net
position as it relates to the cumulative results of operations? (OMB
Circular No. A-136, p. 64, section II.4.5.7);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
53) Do the ending balances of the cumulative results of operations and
unexpended appropriations agree with the amounts reported as net
position on the current year�s Balance Sheet? (OMB Circular No.
A-136, p. 64, section II.4.5.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
54) If the entity incurs virtually no cost in connection with earning
exchange revenue, is such revenue shown as a financing source on the
Statement of Changes in Net Position or (if appropriate) Statement of
Custodial Activity and not recognized in the Statement of Net Cost?
(SFFAS 7, par. 45);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
55) Is any portion of exchange revenue that cannot be retained by the
entity reported as a transfer-out on the Statement of Changes in Net
Position? (OMB Circular No. A-136, p. 54, section II.4.4.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Budgetary Resources (Items 56 - 73):
[The budget is the primary financial planning and control tool of the
government. The Statement of Budgetary Resources (SBR) and the related
disclosures provide information about how budgetary resources were made
available as well as their status at the end of the period. It is the
only financial statement predominantly derived from an entity�s
budgetary general ledger, prepared in accordance with budgetary
accounting rules, which are incorporated into U.S. GAAP for the Federal
Government. (SFFAS 7, par. 77; OMB Circular No. A-136, p. 65, section
II.4.6.1)].
56) Is the recognition and measurement of budgetary information
reported on the SBR based on budget terminology, definitions, and
guidance in OMB Circular No. A-11, Preparation, Submission and Execution
of the Budget, (July 2, 2007)? (SFFAS 7, par. 78; OMB Circular No. A-
136, p. 66, section II.4.6.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
57) Is information on the SBR reconcilable with budget execution
information reported on the Report on Budget Execution and Budgetary
Resources (SF 133) and with information reported in the Budget of the
United States Government? (OMB Circular No. A-136, p. 65, section
II.4.6.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
58) Is the format of the SBR based on the format of the SF-133? (OMB
Circular No. A-136, p. 66, section II.4.6.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
59) Are material differences between comparable information contained
in the SBR and the Budget of the United States Government disclosed in
the notes? (OMB Circular No. A-136, p. 66, II.4.6.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
60) Is the budgetary information in the SBR presented on a combined
basis that is consistent with the aggregate of the account-level
information presented on the SF 133s? (OMB Circular No. A-136, p. 66,
section II.4.6.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
61) Are non-budgetary credit reform financing accounts reported
separately from the budgetary accounts? (OMB Circular No. A-136, p. 66,
section II.4.6.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
62) In its SBR under �Budgetary Resources� does the entity include:
a) unobligated balances, brought forward;
b) recoveries of prior year unpaid obligations;
c) new budget authority, including:
i) appropriation,
ii) borrowing authority,
iii) contract authority;
d) spending authority from offsetting collections, including:
i) earned authority that is collected and/or change in receivables
from federal sources,
ii) changes in unfilled customer orders with advance(s) received,
and/or without advance(s) from federal sources,
iii) previously unavailable,
iv) expenditure transfers from trust funds;
e) nonexpenditure transfers, net, anticipated (should be zero at year
end), and actual;
f) budgetary resources temporarily not available pursuant to public
law, and;
g) budgetary resources permanently not available? (OMB Circular No. A-
136, pp. 67-68, section II.4.6.4 & p. 69, section II.4.6.5; SFFAS 7,
par. 77);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
63) Do the budgetary resources reported in this section agree with the
total budgetary resources reported for all of the budget accounts on
the year-end SF 133? (OMB Circular No. A-136, p. 69, section II.4.6.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
64) Are expired obligated and unobligated balances that cancel at the
end of the fiscal year reported as canceled on the year-end SBR? OMB
Circular No. A-136, p. 69, section II.4.6.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
65) In its SBR under �Status of Budgetary Resources� does the entity
include:
a) obligations incurred that are:
i) direct and/or,
ii) reimbursable;
b) unobligated balance(s) that are:
i) apportioned and/or,
ii) exempt from apportionment;
c) unobligated balance(s) not available? (OMB Circular No. A-136, p.
68, section II.4.6.4 & p. 69, section II.4.6.6; SFFAS 7, par. 77);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
66) Does the total amount displayed for the �status of budgetary
resources� section of the SBR equal �total budgetary resources�
available to the reporting entity as of the reporting date? (OMB
Circular No. A-136, p. 69, section II.4.6.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
67) Does the status of budgetary resources reported on the SBR agree
with the total status reported for the aggregate of all budget accounts
on the year-end SF 133? (OMB Circular No. A-136, p. 69, section
II.4.6.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
68) In its SBR under �Change in Obligated Balance� does the entity
include:
a) obligated balance(s), net, that are:
i) unpaid obligations, brought forward,
ii) uncollected customer payments from federal sources, brought
forward;
b) obligations incurred, net;
c) gross outlays;
d) obligated balance transferred, net that are:
i) actual transfers, unpaid obligations,
ii) actual transfers, uncollected customer payments from federal
sources;
e) recoveries of prior year unpaid obligations, actual;
f) change in uncollected customer payments from federal sources;
g) obligated balance, net, end of period that are:
i) unpaid obligations, and,
ii) uncollected customer payments from federal sources? (OMB Circular
No. A-136, p. 68, section II.4.6.4 & p. 69, section II.4.6.7);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
69) In its SBR under �Net Outlays� does the entity include:
a) gross outlays;
b) offsetting collections, and;
c) distributed offsetting receipts? [Footnote 15] (OMB Circular No. A-
136, p. 68, section II.4.6.4 & p. 70, section II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
70) Do the outlays [Footnote 16] reported in �Net Outlays� section
agree with the agency outlay totals reported in the Budget of the
United States Government? [Footnote 17] (OMB Circular No. A-136,
p. 70, section, II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
71) Do the outlays also agree with the aggregate of outlays reported on
the year end SF 133 for the aggregate of all budget accounts, including
non-budgetary financing accounts and the disbursements and collections
reported to Treasury on a monthly basis [Footnote 18] as per OMB
Circular No. A-11? (OMB Circular No. A-136, p. 70, section II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Offsetting receipts are collections that are credited to general fund,
special fund, or trust fund receipt accounts and that offset gross
outlays. Unlike offsetting collections, which are credited to
expenditure accounts and offset outlays at the account level,
offsetting receipts are credited to receipt accounts and offset outlays
at the agency or governmentwide level.
Offsetting receipts may be distributed to agencies or undistributed.
Distributed offsetting receipts offset the outlays of the agency, while
undistributed offsetting receipts offset governmentwide outlays.
Distributed offsetting receipts typically offset the outlays of the
agency that conducts the activity, generating the receipts and the
subfunction to which the activity is assigned. Offsetting receipts are
composed of proprietary receipts from the public, receipts from
intragovernmental transactions, and offsetting governmental receipts.
(OMB Circular No. A-136, p. 70, section II.4.6.8)].
72) Does the amount of distributed offsetting receipts reported on the
SBR agree with the aggregate of cash collected in the receipt accounts
and reported to Treasury on a monthly basis? (OMB Circular No. A-136,
p. 71, section II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
73) Does the amount of offsetting receipts that are distributed to
entities and reported on the SBR agree with the deductions for
offsetting receipts as reported in the Budget of the United States
Government, if available by the time the financial statements must be
finalized and submitted? (OMB Circular No. A-136, p. 71, section
II.4.6.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Custodial Activity (Items 74 - 82):
[Entities that collect nonexchange revenue for the General Fund of the
Treasury, a trust fund, or other recipient entities account for the
sources and disposition of these collections in a Statement of
Custodial Activity.
An entity need not prepare a Statement of Custodial Activity when
custodial collections are immaterial and incidental to their primary
mission. In these cases, the sources and disposition of the collections
may be disclosed in accompanying notes. (OMB Circular No. A-136, p. 73,
section II.4.8.1)].
74) Is nonexchange revenue transferred to others reported on the
Statement of Custodial Activity? (OMB Circular No. A-136, p. 73,
section II.4.8.1, par. 1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
75) In exceptional circumstances, has the entity reported exchange
revenue with virtually no collection costs on the Statement of
Custodial Activity? (OMB Circular No. A-136, p. 73, section II.4.8.1.
par. 3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Custodial Activity, Sources of Collections:
76) Are the components of cash collections classified by source and
nature of collection, such as by type of tax or duty? (OMB Circular No.
A-136, p. 75, section II.4.8.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
77) Are nonexchange revenue accrual adjustments shown separately in the
�sources of collections� section and added or subtracted from the net
collections to determine the total custodial exchange revenue? (OMB
Circular No. A-136, p. 75, section II.4.8.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Custodial Activity, Disposition of Collections:
78) Do the amounts transferred to others, reported in the �disposition
of collections� section, identify the specific agencies to which
collections were transferred and the amounts transferred? (OMB Circular
No. A-136, p. 75, section II.4.8.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
79) Is the change in liability for accrued and collected revenue yet to
be transferred reported separately in the �disposition of collections�
section of the Statement of Custodial Activity? (OMB Circular No. A-
136, p. 75, section II.4.8.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
80) Are the amounts of refunds and other payments made reported
separately in the �disposition of collections� section of the Statement
of Custodial Activity? (OMB Circular No. A-136, p. 75 section
II.4.8.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
81) Are collections retained by the entity separately reported as
exchange revenue in the Statement of Net Cost and treated as a
disposition of collections revenue in the statement of custodial
activity? (OMB Circular No. A-136, p. 73, section II.4.8.1 & p. 75,
section II.4.8.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
82) Do total sources of collections equal total disposition of
collections (revenue) so that the net custodial activity is zero? (OMB
Circular No. A-136, p. 75, section II.4.8.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Social Insurance (Items 83 - 85):
[Reporting on stewardship responsibilities aids in assessing the federal
government�s financial condition and the sufficiency of future
budgetary resources to sustain public services and meet obligations as
they become due. Information for social insurance programs is reported
to address fundamental questions about the current and future financial
condition of these programs. These fundamental questions include
whether scheduled expenditures are sustainable with current scheduled
income. Information to be disclosed for social insurance programs is
intended to facilitate an assessment of the long-term sustainability of
the program as well as the ability of the program to raise resources
from future program participants to pay for benefits to present
participants.
For the programs listed as social insurance, the Statement of Social
Insurance (SOSI) present the actuarial present value for the projection
period of all future contributions and tax income (excluding interest)
received from or on behalf of current and future participants; the
actuarial present value for the projection period of estimated future
scheduled expenditures paid to or on behalf of current and future
participants; and the actuarial present value for the projection period
of the estimated future excess of contributions and tax income
(excluding interest) over future scheduled expenditures. The SOSI
provides information for the current year and separate estimates for
each of the preceding four years. (SFFAS 17, par. 1; OMB Circular No. A-
136, pp. 76-77, section II.4.9.1)].
83) For all social insurance programs except Unemployment Insurance
(UI), [Footnote 19] does the responsible entity�s SOSI present:
a) The actuarial present value of all future expenditures during the
projection period related to benefit payments: (SFFAS 17, par. 27 (3)
(a) - (c));
i) to or on behalf of current participants who have not yet
attained retirement/eligibility age;
ii) to or on behalf of current participants who have attained
retirement/eligibility age; and;
iii) to or on behalf of those who are expected to become plan
participants during a projection period encompassing substantially all
the present value attributed to i) and ii) immediately above;
b) the actuarial present value of all future contributions and tax
income (from taxation of benefits) during the projection period: (SFFAS
17, par. 27 (3) (d) � (f));
i) from or on behalf of current participants who have not yet
attained retirement/eligibility age;
ii) from or on behalf of current participants who have attained
retirement/eligibility age; and;
iii) from or on behalf of those who are expected to become plan
participants during a projection period encompassing substantially all
the present value attributed to i) and ii) immediately above;
c) the net present value of cash flow during the projection period?
(SFFAS 17, par. 27 (3) (g));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
84) Is the information detailed in the preceding question for the
current year and for each of the preceding four years? (SFFAS 17,
par. 27 (3) (j); OMB Circular No. A-136, p. 77, section II.4.9.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
85) Are all projections and estimates made as of a date (the valuation
date) as close to the end of the fiscal year being reported upon
(�current year�) as possible and no more than one year prior to the end
of the current year? (SFFAS 17, par. 26);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section V -- Note Disclosures:
The question numbers related to each caption are identified below.
Note Disclosure: Significant Accounting Policies;
Question numbers: 1 - 10.
Note Disclosure: Non-entity Assets;
Question numbers: 11.
Note Disclosure: Fund Balance with Treasury
Question numbers: 12 - 20.
Note Disclosure: Cash and Other Monetary Assets;
Question numbers: 21 - 25.
Note Disclosure: Investments;
Question numbers: 26 - 34.
Note Disclosure: Receivables: Accounts Receivable, Net;
Question numbers: 35 - 37.
Note Disclosure: Receivables: Taxes Receivable, Net;
Question numbers: 38.
Note Disclosure: Receivables: Interest Receivable, Net;
Question numbers: 39 - 40.
Note Disclosure: Direct Loans and Loan Guarantees, Non-Federal
Borrowers;
Question numbers: 41 - 72.
Note Disclosure: Inventory and Related Property, Net: Inventory
(primarily held for sale);
Question numbers: 73 - 75.
Note Disclosure: Inventory and Related Property, Net: Operating
Materials and Supplies;
Question numbers: 76 - 79.
Note Disclosure: Inventory and Related Property, Net: Stockpile
Materials;
Question numbers: 80 - 81.
Note Disclosure: Inventory and Related Property, Net: Seized Property;
Question numbers: 82 - 85.
Note Disclosure: Inventory and Related Property, Net: Forfeited
Property;
Question numbers: 86 - 87.
Note Disclosure: Inventory and Related Property, Net: Goods Held Under
Price Support and Stabilization Programs;
Question numbers: 88 - 89.
Note Disclosure: General Property, Plant, and Equipment (PP&E), Net;
Question numbers: 90 - 94.
Note Disclosure: Stewardship PP&E;
Question numbers: 95 - 100.
Note Disclosure: Other Assets;
Question numbers: 101 - 104.
Note Disclosure: Liabilities Not Covered by Budgetary Resources;
Question numbers: 105 - 107.
Note Disclosure: Debt;
Question numbers: 108 - 112;
Note Disclosure: Federal Employee and Veterans� Benefits;
Question numbers: 113 - 115.
Note Disclosure: Environmental Liabilities;
Question numbers: 116.
Note Disclosure: Cleanup Cost Adjustments;
Question numbers: 117.
Note Disclosure: Other Liabilities;
Question numbers: 118 - 120.
Note Disclosure: Leases;
Question numbers: 121 - 124.
Note Disclosure: Life Insurance Liabilities;
Question numbers: 125 - 126.
Note Disclosure: Commitments and Contingencies;
Question numbers: 127 - 130.
Note Disclosure: Earmarked Funds;
Question numbers: 131 - 134.
Note Disclosure: Intragovernmental Costs and Exchange Revenue;
Question numbers: 135 - 139.
Note Disclosure: Suborganization Program Costs/Program Costs by
Segment;
Question numbers: 140 - 141.
Note Disclosure: Cost of Stewardship PP&E;
Question numbers: 142 - 143.
Note Disclosure: Exchange Revenues;
Question numbers: 144.
Note Disclosure: Budgetary Resources Statement Disclosures;
Question numbers: 145 - 147.
Note Disclosure: Custodial Activity Statement Disclosures;
Question numbers: 148 - 153.
Note Disclosure: Social Insurance Statement Disclosures;
Question numbers: 154 - 157.
Note Disclosure: Dedicated Collections;
Question numbers: 158 - 160.
Note Disclosure: Restatements;
Question numbers: 161 - 164.
Note Disclosure: Reconciliation of Net Cost of Operations to Budget;
Question numbers: 165 - 188.
Note Disclosure: Fiduciary Activities;
Question numbers: 189 - 202.
Significant Accounting Policies (Items 1 - 10):
[Disclosure of accounting policies identifies and describes the
accounting principles followed by the reporting entity and the methods
of applying those principles. In general, the disclosure encompasses
important judgments as to the valuation, recognition, and allocation of
assets, liabilities, expenses, revenues and other financing sources.
(OMB Circular No. A-136, p. 81, section II.4.10.1)].
1) Is a description of the reporting entity including identification of
its major components disclosed in significant accounting policies? (OMB
Circular No. A-136, p. 81, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Has entity management summarized all appropriate accounting
principles and their application to fairly present the entity�s assets,
liabilities, net cost of operations, changes in net position and
budgetary resources in the disclosure of significant accounting
policies? (OMB Circular No. A-136, p. 81, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Does the disclosure of accounting policies encompass important
judgments as to the valuation, recognition, and allocation of assets,
liabilities, expenses, revenues and other financing sources? (OMB
Circular No. A-136, p. 81, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Do the disclosures of accounting policies not duplicate details in
other notes to the financial statements? (OMB Circular No. A-136, p.
81, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Is a description of changes in generally accepted accounting
principles, and an explanation of concepts, such as Fund Balance with
Treasury and Earmarked Funds unique to Federal financial statements
included in the disclosure of significant accounting policies? (OMB
Circular No. A-136, p. 81, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
6) If the entity is a �parent� involved in an allocation transfer with
a different federal entity, is there an explanation (no amount) in the
significant accounting policies disclosure that there are amounts being
reported on its net cost of operations, changes in net position, and
budgetary resources where activity is being performed by the receiving
federal entity? (OMB Circular No. A-136, p. 82, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) If the entity is a �child� involved in an allocation transfer with a
different federal entity, is there an explanation (no amount) that it
performed activity being reported in the financial statements of the
�parent�? (OMB Circular No. A-136, p. 82, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) Regardless of whether the entity is the �parent� or the �child� in
an allocation transfer, are the names of the federal departments
involved in the allocation transfers disclosed? (OMB Circular No. A-
136, p. 82, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) Are significant changes in the composition of the entity or manner
in which the entity aggregates information for financial reporting
purposes disclosed? (OMB Circular No. A-136, p. 81, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) Changes in the composition of the reporting entity or manner in
which the reporting entity aggregates information for financial
reporting purposes, in effect, result in a new reporting entity.
Therefore, has the entity restated financial statements for prior
periods presented to correspond to the changes? (OMB Circular No. A-136,
p. 81, section II.4.10.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Non-entity Assets (Item 11):
[Entity assets are assets that the reporting entity has authority to
use in its operations. The authority to use funds in an entity's
operations means that entity management has the authority to decide how
funds are used, or management is legally obligated to use funds to meet
entity obligations, e.g., repay loans from Treasury. Non-entity assets
are assets held by an entity but are not available to the entity. An
example of non-entity assets is tax receivables, which the Internal
Revenue Service collects for the U.S. Government but has no authority
to spend. (OMB Circular No. A-136, p. 39, section II.4.3.3)].
11) Are the amounts and types of non-entity assets disclosed in a note
to the financial statements? (OMB Circular No. A-136, p. 37, section
II.4.3.1; p. 39, section II.4.3.3; p. 83, section II.4.10.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Fund Balance with Treasury (Items 12 - 20):
[A federal entity's Fund Balance with Treasury (FBWT) is the aggregate
amount of funds in the entity's accounts with Treasury for which the
entity is authorized to make expenditures and pay liabilities. FBWT
includes clearing account balances and the dollar equivalent of foreign
currency account balances. From the reporting entity's perspective,
FBWT is an (intragovernmental) asset (although it is an
intragovernmental liability to Treasury.) From the perspective of the
federal government as a whole, FBWT is neither an asset nor a liability
and is eliminated in the federal consolidated financial statements.
FBWT represents a commitment to make resources available to federal
departments, agencies, programs, and other entities. (SFFAS 1, par. 31
& 32 with parenthesis provided for clarification.)].
12) Is the FBWT reported as an intragovernmental asset? (SFFAS 1, par.
31; OMB Circular No. A-136, p. 38, section II.4.3.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
13) Are amounts disclosed as fund balances in deposit, suspense, and
clearing accounts that are not available to finance entity activities
reported as nonentity assets? (OMB Circular No. A-136, p. 39, section
II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) Does the entity distinguish funds within FBWT as the obligated
balance not yet disbursed [Footnote 20] and the unobligated balance
[Footnote 21] in a note to the financial statements? (SFFAS 1, par. 37;
OMB Circular No. A-136, pp. 83-84, section II.4.10.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) Are fund balances that agencies are authorized to use disclosed by
fund type (e.g., trust funds, special funds, revolving funds, general
funds, and other fund types)? (OMB Circular No. A-136, p. 83, section
II.4.10.3, item A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
16) Are restrictions on unobligated balances related to future use
disclosed? (SFFAS 1, par. 38; OMB Circular No. A-136, p. 84, section
II.4.10.3, item B);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
17) Does the entity disclose any:
a) differences and the causes (if known) of such differences between
FBWT in its general ledger accounts and the balance in its Treasury�s
accounts, [Footnote 22] and;
b) other information necessary for understanding the nature of fund
balances? (SFFAS 1, par. 39; OMB Circular No. A-136, p. 84, section
II.4.10.3, item C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
18) Does the entity disclose information on unused funds in expired
appropriations that are returned to Treasury at the end of a fiscal
year? (SFFAS 1, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
19) Are balances in deposit accounts, such as collections pending
litigation, funds awaiting determination of proper accounting
disposition, or funds being held by the entity in the capacity of a
banker or agent for others, disclosed under �other fund types?� (OMB
Circular No. A-136, p. 84, section II.4.10.3, item A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
20) If any of the balances under �other fund types� are material, are
they listed separately? (OMB Circular No. A-136, p. 84, section
II.4.10.3, item A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Cash and Other Monetary Assets (Items 21 - 25):
[Cash (including imprest funds) consists of: coins, paper currency,
readily negotiable instruments (such as checks, money orders, and bank
drafts), demand deposits, and foreign currencies stated in U.S. dollars
at the Treasury exchange rate on the financial statement date.
Other monetary assets consist of other items such as gold, special
drawing rights, and U.S. reserves in the International Monetary Fund
(IMF). (SFFAS 1, par. 27; OMB Circular No. A-136, p. 40, section
II.4.3.3)].
21) Are the components of cash and other monetary assets disclosed and
described in a note to the financial statements? (OMB Circular No. A-
136, pp. 40-41, section II.4.3.3 & p. 86, section II.4.10.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Entity cash is the amount of cash that the reporting entity holds and
is authorized by law to spend. Nonentity cash is the cash that a
federal entity collects and holds on behalf of the U.S. government or
other entities. In some instances the entity deposits cash in its
accounts in a fiduciary capacity for the U.S. Treasury or other
entities. (SFFAS 1, par. 28 & 29)].
22) Is nonentity cash disclosed in the notes to the financial
statements, separately from entity cash? (SFFAS 1, par. 29; OMB
Circular No. A-136, p. 39, section II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
23) If cash is restricted, [Footnote 23] is the nature and reason
disclosed? (SFFAS 1, par. 30; OMB Circular No. A-136, p. 85, section
II.4.10.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
24) Does the entity disclose restrictions on the use or conversion of
cash denominated in foreign currencies and the significant effects of
changes in the exchange rate on the entity�s financial position that
occur after the end of the reporting period but before the issuance of
financial statements? (OMB Circular No. A-136, p. 85, section
II.4.10.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
25) Is other information on cash and other monetary assets disclosed,
as appropriate, such as the valuation rate of gold? (OMB Circular No. A-
136, p. 85, section II.4.10.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Investments (Items 26 - 34):
[Investments in federal (i.e., Treasury) securities include (1)
nonmarketable par value Treasury securities, (2) market-based Treasury
securities expected to be held to maturity, (3) marketable Treasury
securities expected to be held to maturity, and (4) securities issued
by other federal entities. Nonfederal securities include those issued
by state and local governments, private corporations, and government
sponsored enterprises. (SFFAS 1, par. 62; OMB Circular No. A-136, p.
41, section II.4.3.3)].
26) Are investments in federal securities reported separately from
investments in nonfederal securities? (SFFAS 1, par. 67; OMB Circular
No. A-136, p. 41, section II.4.3.3.);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
27) Are investments in securities reported at their acquisition cost or
amortized acquisition cost (less an allowance for losses, if any)?
(SFFAS 1, par. 68-69; OMB Circular No. A-136, p. 41, section II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
28) Subsequent to acquisition, are investments in securities reported
at their acquisition cost adjusted for amortized premium or discount?
(SFFAS 1, par. 70-71; OMB Circular No. A-136, p. 87, section
II.4.10.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
29) Is the market value of market-based and marketable securities
disclosed? (SFFAS 1, par. 72; OMB Circular No. A-136, pp. 86-87,
section II.4.10.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
30) Are investments grouped by type of security, such as marketable or
market based Treasury securities? (SFFAS 1, par. 72; OMB Circular No. A-
136, p. 87, section II.4.10.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
31) Are the components of investments (e.g., cost, amortization, other
adjustments) disclosed in the notes to the financial statements? (OMB
Circular No. A-136, p. 41, section II.4.3.3 & p. 86, section
II.4.10.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
32) Are securities that have been reclassified as securities available
for sale or early redemption disclosed? (SFFAS 1, par. 73; OMB Circular
No. A-136, p. 87, section II.4.10.5, item C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
33) Does the entity disclose any other information relative to
understanding the nature of reported investments, such as permanent
impairments? (OMB Circular No. A-136, p. 87, section II.4.10.5, item
C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
34) If the entity has investments in Treasury Securities for earmarked
funds are issues disclosed in a note to the financial statements?
(SFFAS 27, par. 27-28; OMB Circular No. A-136, p. 87, section II.4.10.5,
item B);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Receivables (Items 35 - 40):
[Receivables are amounts that the entity claims for payment from others.
Receivables can result from such activities as the sales of goods or
services, the non-payment of taxes, the making of loans or loans
assumed from defaults on previously made loan guarantees, the earning
of interest, the advance or prepayment of monies, etc. (SFFAC 2, par.
84)].
Accounts Receivable, Net (Items 35 - 37):
35) Are receivables from federal entities reported as intragovernmental
receivables, and reported separately from receivables from nonfederal
entities? (SFFAS 1, par. 42; OMB Circular No. A-136, p. 39, section
II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Entity receivables are amounts due from other federal or nonfederal
entities that the federal entity is authorized by law to include in its
obligational authority or to offset its expenditures and liabilities
upon collection. Nonentity receivables are amounts that the entity is
to collect on behalf of the federal government or other entities, and
the entity is not authorized to spend. (SFFAS 1, par. 43)].
36) Are receivables not available to the entity disclosed in a note to
the financial statements as non-entity assets, separate from
receivables available to the entity? (SFFAS 1, par. 43; OMB Circular
No. A-136, p. 39, section II.4.3.3 & p. 83, section II.4.10.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
37) Does the reporting entity disclose:
a) major categories of accounts receivable by amount (gross and net)
and type;
b) methodology used to estimate the allowance for uncollectible amounts,
and;
c) total dollar amount of the allowance for uncollectible accounts?
(SFFAS 1, par. 52; OMB Circular No. A-136, p. 88, section II.4.10.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Taxes Receivable, Net (Item 38):
38) Does the reporting entity disclose:
a) gross taxes receivable;
b) allowance for uncollectible taxes receivable;
c) net taxes receivable, and;
d) methodology used to estimate the allowance for uncollectible taxes?
(SFFAS 1, par. 52; OMB Circular No. A-136, p. 88, section II.4.10.7);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Interest Receivable (Items 39 - 40):
39) Is interest accrued on uncollectible accounts receivable disclosed
until (1) the interest payment requirement has been waived by the
federal government or (2) the related debt has been written off? (SFFAS
1, par. 55);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
40) Is interest receivable from federal entities reported separately
from interest receivable from the public? (SFFAS 1, par. 56);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Direct Loans and Loan Guarantees (Items 41 � 72):
[The Federal Credit Reform Act of 1990 divides direct loans and loan
guarantees (for non-federal borrowers) into two groups: pre-1992 and
post-1991. Pre-1992 refers to direct loan obligations or loan guarantee
commitments made prior to fiscal year 1992; post-1991 refers to direct
loan obligations or loan guarantee commitments made after fiscal year
1991. [Footnote 24] (OMB Circular No. A-136, p. 96, section II.4.10.8,
item A)].
41) Is interest receivable related to pre-1992 and post-1991 direct
loans and acquired defaulted guaranteed loans reported as a component
of loans receivables and related foreclosed property? (OMB Circular No.
A-136, p. 41, section II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
42) Are special fund receipt accounts for negative subsidies and
downward subsidy reestimates included in the credit reporting
entity�s financial statements? (OMB Circular No. A-136, p. 42, section
II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
43) Are any assets in these special fund receipt accounts shown as non-
entity assets that are offset by intragovernmental liabilities covered
by budgetary resources? (OMB Circular No. A-136, p. 42, section
II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
44) Did the entity disclose that direct loan obligations and loan
guarantee commitments made after fiscal year 1991, and the resulting
direct loans or loan guarantees, are governed by the Federal Credit
Reform Act of 1990, as amended? (OMB Circular No. A-136, p. 96, section
II.4.10.8, instruction A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
45) Do the notes disclose other relevant and appropriate information
related to direct loans and loan guarantees including:
a) a description of the characteristics of the loan programs;
b) commitments to guarantee;
c) management�s method for accruing interest revenue and recording
interest receivable, and;
d) management's policy for accruing interest on nonperforming loans?
(OMB Circular No. A-136, p. 97, section II.4.10.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
46) Is the value of the assets related to defaults [Footnote 25]
included in the reported credit program receivables for:
a) pre-1992 direct loans;
b) post-1991 direct loans;
c) pre-1992 guarantee loans, and;
d) post-1991 guaranteed loans? (OMB Circular No. A-136, p. 100, section
II.4.10.8, instructions B, C, H, & I);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
47) Does the entity disclose whether pre-1992 direct loans and loan
guarantees are reported on a present value basis or are reported under
the allowance method? (OMB Circular No. A-136, p. 96, section
II.4.10.8, instruction A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
48) Are components of assets related to pre-1992 direct loans
receivable disclosed by loan program for:
a) loans receivable, gross;
b) interest receivable;
c) estimated net realizable value of related foreclosed property;
d) present value allowance [Footnote 26] (if the present value method
is used);
e) allowance for loan losses [Footnote 27] (if the
allowance-for-loss method is used), and;
f) value of assets related to direct loans receivable, net?
(OMB Circular No. A-136, p. 98, section II.4.10.8, instruction B);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
49) Are components of assets related to post-1991 direct loans
receivable disclosed by loan program for:
a) loans receivable, gross;
b) interest receivable;
c) estimated net realizable value of foreclosed property;
d) allowance for subsidy costs (present value), and;
e) value of assets related to direct loans receivable, net?
(OMB Circular No. A-136, p. 98, section II.4.10.8, instruction C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
50) Are components of defaulted guaranteed loans receivable from pre-
1992 guarantees disclosed by loan program for:
a) defaulted guaranteed loans receivable, gross;
b) interest receivable;
c) the estimated net realizable value of related foreclosed property;
d) the present value allowance (if the present value method is used);
e) the allowance for loan losses (if the allowance for loss method is
used), and;
f) value of assets related to defaulted guaranteed loans receivable,
net? (OMB Circular No. A-136, p. 100, section II.4.10.8, instruction
H);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
51) Are components of defaulted guaranteed loans receivable from post-
1991 guarantees disclosed by loan program for:
a) defaulted guaranteed loans receivable, gross;
b) interest receivable;
c) estimated net realizable value of foreclosed property;
d) allowance for subsidy costs (present value), and;
e) value of assets related to defaulted guaranteed loans receivable,
net? (OMB Circular No. A-136, p. 100, section II.4.10.8, instruction
I);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Foreclosed property is any asset, which is assumed to be held for
sale, that is either received in satisfaction of a loan receivable or
as a result of payment of a claim under a guaranteed or insured loan
(excluding commodities acquired under price support programs). Pre-1992
foreclosed property refers to property associated with direct loans
obligated or loan guarantees committed before October 1, 1991. Post-
1991 foreclosed property refers to property associated with direct
loans obligated or loan guarantees committed after September 30, 1991.
(SFFAS 3, par. 79 & 80)].
52) When the government acquires foreclosed assets in full or partial
settlement of a direct or guaranteed loan (pre-1992 and post-1991), is
information disclosed for:
a) valuation basis for foreclosed property;
b) changes from prior-year's accounting methods;
c) restrictions on the use/disposal of property;
d) balances by categories (i.e., pre-1992 and post-1991 foreclosed
property);
e) number of properties held and average holding period by type or
category, and;
f) number of properties for which foreclosure proceedings are in
process at the end of the period? (SFFAS 3, par. 91; OMB Circular No. A-
136, pp. 97-98, section II.4.10.8, instruction A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
53) Is the total amount of new direct loans and guaranteed loans
disbursed for the current and prior year reported by program? (SFFAS 2,
par. 11 (A); OMB Circular No. A-136, pp. 98 & 100, section II.4.10.8,
instructions D & J);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
54) Is a reconciliation between beginning and ending balances presented
in a note for:
a) the subsidy cost allowances for outstanding direct loans, and;
b) the liability for outstanding loan guarantees? (SFFAS 18, par. 10;
OMB Circular No. A-136, pp. 99 & 101, section II.4.10.8, instructions G
& N);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
55) Does the reconciliation of beginning and ending subsidy cost
allowances and loan guarantee liability balances include changes for:
a) interest subsidy costs, default costs, fees and other collections,
and other subsidy costs;
b) interest rate and technical/default reestimates, and;
c) other adjustments? (SFFAS 18, par. 10);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
56) Does each loan guarantee program disclose:
a) face value of outstanding principal of guaranteed loans disbursed by
a third party, and;
b) amount of outstanding principal that is guaranteed? (SFFAS 2, para.
23; OMB Circular No. A-136, p. 100, section II.4.10.8, instruction J);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
57) Does the liability for loan guarantees disclose:
a) present value of liabilities for losses on pre-1992 loan guarantees
(if the present value method is used);
b) estimated future default claims on pre-1992 loan guarantees (if the
estimated future default claims method is used);
c) present value of the estimated net cash flows (outflows less
inflows) to be paid as a result of post-1991 loan guarantees, and;
d) total liabilities for loan guarantees? (OMB Circular No. A-136, p.
100, section II.4.10.8, instruction K);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
58) When the total loan guarantee liability for all of the credit
programs is negative, is it reported as an asset? (OMB Circular No.
A-136, p. 46, section II.4.3.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
59) If the loan guarantee liability is the result of both positive and
negative amounts of the various components, is the total shown as a
liability? Are the negative components (of the loan guarantee
liability) disclosed? (OMB Circular No. A-136, p. 46, section
II.4.3.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[For post-1991 direct loans and guarantees, a subsidy expense is
recognized in the year they are disbursed. For pre-1992 direct loans
and guarantees, disclosure of a loss and liability is not recognized
until it is more likely than not that a loan (either direct or
guaranteed) will go into default. (SFFAS 2, par. 24 & 39)].
60) Does the reporting entity disclose, discuss, and explain events and
changes in economic conditions, other risk factors, legislation, credit
policies, [Footnote 28] and subsidy estimation methodologies and
assumptions that have had a significant and measurable effect on
subsidy rates, subsidy expenses, and subsidy reestimates? (SFFAS 18,
par. 11 (C) & OMB Circular No. A-136, p. 97, section II.4.10.8,
instruction A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
61) Does the disclosure and discussion include events and changes that
have occurred and are more likely than not to have a significant
impact, but whose effects are not measurable at the reporting date?
(SFFAS 18, par. 11 (C) & OMB Circular No. A-136, p. 97, section
II.4.10.8, instruction A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
62) Are components of subsidy expense for new direct loans disbursed
disclosed by loan program for:
a) interest rate differential costs;
b) default costs (net of recoveries);
c) fees and other collections;
d) other costs, and;
e) total subsidy expense for new direct loans? (SFFAS 18, par. 11 (A);
OMB Circular No. A-136, p. 98, section II.4.10.8, instruction E1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
63) Are components of subsidy expense related to direct loan
modifications and reestimates disclosed for:
a) total subsidy expense for modifications of direct loans
previously disbursed, and;
b) total reestimates of the subsidy expense for direct loans, previously
disbursed, by component (i.e., interest rate and technical/default)?
(SFFAS 18, par. 11 (A); OMB Circular No. A-136, p. 99, section
II.4.10.8, instruction E2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
64) Is the total subsidy expense for current and prior year�s direct
loans, modifications, and reestimates disclosed? (SFFAS 18, par. 11
(A); OMB Circular No. A-136, p. 99, section II.4.10.8, instruction E3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
65) Are components of subsidy expense for new loan guarantees disclosed
by loan program for:
a) interest supplement costs;
b) default costs (net of recoveries);
c) fees and other collections;
d) other costs, and;
e) total subsidy expense for new loan guarantees? (SFFAS 18, par. 11
(A); OMB Circular No. A-136, p. 101, section II.4.10.8, instruction
L1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
66) Are components of subsidy expense related to loan guarantee
modifications and reestimates disclosed for:
a) total subsidy expense for modifications of loan guarantees on
guaranteed loans previously disbursed by a third party, and;
b) total reestimates of the subsidy expense for loan guarantees,
previously committed, by component (i.e., interest rate and
technical/default)? (SFFAS 18, par. 11 (A); OMB Circular No. A-136, p.
101, section II.4.10.8, instruction L2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
67) Is the total subsidy expense for current and prior year�s loan
guarantees, modifications, and reestimates disclosed? (SFFAS 18, par.
11 (A); OMB Circular No. A-136, p. 101, section II.4.10.8, instruction
L3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
68) Does the reporting entity disclose, at the program level, the
subsidy rates [Footnote 29] for direct loans and loan guarantees in the
current year�s budget for the current year�s cohorts for:
a) total subsidy cost;
b) interest subsidy costs;
c) default costs (net of recoveries);
d) fees and other collections, and e) other costs? (SFFAS 18, par. 11
(B); OMB Circular No. A-136, pp. 99 & 101, section II.4.10.8,
instructions F & M);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
69) If the entity uses trend data in the notes to display significant
fluctuations in subsidy rates, are these data accompanied by an
analysis that explains the underlying causes for the fluctuations?
(SFFAS 18, par. 11 (B); OMB Circular No. A-136, pp. 99 & 101, section
II.4.10.8, instructions F & M);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[A loan modification is a federal government action that directly or
indirectly alters the estimated subsidy cost and the present value of
outstanding direct loans or the liability of loan guarantees. A direct
modification changes the subsidy cost by altering the terms of existing
contracts or through the sale of direct loans. An indirect modification
changes the subsidy costs by altering the way loans and loan guarantees
are administered. A modification does not include subsidy cost
reestimates, routine administrative workouts of troubled loans, and
other actions permitted within existing contract terms. (SFFAS 2, par.
41-44);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
70) Are loan modifications by program disclosed in the notes to the
financial statements for:
a) the nature of the modification of direct loans or loan guarantees;
b) the discount rate used in calculating the modification expense, and;
c) the basis for recognizing a gain or loss related to the modification?
(SFFAS 2, par. 56 & OMB Circular No. A-136, p. 97, section II.4.10.8,
instruction A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
71) Is the expectation that proceeds from the sale of its loans will
differ from the reported face value of the loans or the value of their
related assets disclosed? (OMB Circular No. A-136, p. 97, section
II.4.10.8, instruction A);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
72) Are administrative expenses for loans and loan guarantee programs
broken out and disclosed by program? (OMB Circular No. A-136, p. 102,
section II.4.10.8, instruction O);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Inventory and Related Property, Net (Items 73 � 89):
Inventory (primarily held for sale) (Items 73 - 75):
[Inventory is tangible personal property that is (1) held for sale
including raw materials and work in process, (2) in process of
production for sale, or (3) to be consumed in the production of goods
for sale or in the provision of services for a fee. Inventory does not
include other assets held for sale such as (1) stockpile materials, (2)
seized and forfeited property, (3) foreclosed property, and (4) goods
held under price support and stabilization programs. (SFFAS 3, par. 1;
OMB Circular No. A-136, p.42, section II.4.3.3 & p.102, section
II.4.10.9)].
73) Are inventory stocks, which are maintained because they are not
readily available in the market or because there is more than a remote
chance that they will eventually be needed, classified as inventory
held in reserve for future sale, and reported as either:
a) included in the inventory line item on the face of the financial
statements with separate disclosure in the notes, or;
b) shown as a separate line item on the face of the financial
statements? (SFFAS 3, par. 27);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
74) Is inventory identified as excess, obsolete, or unserviceable
reported as either:
a) included in the inventory line item on the face of the financial
statements with separate disclosures in the notes, or;
b) shown as a separate line item on the face of the financial
statements? (SFFAS 3, par. 29; OMB Circular No. A-136, p. 102, section
II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
75) Does entity disclosure of inventory include:
a) general composition;
b) basis for determining inventory values (including the valuation
method and any cost flow assumptions);
c) changes from prior years� accounting methods, if any;
d) balances for each of the following categories of inventory (unless
otherwise presented on the financial statements):
i) inventory held for current sale,
ii) inventory held in reserve for future use,
iii) excess, obsolete, and unserviceable inventory,
iv) inventory held for repair;
e) difference between the carrying amount of the inventory before
identification as excess, obsolete, or unserviceable, and its expected
net realizable value;
f) restriction on the sale of inventory;
g) decision criteria for categorizing inventory, and;
h) changes in the criteria for categorizing inventory? (SFFAS 3, par.
18, 27-29, 31, 32 & 35; OMB Circular No. A-136, p. 102, section
II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Operating Materials and Supplies (Items 76 - 79):
[Operating materials and supplies are tangible personal property to be
consumed in normal operations. Excluded are (1) goods that have been
acquired to construct real property or equipment for the entity�s use
(2) stockpile materials, (3) goods held under price stabilization
programs, (4) foreclosed property, (5) seized and forfeited property,
and (6) inventory. (SFFAS 3, par. 36 & OMB Circular No. A-136, p. 42,
section II.4.3.3)].
76) Are operating materials and supplies stocks, which are maintained
because they are not readily available in the market or because there
is more than a remote chance that they will eventually be needed
(although not necessarily in the normal course of operations),
classified as operating materials and supplies held in reserve for
future use, and reported as either:
a) included in the operating materials and supplies line item on the
face of the financial statements with separate disclosure in the notes,
or;
b) shown as a separate line item on the face of the financial
statements? (SFFAS 3, par. 45);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
77) Are operating materials and supplies identified as excess,
obsolete, or unserviceable reported as either:
a) included in the operating materials and supplies line item on the
face of the financial statements with separate disclosure in the notes,
or;
b) shown as a separate line item on the face of the financial
statements? (SFFAS 3, par. 47);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
78) Is any difference between the carrying amount of operating
materials and supplies before identification of excess, obsolete, or
unserviceable recognized as a loss or gain and either reported
separately or disclosed in a note? (SFFAS 3, par. 48);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
79) Does entity disclosure of operating materials and supplies include:
a) general composition;
b) basis for valuation (including valuation method and any cost flow
assumptions);
c) change from prior years� accounting methods;
d) balances in each operating material and supply category, [Footnote
30];
e) difference between the carrying amount of the operating materials and
supplies before identification as excess, obsolete, or unserviceable
and estimated net realizable value;
f) restrictions on the use of materials and supplies, if any;
g) decision criteria for identifying each category to which material and
supplies are assigned, and;
h) changes in the criteria for identifying the category to which the
operating materials and supplies are assigned? (SFFAS 3, par. 50; OMB
Circular No. A-136, p. 103, section II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Stockpile Materials (Items 80 - 81):
[Stockpile materials are strategic and critical materials held due to
statutory requirements for use in national defense, conservation, or
national emergencies. Not included under this category are (1) items
held for sale or use in normal operations, (2) items held for use in
the event of an agency�s operating emergency or contingency, and (3)
materials acquired to support market prices. (SFFAS 3, par. 51 & OMB
Circular No. A-136, p. 42, section II.4.3.3)].
80) Is any difference between the carrying amount of the stockpile
materials held for sale and their estimated selling price disclosed?
(SFFAS 3, par. 55);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
81) Does entity disclosure of stockpile materials include:
a) general composition;
b) basis for valuing stockpile materials, including valuation method
and any cost flow assumptions;
c) changes from prior year�s accounting methods;
d) restrictions on the use of the material;
e) balances in each category of stockpile material (i.e., stockpile
materials and stockpile materials held for sale);
f) decision criteria for categorizing stockpile material as held for
sale, and;
g) changes in criteria for categorizing stockpile materials as held for
sale? (SFFAS 3, par. 56; OMB Circular No. A-136, p. 103, section,
II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Seized Property (Items 82 - 85):
[Seized property includes monetary instruments, real property, and
tangible personal property belonging to others in actual or
constructive possession of the custodial agency. This includes illegal
drugs, contraband, and counterfeit items seized by authorized law
enforcement agencies (SFFAS 3, par. 59; OMB Circular No. A-136, p. 42,
section II.4.3.3)
There may be as many as three government entities involved with seized
property: (1) the seizing agency, (2) the custodial agency, and (3)
another agency with a �central fund� set up for financial recordkeeping
of seizure activities. (SFFAS 3, par. 57)].
82) Is seized property other than monetary instruments disclosed in a
note to the financial statements? (SFFAS 3, par. 62);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
83) Does entity disclosure of seized property by type in its custody
include:
a) explanation of what constitutes a seizure and a general description
of the composition of seized property;
b) valuation method(s);
c) changes from prior years� accounting methods;
d) analysis of change in seized property (including dollar value and
number of seized properties) that are:
i) on hand at the start of the year,
ii) seized during the year,
iii) disposed of during the year,
iv) on hand at the end of the year, and,
v) known liens or other claims against the property? (SFFAS 3, par. 66;
OMB Circular No. A-136, p. 42, section II.4.3.3 & p. 104, section
II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
84) Where material, does the entity also disclose the method of
disposal of seized property? (SFFAS 3, par. 66; OMB Circular No. A-136,
p. 104, section II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
85) Is a liability for seized monetary instruments reported in �Other
Liabilities� in an amount equal to the seized asset value? (OMB
Circular No. A-136, p. 104, section II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Forfeited Property (Items 86 - 87):
[Forfeited property consists of (a) property (i.e., monetary
instruments, intangible property, real property, and tangible personal
property) acquired through forfeiture proceedings, (b) property
acquired to satisfy a tax liability, and (c) unclaimed and abandoned
merchandise. (SFFAS 3, par. 67 & 68 & OMB Circular No. A-136, p. 43,
section II.4.3.3)].
86) For forfeited property that cannot be sold due to legal
restrictions, but may be either donated or destroyed, does the entity
disclose the composition, valuation, and disposition of the property?
(SFFAS 3, par. 71 & 78);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
87) Does entity disclosure of forfeited property include:
a) composition of the property;
b) valuation method(s);
c) restrictions on the use or disposition of forfeited property;
d) changes from prior year�s accounting methods;
e) analysis of the changes in forfeited property by dollar amount and
number of forfeitures that includes, forfeitures on hand at the
beginning of the year; additions; disposals and method of disposition;
and forfeitures on hand at the end of the year, and;
f) if available, an estimate of the value of property or funds to be
distributed to other federal, state, and local agencies in future
reporting periods? (SFFAS 3, par. 78; OMB Circular No. A-136, p. 104,
section II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Goods Held Under Price Support and Stabilization Programs (Items 88 -
89):
[Goods acquired under price support and stabilization programs (i.e.,
commodities) are items of commerce or trade (usually farm commodities)
having an exchange value. They are acquired, held, sold, or otherwise
disposed of to satisfy or help satisfy economic goals. Producers of the
goods (1) are either given nonrecourse loans under which they can, at
their option, repay the loan with interest or surrender their commodity
pledged as collateral for the loan or (2) may enter into purchase
agreements that allow the producer the option to sell commodities to
the government (the Commodity Credit Corporation) at the price support
rate. (SFFAS 3, par. 92, 93, & 94)].
88) If a loss contingency arising from a purchase agreement is not
recognized because it is less than probable or is not reasonably
measurable, is the loss contingency disclosed if it is at least
�reasonably possible that a loss may occur?� (SFFAS 3, par. 98);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
89) Does entity disclosure of goods held under price support and
stabilization programs include;
a) basis for valuing commodities including valuation method and cost
flow assumptions (e.g., FIFO, weighted average, moving average,
specific identification);
b) changes from prior years� accounting methods;
c) restrictions on the use, disposal, or sale of commodities, and;
d) analysis of the changes in dollar amount and volume of commodities,
including those:
i) on hand at the beginning of the year,
ii) acquired during the year,
iii) disposed of during the year by method of disposition,
iv) on hand at the end of the year,
v) on hand at year�s end and estimated to be donated or transferred
during the coming period,
vi) received as a result of surrender of collateral related to
nonrecourse loans outstanding, and,
vii) dollar value and volume of purchase agreement commitments?
(SFFAS 3, par. 108 & 109; OMB Circular No. A-136, pp. 104-105, section
II.4.10.9);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
General Property, Plant, & Equipment, Net (Items 90 - 94):
[General property, plant, and equipment (PP&E) consists of tangible
assets that (1) have an estimated useful life of 2 or more years, (2)
are not intended for sale in the ordinary course of business, and (3)
are intended to be used or available for use by the entity. (SFFAS 6,
par. 17) General property, plant, and equipment (PP&E) are any
property, plant, and equipment used in providing goods or services.
(SFFAS 6, par. 23)].
90) Does entity disclosure of its general PP&E include:
a) the cost, associated accumulated depreciation, and book value by
major class (e.g., building and structures, fixtures, equipment);
b) the estimated useful lives for each major class;
c) the method(s) of depreciation for each major class;
d) capitalization threshold(s) including any changes in thresholds(s)
during the period, and;
e) restrictions on the use or convertibility of general PP&E? (SFFAS 6,
par. 45; OMB Circular No. A-136, p. 105, section II.4.10.10);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
91) To record existing general PP&E, is the difference in amounts added
to asset and contra-accounts credited (or charged) to the net position
of the entity, with the amount of the adjustment disclosed as a �prior
period adjustment� in the Statement of Changes in Net Position? (SFFAS
6, par. 43);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
92) To record existing general PP&E previously identified as national
defense PP&E, is the difference in amounts added to asset and contra
accounts disclosed as a �change in accounting principle� with an
adjustment to the beginning balance of cumulative results of operations
in the statement of changes in net position? (SFFAS 23, par. 10 & 16);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
93) Does the entity include note disclosure explaining that �physical
quantity� information for the multiuse heritage assets is included in
the Stewardship PP&E note? (OMB Circular No. A-136, p. 44, section
II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Software includes the application and operating system programs,
procedures, rules, and any associated documentation pertaining to the
operation of a computer system or program. �Internal use software�
includes software that is purchased from commercial vendors �off the
shelf,� internally developed, or contractor developed solely to meet
the entity�s internal or operational needs. (SFFAS 10, par. 8)].
94) Does entity disclosure of capitalized software include:
a) the cost, associated amortization, and book value;
b) the estimated useful life for each major class of software, and
c) the method(s) of amortization? (SFFAS 10, par. 35; SFFAS 6, par.
45);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Stewardship PP&E (Items 95 - 100):
[Stewardship PP&E includes heritage assets and stewardship land. PP&E
are classified as heritage assets if they have (1) historical or
natural significance; (2) cultural, educational, or artistic
importance; or (3) significant architectural characteristic. Multiuse
heritage assets are heritage assets that are predominately used in
general government operations (e.g., buildings such as the main Treasury
building, which is used as an office building). (SFFAS 29, par. 15 &
18; OMB Circular A-136, p. 40, section II.4.3.3)
Stewardship land is land and land rights owned by the federal
government but not acquired for or in connection with items of general
PP&E. (SFFAS 29, par. 33; OMB Circular No. A-136, p. 44, section
II.4.3.3)].
95) Does entity disclosure of stewardship PP&E include:
a) a statement explaining how they relate to the mission of the entity,
and;
b) a description of the entity�s stewardship policies? (SFFAS 29, par.
25 and 40; OMB Circular No. A-136, p. 106, section II.4.10.11);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
96) Does the entity disclose that multi-use heritage assets are
recognized and presented with general PP&E in the basic financial
statements and that additional information for the multi-use heritage
assets is included with the heritage assets information? (SFFAS 29,
par. 27);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Questions 97 & 98 are effective for reporting periods beginning after
September 30, 2007].
97) Does the entity present a concise description of each major
category of heritage asset in a note to the financial statements?
(SFFAS 29, par. 25 & 40; OMB Circular No. A-136, p. 133, section
II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
98) Does the entity present physical unit information for stewardship
PP&E at the end of the reporting period in a note to the financial
statements? (SFFAS 29, par. 25 & 40; OMB Circular No. A-136, p. 133,
section II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Questions 99 & 100 are effective for reporting periods beginning after
September 30, 2008].
99) Does the entity disclose the number of physical units acquired and
withdrawn for stewardship PP&E by major category during the year in a
note to the financial statements? (SFFAS 29, par. 25 & 40; OMB Circular
No. A-136, p. 133, section II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
100) Does the entity disclose in a note to the financial statements a
description of the major methods of acquisition and withdrawal of
stewardship PP&E during the reporting period including:
a) the number of physical units by major category;
b) transfers between federal entities, and;
c) the number of physical units acquired through donation or devise?
(SFFAS 29, par. 25 & 40; OMB Circular No. A-136, p. 133, section
II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Other Assets (Items 101 - 104):
101) Are assets that are not reported in a separate category on the
face of the balance sheet included under the �other� assets category?
(OMB Circular No. A-136, p. 44, section II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
102) Are other asset amounts listed and described in a note to the
financial statements and broken out by major homogeneous components and
intragovernmental versus other (nonfederal) entity assets)? (OMB
Circular No. A-136, p. 107, section II.4.10.12);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Advances are cash outlays made by a federal entity to its employees,
contractors, grantees, or others to cover the recipient�s anticipated
expenses or as advance payments for the costs of goods and services
acquired by an entity. (SFFAS 1, par. 57; OMB Circular A-136, p. 44,
section II.4.3.3)
Prepayments are payments made by a federal entity to cover certain
periodic expenses before those expenses are incurred (SFFAS 1, par. 58;
OMB Circular No. A-136, p. 44, section II.4.3.3)
Progress payments on work in process are not included in advances and
prepayments (OMB Circular A-136, p. 44, section II.4.3.3)].
103) Are advances and prepayments shown as assets and disclosed in the
notes to the financial statements? (SFFAS 1, par. 59; OMB Circular No.
A-136, p. 44, section II.4.3.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
104) Are advances and prepayments that are made to federal entities
reported separately from those made to nonfederal entities? (SFFAS 1,
par. 61; OMB Circular No. A-136, p. 107, section II.4.10.12);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Liabilities Not Covered by Budgetary Resources (Items 105 - 107):
[Liabilities of federal agencies are reported under two major
categories: (1) liabilities covered by budgetary resources, [Footnote
31] and (2) liabilities not covered by budgetary resources. [Footnote
32] Within each of these two categories, liabilities are classified as
either (1) intragovernmental liabilities, which are amounts owed to
other federal entities, or (2) governmental liabilities, which are
amounts owed to nonfederal entities by the federal government or an
entity within the federal government. (SFFAS 1, par. 18- 21; SFFAS 5,
note 1 in summary; OMB Circular No. A-136, pp. 45-46, section
II.4.3.4)].
105) Are the amounts and types of liabilities not covered by budgetary
resources separately disclosed? (SFFAS1, par. 80 & 86; OMB Circular No.
A-136, p. 45, section II.4.3.4 & p. 108, section II.4.10.13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
106) Are amounts and types of intragovernmental liabilities not covered
by budgetary resources separately disclosed? (OMB Circular No. A-136,
p. 108, section II.4.10.13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
107) Is other information needed to understand the nature of
liabilities not covered by budgetary resources provided? (OMB
Circular No. A-136, p. 108, section II.4.10.13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Debt (Items 108 - 112):
[Debts are amounts borrowed from the Treasury, the Federal Financing
Bank, other federal agencies, or the public under general or special
financing authority, such as Treasury bills, notes, bonds, and Federal
Housing Administration (FHA) debentures. The components of debt are
disclosed in the notes to the financial statements. (SFFAS 5, par. 47;
OMB Circular No. A-136, p. 46, section II.4.3.4)].
108) Is all debt owed to Treasury, the Federal Financing Bank, or other
federal agencies reported under intragovernmental liabilities on the
balance sheet and disclosed by category? (OMB Circular No. A-136, p.
110, section II.4.10.14);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
109) Is all debt owed to the public reported on a separate line
entitled �debt held by public� on the balance sheet? (OMB Circular No.
A-136, p. 110, section II.4.10.14);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
110) Are prior and current year beginning balances, net borrowings, and
ending balances of debt disclosed for:
a) total Treasury debt (reported by the Treasury Department only)
classified between intragovernmental and debt held by the public;
b) total agency debt issued under special financing authority (e.g., FHA
debentures and Tennessee Valley Authority (TVA) bonds) classified
between intragovernmental and debt held by the public, and;
c) other debt classified by debt owed to the Treasury (including direct
loan and guaranteed loan financing account debt), debt owed to the
Federal Financing Bank and debt owed to other federal agencies?
(OMB Circular No. A-136, p. 109-110, section II.4.10.14);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
111) Are the names of agencies disclosed, other than Treasury or the
Federal Financing Bank, to which intragovernmental debt is owed and the
corresponding amounts disclosed? (OMB Circular No. A-136, p. 110,
section II.4.10.14);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
112) Does the entity disclose other information relative to debt such
as redemption or call of debt owed to the public before maturity date,
or write-offs of debts owed to Treasury or the Federal Financing Bank?
(OMB Circular No. A-136, p. 110, section II.4.10.14);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Federal Employee and Veteran�s Benefits (Items 113 - 115):
[Entities responsible for accounting for pensions, other retirement
benefits (ORB) (e.g., health benefits for retirees), and other post-
employment benefits (OPEB) are to calculate and report these
liabilities and related expenses in accordance with SFFAS No. 5. The
accrued entitlement benefits payable that are applicable to the current
period, but not yet paid, and annuities for the current fiscal year
administered by trust, pension, or insurance programs for which payment
would be made in the following fiscal year, are classified as current
liabilities. Liabilities for federal employee and veteran benefits
include the actuarial portion of these benefits. They do not include
liabilities related to ongoing continuous expenses such as employees�
accrued salary and accrued annual leave, which are reported as other
liabilities. Actuarial liabilities, assumptions used to compute the
actuarial liabilities and the components of expense for the period for
pensions, other retirement benefits, and other post-employment benefits
are disclosed in the notes to the financial statements. (SFFAS 1, par.
83 & 84; SFFAS 5, par. 56; OMB Circular No. A-136, p. 46, section
II.4.3.4)
In the context of accounting for pensions, ORB, and OPEB, the
�administrative entity� manages and accounts for the pension or other
employee plan, while the �employer entity� employs federal workers and
generates employee costs, for which it would typically receive a salary
and expense appropriation. (SFFAS 5, par. 57, note 38)
The �aggregate entry age normal� actuarial cost method is where
expenses or liabilities arising from the actuarial present value of
projected pension benefits are allocated on a level basis over the
earnings or the service of the group between entry age and assumed exit
ages. The portion of the actuarial present value allocated to a
valuation year is called �normal cost.� (SFFAS 5, par. 64)].
113) Does the administrative entity disclose the assumptions used to
calculate the liability for pensions, ORB, and OPEB? (SFFAS 5, par. 67
& 83; OMB Circular No. A-136, p. 110, section II.4.10.15);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
114) If the assumptions for a pension plan differ from the assumptions
used by the three primary plans�Civil Service Retirement System (CSRS),
Federal Employees Retirement System (FERS), and Military Retirement
System (MRS)�does the administrative entity disclose how and why the
assumptions differ from those of the primary plans? (SFFAS 5, par. 67;
OMB Circular No. A-136, p. 110, section II.4.10.15);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
115) For the period, does the administrative entity separately disclose
individual components of pension and other retirement expense for:
a) normal cost;
b) interest on the liability for the period;
c) prior and past service cost from plan amendments during the period;
d) any gains/losses due to a change in the medical inflation rate
assumption, and;
e) other actuarial gains or losses during the period? (SFFAS 5, par.
72; OMB Circular No. A-136, p. 110, section II.4.10.15);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Environment and Disposal Liabilities (Item 116):
[Cleanup costs are the costs of removing, containing, and/or disposing
of (1) hazardous waste from property, or (2) material and/or property
that consists of hazardous waste at permanent or temporary closure or
shutdown of associated PP&E.
SFFAS No. 5 provides criteria for recognizing a contingent liability,
which the entity applies to determine whether to recognize clean-up
costs as liabilities and/or disclose them in a note. SFFAS No. 6
supplements the liability standard by providing guidance for recording
cleanup costs related to general and stewardship PP&E used in federal
operations. The guidance applies to cleanup costs from federal
operations known to result in hazardous waste which the federal
government is required by federal, state and/or local statutes and/or
regulations to cleanup. Depending on the materiality of the amount, the
liability for cleanup costs may be displayed separately or included
with other liabilities. Note disclosures for liabilities associated
with cleanup costs are described in SFFAS No. 6, TR No. 2, and OMB
Circular No. A-136, p. 46-47, section II.4.3.4.].
116) Does entity disclosure of clean-up costs include:
a) sources (i.e., applicable laws and regulations) of clean-up
requirements;
b) method for assigning estimated total clean-up costs to current
operating periods (e.g., physical capacity versus passage of time);
c) unrecognized portion of estimated total clean-up costs associated
with PP&E;
d) material changes in total estimated clean-up costs due to changes in
laws, technology, or plans;
e) portion of change in an estimate that relates to prior-period
operations;
f) the nature of estimates, and;
g) information regarding possible changes due to inflation, deflation,
technology, or applicable laws and regulations? (SFFAS 6, par. 110-111;
OMB Circular No. A-136, pp. 112 &113, section II.4.10.16);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Cleanup Costs Adjustments (Item 117):
117) Are amounts of prior-period adjustments arising from belated
recognition of clean-up costs and liabilities disclosed? Are amounts
associated with current and prior periods noted? (SFFAS 6, par. 105;
SFFAS 21, par. 13);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Other Liabilities (Items 118 - 120):
[Other liabilities include liabilities that are not recognized in
specific categories. They include (but are not limited to) liabilities
related to: capital leases, insurance, advances and prepayments,
deposit fund amounts held in escrow, and accrued liabilities related to
ongoing continuous expenses such as federal employee salaries and
accrued employee annual leave. This item also covers adjudicated losses
due to litigation, claims, and contingencies. Clean up costs are
reported as �Other Liabilities� if they are not material to the balance
sheet. Clean up costs that are material are reported separately as
�Environmental and Disposal Liabilities.�
Separate reporting of items normally characterized as �Other
Liabilities� is appropriate if the amounts are significant to the
balance sheet. Other current liabilities may include accrued expenses.
Entities separately disclose the amount of other current liabilities.
(SFFAS 1, par. 83-86; OMB Circular No. A-136, p. 47, section
II.4.3.4)].
118) Are significant other liabilities reported separately? (OMB
Circular No. A-136, p. 47, section II.4.3.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
119) Does the entity disclose and/or classify the portion of other
liabilities:
a) covered by budgetary resources that not covered by budgetary
resources;
b) payable to federal entities (intragovernmental liabilities);
c) payable to non-federal entities, and;
d) that are current and noncurrent? (SFFAS 1, par. 83, 85 & 86; OMB
Circular No. A-136, pp. 111-112, section II.4.10.17);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
120) Is other information necessary for understanding other liabilities
disclosed? (OMB Circular No. A-136, p. 112, section II.4.10.17);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Leases (Items 121 - 124):
[Capital leases are leases that transfer substantially all of the
benefits and risks of ownership to the lessee. Leases not meeting the
criteria of a capital lease are operating leases. (SFFAS 5, par. 43)].
Capital Leases - Lessee:
121) As the lessee, does entity disclosure of its capital leases
include:
a) gross amounts of assets under capital lease by major asset category
with the related total accumulated amortization;
b) a description of the lease arrangements, (for example, future
funding commitments, lease terms, renewal options, escalation clauses,
restrictions, amortization periods);
c) future payments due, by major asset category, and deductions for
imputed interest and executory costs for all noncancelable leases with
terms longer than 1 year;
d) a breakout of portions of the capital lease liability covered by
budgetary resources and not covered by budgetary resources, and;
e) other information necessary for understanding lessee capital leases?
(OMB Circular No. A-136, pp. 113-114, section II.4.10.18, items A & C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Capital Leases - Lessor:
122) As the lessor, does entity disclosure of its capital leases
include:
a) information regarding the commitment of the entity's assets,
including major asset category and lease terms;
b) future projected receipts, by major asset category, for all
noncancelable leases with terms longer than one year, and;
c) other information necessary for understanding lessor capital leases?
(OMB Circular No. A-136, p. 114, section II.4.10.18, items B & C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Operating Leases - Lessee:
123) As the lessee, does entity disclosure of its operating leases
include:
a) a description of the lease arrangements, such as future funding
commitments, lease terms, renewal options, escalation clauses,
restriction, amortization periods;
b) future payments due, by major asset category, for all noncancelable
leases with terms longer than 1 year, and;
c) other information necessary for understanding lessee operating
leases? (OMB Circular No. A-136, pp. 113-114, section II.4.10.18, items
A & C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Operating Leases - Lessor:
124) As the lessor, does entity disclosure of its operating leases
include:
a) information regarding the commitment of the entity's assets,
including but not limited to, the major asset category and lease terms;
b) future projected receipts, by major asset category, for all
noncancelable leases with terms longer than one year, and;
c) other information necessary for understanding lessor operating
leases? (OMB Circular No. A-136, p. 114, section II.4.10.18, items B &
C);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Life Insurance Liabilities (Items 125 - 126):
[Insurance liabilities are reported as a component of Other Liabilities
on the balance sheet and disclosed in a separate note to the financial
statements.
Entities with federal insurance and guarantee programs, except social
insurance and loan guarantee programs, recognize a liability for unpaid
claims incurred, resulting from insured events that have occurred as of
the reporting date. The amount recognized is the liability known with
certainty plus an accrual for a contingent liability recognized when an
existing condition, situation, or set of circumstances involving
uncertainty as to possible loss exists and the uncertainty is
ultimately resolved when one or more future events occur or fail to
occur, a future outflow or other sacrifice of resources is probable,
and the future outflow or sacrifice of resources is measurable. Life
insurance programs recognize a liability for future policy benefits in
addition to the liability for unpaid claims incurred. (SFFAS 5, par.
104 & 105; OMB Circular No. A-136, pp. 47-48, section II.4.3.4)].
125) Are liabilities for future benefits of whole life insurance
policies reported and disclosed in accordance with private sector
accounting standards (i.e., FASB Statement of Accounting Standards
(SFAS) 60, 97, & 120; American Institute of Certified Public
Accountants (AICPA) and Statement of Position (SOP) 95-1)? (SFFAS 5,
par. 117; OMB Circular No. A-136, p. 114, section II.4.10.19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
126) Does the entity separately disclose the components [Footnote 33]
of the liability for future policy benefits of whole life insurance
contracts along with a description of each amount and explanation of
its projected use and any other potential uses? (SFFAS 5, par. 121; OMB
Circular No. A-136, p. 114, section II.4.10.19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Commitments and Contingencies (Items 127 � 130):
[A loss contingency is an existing condition, situation, or set of
circumstances involving uncertainty as to possible loss to an entity.
The uncertainty will ultimately be resolved when one or more future
events occur or fail to occur. A loss contingency is a liability when a
past event or exchange transaction has occurred; a future outflow or
other sacrifice of resources is probable; and the future outflow or
sacrifice of resources is measurable.
In addition to loss contingencies in SFFAS No. 5, the entity also
discloses (1) an estimate of obligations related to canceled
appropriations for which the reporting entity has a contractual
commitment for payment, and (2) amounts for contractual arrangements
that may require future financial obligations. Examples of claims or
other contingencies include: (1) indemnity agreements �reimbursements
due to licensees or contractors for losses incurred in support of
federal activities; (2) claims against the federal government that are
in process of judicial proceedings; (3) the unfunded portion of total
liabilities to international organizations; and (4) litigation
addressing claims for equity relief or non-monetary judgments whereby
claimants are seeking specific actions by a federal agency. (SFFAS 5,
par. 35 & 36, as amended by SFFAS 12, SFFAS 6, par. 85-111, TR No. 2;
OMB Circular No. A-136, p. 48, section II.4.3.4)].
127) When determining an estimated contingent liability, if no amount
within a range of amounts is a better estimate than any other amount,
does the entity disclose a minimum amount in the range with a
description of the nature of the contingency? (SFFAS 5, par. 39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
128) If any one of the conditions for recognizing a contingent
liability is not met and there is at least a �reasonable possibility�
[Footnote 34] that a loss or additional loss may be incurred, does the
entity disclose the nature of the contingency [Footnote 35] and one of
the following a) an estimate of the possible liability, or b) an
estimate of the range of the possible liability, or c) a statement that
such an estimate cannot be made? (SFFAS 5, par. 36, 38, 40, & 41, as
amended by SFFAS 12);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
129) If information about remote contingencies, or related to remote
contingencies, is included in general purpose federal financial
reports, [Footnote 36] is the information labeled to avoid the
misleading implication that there is more than a remote chance of a
loss of that amount? (SFFAS 5, par. 42);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
130) Are the following commitments and contingencies disclosed:
a) an estimate of obligations related to canceled appropriations for
which the reporting entity has a contractual commitment for payment,
and;
b) amounts for contractual arrangements that may require future
financial obligations? (OMB Circular no. A-136, p. 114, section
II.4.10.20);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Earmarked Funds (Items 131 - 134):
[Earmarked funds are financed by specifically identified revenues, often
supplemented by other financing sources, which remain available over
time. These specifically identified revenues and other financing
sources are required by statute to be used for designated activities,
benefits or purposes, and are accounted for separately from the
entity�s general revenues. (SFFAS 27, par. 11; OMB Circular No. A-136
p.116, section II.4.10.21 )].
131) Are earmarked non-exchange amounts shown on the Statement of
Changes in Net Position? (SFFAS 27, par. 19; OMB Circular No. A-136,
p.58, section II.4.5.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
132) Does entity disclosure for each selected individual earmarked fund
and in the aggregate for all remaining earmarked funds include:
a) condensed information about assets and liabilities showing
investments in Treasury securities, other assets, liabilities due and
payable, other liabilities, cumulative results of operations and net
position;
b) condensed information on gross cost, exchange revenue, net cost,
nonexchange revenues and other financing sources, and change in net
position;
c) a description of each fund's purpose, how the entity accounts for and
reports the fund, and its authority to use those revenues and other
financing sources;
d) the sources of revenue or other financing for the period and an
explanation of the extent to which they are inflows of resources to the
entity or the result of intragovernmental flows, and;
e) any change in legislation during or subsequent to the reporting
period and before the issuance of the financial statements that
significantly changes the purpose of the fund or that redirects a
material portion of the accumulated balance? (SFFAS 27, par. 22-23; OMB
Circular No. A-136, p. 116, section II.4.10.21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
133) Does the entity�s note disclosure show current and prior year
information? (OMB Circular No. A-136, p.116, section II.4.10.21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
134) Do total cumulative results of operations of all earmarked funds
shown in the note disclosure agree with the cumulative results of
operations of earmarked funds shown on the entity�s Balance Sheet and
the Statement of Changes in Net Position? (SFFAS 27, par. 25; OMB
Circular No. A-136, p. 116, section II.4.10.21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Intragovernmental Costs and Exchange Revenue (Items 135 - 139):
[Intragovernmental gross costs and earned revenues, and public costs
and earned revenues are disclosed. (OMB Circular No. A-136, p. 51,
section II.4.4.1)].
135) Are intragovernmental costs (exchange transactions made between
two reporting entities within the federal government) disclosed
separately from costs with the public (exchange transactions made
between the reporting entity and a nonfederal entity)? (OMB Circular
No. A-136, p. 118, section II.4.10.22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
136) Are intragovernmental exchanges revenue (exchange transactions
made between two reporting entities within the federal government)
disclosed separately from exchange revenue with the public (exchange
transactions made between the reporting entity and a non-federal entity)
for each program? (OMB Circular No. A-136, p. 118, section II.4.10.22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
137) Is the definition criteria used to classify costs and/or revenues
between intragovernmental and public disclosed? (OMB Circular No. A-
136, p. 119, section II.4.10.22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
138) Is an explanation included that intragovernmental expenses relate
to the source of goods and services purchased by the reporting entity
and not to the classification of related revenue? (OMB Circular No. A-
136, p. 118, section II.4.10.22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
139) Is the classification of revenue and/or costs as intragovernmental
or with the public determined on a transaction by transaction basis for
disclosure? (OMB Circular No. A-136, p. 118, section II.4.10.22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Suborganization Program Costs/Program Costs by Segment (Items 140 -
141):
[A responsibility segment is a component of a reporting entity that is
responsible for carrying out a mission, conducting a major line of
activity, or producing one or a group of related products or services.
(SFFAS 4, par. 78)].
140) Are supporting schedules of costs and revenue by major program and
activity disclosed in the notes if not disclosed on the Statement of
Net Cost? (OMB Circular No. A-136, pp. 118-119, section II.4.10.23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
141) Are supporting schedules of costs, revenues, and intra-entity
eliminations by suborganization (segment) that support summary
information in the Statement of Net Costs disclosed in the notes? (OMB
Circular No. A-136, pp. 118-119, section II.4.10.23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Cost of Stewardship PP&E (Items 142 � 143):
Cost of Stewardship PP&E:
[The cost of acquiring, constructing, improving, reconstructing, or
renovating heritage assets (other than multi-use heritage assets), and
the cost of acquiring stewardship land and any costs to prepare
stewardship land for its intended use are recognized as a cost in the
SNC in the period when it is incurred. (OMB Circular No. A-136, p. 120,
section II.4.10.24)].
142) Are the costs of stewardship PP&E reported either separately in
the Statement of Net Cost, or disclosed in the notes? (OMB Circular No.
A-136, p. 120, section II.4.10.24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Stewardship PP&E Acquired Through Transfer, Donation, or Devise:
[Heritage assets and stewardship land acquired through transfer,
donation, or devise are not recognized as a cost in calculating net
cost, but the fair value of the property is disclosed, if known and
material. If the fair value is not known or reasonably estimable,
information related to the type and quantity of assets received is
disclosed. (OMB Circular No. A-136, pp. 120-121, section II.4.10.25)].
143) For heritage assets and stewardship land acquired through
transfer, donation, or devise, does the entity disclose:
a) if the cost is known and material, the fair value, or;
b) if the fair value is not known or reasonably estimable, information
related to the type and quantity of assets received? (OMB Circular No.
A-136, pp. 120-121, section II.4.10.25);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Exchange Revenues (Item 144):
[Exchange (or earned) revenues arise when a government entity provides
goods or services to the public or to another government entity for a
price. (SFFAS 7, par. 30; OMB Circular No. A-136, p. 54, section
II.4.4.4)].
144) Does a reporting entity that provides goods or services to the
public or other government entity disclose:
a) a pricing policy that differs from the full cost or market pricing
guidance set forth in OMB Circular No. A-25 and the possible effect on
demand and revenue if prices were raised to reflect the market or full
cost;
b) exchange transactions with the public in which prices are set by law
or executive order and are not based on full cost or market price, or
the possible effect on demand and revenue if prices were raised to
reflect the market or full cost;
c) the nature of intragovernmental exchange transactions in which
goods or services are provided free or at less than full cost and the
reasons for differences between billing and full cost, and;
d) the full amount of any expected loss when specific goods or services
are provided or made to order under a contract and a loss is both
probable and measurable? (SFFAS 7, par. 46 & 47);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Budgetary Resources Statement Disclosures (Items 145 � 147):
145) Does the entity disclose the amount of direct and reimbursable
obligations incurred against amounts apportioned under category
[Footnote 37] �A,� �B,� and �exempt from apportionment�? (OMB Circular
No. A-136, p. 121, section II.4.10.28);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
146) Does the disclosure of the amount of direct and reimbursable
obligations incurred against amounts apportioned under category �A,�
�B,� and �exempt from apportionment� agree with:
a) the aggregate of the related information as reported on the entity�s
year-end SF 133, and;
b) the amounts reported under direct and reimbursable obligations
incurred, reported on the SBR? (OMB Circular No. A-136, p. 121, section
II.4.10.28);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
147) Does entity disclosure of the status of budgetary resources
include:
a) available borrowing and contract authority at the end of the period;
b) repayment requirements, financing sources for repayment, and other
terms of borrowing authority used;
c) adjustments to �budgetary resources available at the beginning of
the year,� during the reporting period, as well as an explanation of
the adjustments;
d) existence, purpose, and availability of permanent, indefinite
appropriations;
e) information about legal arrangements affecting the use of unobligated
balances of budget authority, such as time limits, purpose, and
obligation limitations;
f) explanations of any material differences between amounts reported in
the SBR and amounts reported in the Budget of the United States
Government, [Footnote 38]
g) a statement that the President�s Budget with actual numbers for the
current fiscal year has not yet been published, as well as an
explanation as to when it is expected to be published and an indication
where it will be available;
h) the amount of budgetary resources obligated for undelivered orders at
the end of the period, and;
i) the amount of any capital infusion received during the reporting
period? (SFFAS 7, par. 79; OMB Circular No. A-136, pp. 121-123,
sections II.4.10.29-II.4.10.36);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Custodial Activity Statement Disclosures (Items 148 � 153):
148) If custodial revenues are immaterial and incidental to the
entity�s primary mission and are not reported separately on the
Statement of Custodial Activity, the sources and amounts of the
collections and amounts to be distributed to others may be disclosed in
a note. Does the entity disclose such collections? (OMB Circular No. A-
136, p. 123, section II.4.10.37);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
149) Do entities that collect taxes and duties disclose in a note or
narrative the:
a) basis of accounting;
b) factors affecting the collectibility and timing of taxes and other
nonexchange revenues, and;
c) cash collections and refunds by tax year and type of tax for the
reporting period? (SFFAS 7, par. 65.1 & 65.3; OMB Circular No. A-136,
p. 123, section II.4.10.38);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
150) Does the collecting entity disclose and explain the:
a) basis of accounting when application of the general rule for
recognizing nonexchange revenue (i.e., specifically identifiable,
legally enforceable, and reasonably estimable) results in a modified
cash basis of accounting;
b) specific potential accruals that are not made as a result of using
the modified cash basis accounting;
c) practical and inherent limitations affecting the accrual of taxes and
duties, and;
d) use of accrual-based accounting, if applicable? (SFFAS 7, par.48 &
64);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
151) If trust fund revenues are not recorded in accordance with
applicable law, do the collecting and recipient entities disclose
the reasons? (SFFAS 7, par. 66);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
152) If material, are accrual adjustments [Footnote 39] disclosed in
the notes? (OMB Circular No. A-136, p. 75, section II.4.8.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
153) Are refunds of taxes or other non-exchange revenues disclosed by
component in the notes? (OMB Circular No. A-136, p. 75, section
II.4.8.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Social Insurance Statement Disclosures (Items 154 - 157):
154) Are significant assumptions used in making estimates and
projections disclosed? (SFFAS 17, par. 27 (4), SFFAS 26, par. 5;
OMB Circular No. A-136, p. 124, section II.4.10.39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
155) Does the fund balance at the valuation date disclose the
accumulated excess of all past cash receipts, including interest on
investments, over all past cash disbursements? (SFFAS 17, par. 27 (3)
(h); OMB No. Circular A-136, p. 124, section II.4.10.39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
156) Is there disclosure that the actuarial net present value of the
excess of future scheduled expenditures paid to or on behalf of current
participants is calculated by subtracting the actuarial present value
of future contributions and tax income paid by and for current
participants from the actuarial present value of the future
scheduled expenditures? (SFFAS 17, par. 27 (3) (i); OMB Circular No. A-
136, p. 124, section II.4.10.39);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
157) The underlying significant assumptions shall be included in the
notes that are presented as an integral part of the basic financial
statements. Other information required by SFFAS 17 � including the
sensitivity analysis required in par. 27(4) for the component entity
and 32(4) for the governmentwide entity � shall be presented as
required supplementary information, except to the extent that the
preparer elects to include some or all of that information in notes
that are presented as an integral part of the basic financial
statements. (SFFAS 26, par. 5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Dedicated Collections (Items 158 � 160):
[Dedicated collections are funds held with the expectation that they
will be held for and applied to the purposes for which the funds were
dedicated. Such funds include all funds within the budget classified as
trust funds, those funds within the budget that are classified as
�special funds� but that are similar in nature to trust funds, and
those funds (inside or outside the budget) that are fiduciary in nature.
(SFFAS 7, par. 83; OMB Circular No. A-136, p. 125, section
II.4.10.40)].
158) Are the receipts and expenditures of dedicated trust funds,
"special funds," and fiduciary or deposit funds (both inside and
outside the budget) that do not meet the definition of earmarked funds
disclosed? (SFFAS 7, par. 83; OMB Circular No. A-136, pp. 124-125,
section II.4.10.40);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
159) Is separate financial information about dedicated funds presented?
(SFFAS 7, par. 84; OMB Circular No. A-136, p. 125, section II.4.10.40);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
160) Does entity disclosure for individual funds that account for
dedicated collections include:
a) a description of each fund�s purpose, how the administrative entity
accounts for and reports the fund, and its authority to use those
collections;
b) the sources of revenue or other financing for the period and an
explanation of the extent to which they are inflows of resources to the
government or the result of intragovernmental flows;
c) condensed information about assets and liabilities showing
investments in Treasury securities, other assets, liabilities due and
payable to beneficiaries, other liabilities, and fund balance;
d) condensed information on net cost and changes to fund balance showing
revenues by type (exchange or nonexchange), program expenses, other
expenses, other financing sources, and other changes in fund balance,
and;
e) the amounts of any revenues�other financing sources or costs
attributable to the fund under accounting standards�that are not
legally allowable as credits or charges to the fund? (SFFAS 7, par. 85;
OMB Circular No. A-136, p. 125, section II.4.10.40);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Restatements (Items 161 � 164):
[Errors in financial statements result from mathematical mistakes,
mistakes in the application of accounting principles, or oversight or
misuse of facts that existed at the time the financial statements were
prepared. When errors are discovered after the issuance of financial
statements, and if the financial statements would be materially
misstated absent correction of the errors, corrections are made as
follows:
(a) If only the current period statements are presented, then the
cumulative effect of correcting the error is reported as a prior period
adjustment.
(b) If comparative financial statements are presented, then the error
is corrected in the earliest affected period presented by correcting
individual amounts on the financial statements. (SFFAS 21, par. 10)].
161) Does entity disclosure for restatement of financial statements due
to material errors when the amount of the misstatement is known
include:
a) the nature of the error and the reason for the restatement;
b) the year(s) being restated;
c) the financial statements that are impacted and line item restated;
d) amounts being restated;
e) effect of the restatement on the financial statements as a whole
(e.g., change in overall net position and change in audit opinion), and
f) the actions management took after discovering the error? (SFFAS 21,
par. 10(c); OMB Circular No. A-136, p. 127, section II.4.10.41);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
162) If the specific amount of the misstatement is unknown, does the
entity disclosure include:
a) a statement that the specific amount is unknown;
b) the nature and cause of the misstatement;
c) an estimate of the magnitude and related effect on previous issued
financial statements, and;
d) a statement that a restatement to a previously issued financial
statement will or may occur? (OMB Circular No. A-136, pp. 127-128,
section II.4.10.41);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
163) If the entity discovered misstatements in a prior period with a
material effect on current or prior period financial statements, did
the entity restate its financial statements? Did the entity determine
the material effect based on accounting materiality which is often less
than the auditor�s planning materiality (defined as 3% of the
materiality base in FAM 230.11) as it includes any qualitative factors?
(SFFAS 21, par 2-6 & 11);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
164) Although immaterial to the entity�s consolidated financial
statements, the entity may disclose the restatement of a component
entity�s financial statement in a note to its consolidated financial
statements. Did the entity disclose a component restatement? (SFFAS 21
par. 11);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Reconciliation of Net Cost of Operations to Budget (Items 165 - 188):
[On June 29, 2007, revised OMB Circular No. A-136 eliminated the
Statement of Financing and moved the reconciliation of net cost of
operations to budget to a note, effective for fiscal year 2007.
However, the revised circular did not prescribe an illustrative format
for the reconciliation, and preparers of financial statements should
refer to the July 24, 2006, version of OMB Circular No. A-136. (OMB
Circular No. A-136, p. 128, section II.4.10.42)
The reconciliation of net cost of operations to budget provides a
bridge between an entity�s financial (i.e., proprietary) accounting and
budgetary accounting. It articulates the relationship between net cost
of operations derived from the entity�s proprietary accounts and net
obligations derived from an entity�s budgetary accounts by identifying
and explaining key differences between the two numbers.
Most entity transactions are recorded in both budgetary and proprietary
accounts. However, because different accounting bases are used for
budgetary and proprietary accounting, some transactions may appear in
only one set of accounts (e.g., accrual of environmental and disposal
liabilities, which is recorded only in the proprietary records).
Furthermore, not all obligations or offsetting collections may result
in expenses or exchange revenue (e.g., purchase of a building is
capitalized on the balance sheet in the proprietary accounts but
obligated and outlayed in the budgetary accounts).
The reconciliation is structured to first identify total resources used
by an entity during the period (budgetary and other) and then make
adjustments to the resources based upon how they were used to finance
net obligations or net cost. Budgetary resources reported in this
statement are those resources as defined in OMB Circular No. A-11 and
are also reported on the Statement of Budgetary Resources. Other
resources reported in this reconciliation are also reflected in the
Statement of Changes in Net Position. (OMB Circular No. A-136, July 24,
2006, p. 69, section II.4.7.1; SFFAS 7, par. 80 & 95)
The section �Resources Used to Finance Activities� reflects the
budgetary resources obligated and other resources that are used to
finance the activities of the agency. The obligations of budgetary
resources are net of offsetting collections, recoveries, and offsetting
receipts. The other resources are financing sources that increase net
position but are not budgetary resources. Every line item in this
section is also reported on either the Statement of Budgetary
Resources, or the Statement of Changes in Net Position. (OMB Circular
No. A-136, July 24, 2006, p. 71, section II.4.7.3)].
Resources Used to Finance Activities:
165) Is the budgetary information used to calculate net obligations
[Footnote 40] presented on a combined basis [Footnote 41] and in
agreement with similar amounts reported on the SBR? (OMB Circular No. A-
136, July 24, 2006, p. 31, section II.4.2, item 5, & p. 69, section
II.4.7.1);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
166) Does the amount disclosed as �obligations incurred� equal the
obligations incurred line item as reported on the SBR? Does this
include all budget accounts, including nonbudgetary financing
accounts? (OMB Circular No. A-136, July 24, 2006, p. 71, section
II.4.7.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
167) Does the amount disclosed as �less: spending authority from
offsetting [Footnote 42] collections and recoveries� [Footnote 43]
agree with the spending authority from offsetting collections and
recoveries as reported on the SBR? Does this include all budget
accounts, including nonbudgetary financing accounts? (OMB Circular No.
A-136, July 24, 2006, pp. 71-72, section II.4.7.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
168) Is �Obligations net of offsetting collections and recoveries�
equal to the difference between �obligations incurred� and �spending
authority from offsetting collections and recoveries?� (OMB Circular
No. A-136, July 24, 2006, p. 72, section II.4.7.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
169) Does the amount disclosed as �less: offsetting receipts� equal the
offsetting receipts [Footnote 44] line item as reported on the SBR?
(OMB Circular No. A-136, July 24, 2006, p. 72, section II.4.7.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
170) Do �net obligations� [Footnote 45] equal the difference between
�obligations net of offsetting collections and recoveries� and
�offsetting receipts?� (OMB Circular No. A-136, July 24, 2006, p. 72,
section II.4.7.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
171) Does the reconciliation include other nonbudgetary resources used
to finance activities? Do the line item amounts as reported on the
reconciliation equal the amounts reported as �other financing sources�
on the SCNP for:
a) donations and forfeitures of property?
b) transfers in or out without reimbursement?
c) imputed financing from costs absorbed by others?
d) other?
(OMB Circular No. A-136, July 24, 2006, p. 72, section II.4.7.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
172) Is �total resources used to finance activities� equal to the sum
of net obligations [Footnote 46] and net other (nonbudgetary)
resources used to finance activities? (OMB Circular No. A-136, p. 70,
section II.4.7.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[The section, �Resources Used to Finance Items Not Part of the Net Cost
of Operations,� in the reconciliation adjusts total resources used to
finance the activities of the entity to account for items that were
included in net obligations and other resources, but which were not
part of the net cost of operations. This section would include items in
which the expense was recognized in a prior period but the budgetary
resource and obligation are recognized in the current period (e.g.,
upward/downward reestimates of subsidy expense accrued in the prior
period but obligated in the current period). It would also include
budgetary resources and obligations recognized in the current period
that do not affect the net cost of operations (e.g., the acquisition of
assets reflected in net obligations but not in net cost of operations
for the period). (OMB Circular No. A-136, July 24, 2006, p. 72, section
II.4.7.4)].
Resources Used to Finance Items Not Part of the Net Cost of Operations:
173) Does the �change in budgetary resources obligated for goods,
services, and benefits ordered but not yet provided (+/-),� [Footnote
47] reflect undelivered orders, or adjustments thereof, that are
included in net obligations, but which are not part of the net cost of
operations? (OMB Circular No. A-136, July 24, 2006, p. 72, section
II.4.7.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
174) Does the disclosure �resources that fund expenses recognized in
prior periods,� [Footnote 48] reflect the obligation of resources that
were part of the net cost of operations in a prior period? (OMB
Circular No. A-136, July 24, 2006, p. 72, section II.4.7.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
175) Do the amounts disclosed included under �budgetary offsetting
collections and receipts that do not affect net cost of operations�
reflect offsetting collections and receipts [Footnote 49] that are not
reported as exchange revenue in the Statement of Net Cost? (OMB
Circular No. A-136, July 24, 2006, p. 72, section II.4.7.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
176) Does the disclosure �resources that finance the acquisition of
assets,� reflect budgetary resources obligated [Footnote 50] that are
not expenses as reported on the Statement of Net Cost? (OMB Circular
No. A-136, July 24, 2006, p. 73, section II.4.7.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
177) Does the entity include under the disclosure �other resources or
adjustments to net obligated resources that do not affect net cost of
operations,� activities [Footnote 51] not otherwise classified under
the other line items in this section of the reconciliation? (OMB
Circular No. A-136, July 24, 2006, p. 73, section II.4.7.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
178) Does the disclosure �total resources used to finance the net cost
of operations,� consist of the difference between the �total resources
used to finance activities� and �total resources used to finance items
not part of the net cost of operations?� (OMB Circular No. A-136, July
24, 2006, p. 70, section II.4.7.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[The section, �Components of the Net Cost of Operations that will not
Require or Generate Resources in the Current Period,� identifies (1)
items that are recognized as a component of the net cost of operations
(i.e., current period expenses and exchange revenues) for which
budgetary resources (and related obligations) will not be provided (or
incurred) until a subsequent period and (2) items (i.e., current period
expenses) that are recognized as a part of the net cost of operations
for the period but will not generate or require the use of resources in
the current period. (OMB Circular No. A-136, July 24, 2006, p. 73,
section II.4.7.5 & p. 74, section II.4.7.6)].
Components of the Net Cost of Operations that Will Not Require or
Generate Resources in the Current Period:
179) Does the disclosure �increase in annual leave liability,� include
the expense related to the increase [Footnote 52] in annual leave
liability for which the budgetary resources will be provided in a
subsequent period? (OMB Circular No. A-136, July 24, 2006, p. 73,
section II.4.7.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
180) Does the disclosure �increase in environmental and disposal
liability,� include the expense related to the increase for which the
budgetary resources will be provided in a subsequent period? (OMB
Circular No. A-136, July 24, 2006, p. 74, section II.4.7.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
181) Does the disclosure �upward/downward reestimates of credit subsidy
expense (+/-),� include the expense recognized as a result of an upward
(+) or downward (-) reestimate of credit program subsidy cost for which
budgetary resources (or obligations) will be provided (or incurred)
in a subsequent period? [Footnote 53] (OMB Circular No. A-136, July 24,
2006, p. 74, section II.4.7.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
182) Are credit subsidy reestimates reflected as liabilities covered by
budgetary resources? [Footnote 54] (OMB Circular No. A-136, July 24,
2006, p. 74, section II.4.7.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
183) Does the disclosure �increase in exchange revenue receivable from
the public,� include exchange revenue recognized as a component
[Footnote 55] of the net cost of operations for the period? (OMB
Circular No. A-136, July 24, 2006, p. 74, section II.4.7.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
184) Does the entity disclose as �other� under the section �Components
Requiring or Generating Resources in Future Periods,� all other
expenses and exchange revenue not specifically mentioned in the
preceding questions that do not require or generate resources in the
current period but will do so in a subsequent period? (OMB Circular
No. A-136, July 24, 2006, p. 74, section II.4.7.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
185) Does the �depreciation and amortization,� reflect the current
period usage of assets [Footnote 56] or amortization of liabilities
[Footnote 57] for which budgetary resources were obligated in a prior
period? (OMB Circular No. A-136, July 24, 2006, p. 74, section
II.4.7.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
186) Does �revaluation of assets and liabilities,� include gains and
losses recognized [Footnote 58] during the revaluation of assets or
liabilities? (OMB Circular No. A-136, July 24, 2006, p. 74, section
II.4.7.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
187) Does the entity disclose as �other� under the section �components
not requiring or generating resources,� all other expenses [Footnote 59]
and exchange revenue not specifically mentioned in the preceding
questions that will not require or generate resources in the current
period? (OMB Circular No. A-136, July 24, 2006, p. 74, section
I.4.7.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
188) Does the sum of �total resources used to finance net cost of
operations� and �total components of net cost of operations that will
not require or generate resources in the current period� agree with the
net cost of operations as reported in the Statement of Net Cost as well
as the Statement of Changes in Net Position? (OMB Circular No. A-136,
July 24, 2006, p. 74, section II.4.7.7, and page 52, line 15);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Fiduciary Activities (Items 189 - 202):
[In a fiduciary activity a federal entity collects or receives and
subsequently manages, protects, accounts for, invests, and/or disposes
of cash or other assets in which nonfederal individuals or entities (or
�non-federal parties�) have an ownership interest that the federal
government upholds. (SFFAS 31, par. 10)
Note: SFFAS 31 is effective for periods beginning after September 30,
2008. Earlier adoption is prohibited].
189) Is a statement included to indicate that fiduciary assets are not
assets of the entity and are not recognized on the balance sheet?
(SFFAS 31, par. 17);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
190) Does entity disclosure for fiduciary activities describe:
a) the fiduciary relationship (e.g., the applicable legal authority);
b) the objectives of the fiduciary activity, and;
c) a general description of the beneficial owners or class of owners?
(SFFAS 31, par. 18a);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
191) Is a Schedule of Fiduciary Activity for all periods included that
discloses:
a) beginning balance of net assets;
b) inflows from the fiduciary activities by category (e.g.,
contributions, investment earnings) and outflows by category (e.g.,
benefit payments, refunds, administrative expenses);
c) change in net assets, and;
d) ending balance of net assets? (SFFAS 31, par. 18b);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
192) Does a Schedule of Fiduciary Net Assets disclose the current and
prior period ending balances for:
a) cash and any other assets by category (e.g., receivables,
investments);
b) liabilities by category (e.g., accounts payable, refunds payable),
and;
c) significant changes from the prior period? (SFFAS 31, par. 18c);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
193) Does entity disclosure for non-monetary fiduciary assets describe:
a) composition of the assets;
b) the method(s) of valuation, and;
c) changes from prior period accounting methods? (SFFAS 31, par. 18c);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
194) Are non-valued fiduciary assets, [Footnote 60] disclosed in a
Schedule of Changes in Non-Valued Fiduciary Assets, which includes:
a) a description of non-valued fiduciary assets;
b) beginning quantity;
c) quantity received;
d) quantity disposed of;
e) net increase/decrease in non-valued, fiduciary assets, and;
f) ending total quantity? (SFFAS 31, par. 18d);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
195) If separate audited financial statements are issued for an
individual fiduciary activity that is presented individually in
accordance with the acceptable criteria, [Footnote 61] does
disclosure include:
a) the basis of accounting used and auditor�s opinion on the current or
most recent financial statements;
b) the reason(s) stated by the auditors if the auditor�s opinion was not
unqualified, and a reference to the audit opinion for further
information, and;
c) how the reader can obtain a copy of the financial statements and the
audit opinion thereon? (SFFAS 31, par. 18e & 22);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
196) If the separate audited financial statements for an individual
fiduciary activity are prepared with a fiscal year-end other than
September 30, is information provided for the fiduciary activity�s most
recent fiscal year? (SFFAS 31, par. 18e);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
197) If more than one entity administers a fiduciary activity, and the
separate portions of the activity can be clearly identified with a
responsible entity, does each entity disclose its portion, including the
identification of the other entities that administer the activity?
(SFFAS 31, par. 19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
198) If separate portions of the activity cannot be identified, does
the entity with program management responsibility disclose the
fiduciary activity? (SFFAS 31, par. 19);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
199) For entities with several distinct fiduciary activities, is a
summary of financial information provided for each fiduciary activity
presented individually? (SFFAS 31, par. 18 & 20);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
200) Does the entity consider both quantitative and qualitative
criteria [Footnote 62] when selecting fiduciary activities to be
presented individually? (SFFAS 31, par. 21);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
201) Is prior year information not displayed in the initial year of
implementation? (SFFAS 31, par. 23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
202) In the reporting periods following the initial year of
implementation, are prior period amounts disclosed? (SFFAS 31, par.
23);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section VI � Required Supplementary Stewardship Information:
[Stewardship reporting involves the federal government reporting on its
stewardship over certain resources entrusted to it and certain
responsibilities assumed by it that cannot be measured in traditional
financial reports. These resources and responsibilities do not meet the
criteria for assets and liabilities that are required to be reported in
the financial statements, but are important to understanding the
operations and financial condition of the federal government. The
questions related to the unaudited required supplementary stewardship
information (RSSI) are presented under one caption of stewardship
investments. The question numbers related to the caption for each type
of investment are identified below].
Stewardship Investments: Non-federal Physical Property;
Question Numbers: 1 - 5.
Stewardship Investments: Human Capital;
Question Numbers: 6 - 10.
Stewardship Investments: Research and Development;
Question Numbers: 11 - 16.
Stewardship Investments (Items 1 � 16):
[Stewardship investments are substantial investments made by the Federal
Government for the benefit of the nation but are not physical assets
owned by the Federal Government. When incurred, they are treated as
expenses in determining the net cost of operations. However, these
items merit special treatment so that users of Federal financial
reports know the extent of investments that are made for long-term
benefit. Such investments are incurred for: (1) federally-financed but
not federally-owned physical property (Non-federal Physical Property);
(2) certain education and training programs (Human Capital); and (3)
federally-financed research and development (Research and Development)
(OMB Circular No. A-136, p. 130, section II.4.11.2)].
Non-federal Physical Property (Items 1 � 5):
1) Does RSSI include the full cost of the investment, a narrative
description, of the federal property transferred to state and local
governments for the year being reported on, as well as at least the
preceding 4 years? (SFFAS 8, par. 87; OMB Circular No. A-136, p. 130,
section II.4.11.3 & p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Does the description of major programs involving federal investments
include a description of programs or policies under which non-cash
assets are transferred to state and local governments? (SFFAS 8,
par. 87; OMB Circular No. A-136, p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Is expense or outlay data for investments in nonfederal physical
property reported at a meaningful category or level (e.g., by major
program/department)? (SFFAS 8, par. 87);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) If expense data for the purchase of PP&E for state and local
governments for the year being reported on and for the preceding 4
years is not available, does the entity report outlay data for these
periods? (SFFAS 8, par. 87; OMB Circular No. A-136, p. 132, section
II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) If neither historical expense nor outlay data is available on
stewardship investments for the year being reported on and the
preceding 4 years, does the entity report expense data for the current
reporting year and such other years, as available? (SFFAS 8, par. 87;
OMB Circular No. A-136, p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Human Capital (Items 6 � 10):
6) Does the RSSI include the full cost and a narrative description of
the investment made in human capital for the year being reported on, as
well as the preceding 4 years? (SFFAS 8, par. 94; OMB Circular No. A-
136, p. 130, section II.4.11.3, and p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
7) Is a narrative description of the major education and training
programs considered to be federal investments included? (SFFAS 8, par.
94; OMB Circular No. A-136, p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) If expense data for the investments in human capital for the year
being reported and for the preceding 4 years is not available, does the
entity report outlay data? (SFFAS 8, par. 94; OMB Circular No. A-136,
p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) If neither historical expense nor outlay data for the investments in
human capital is available for the year being reported on and the
preceding 4 years, does the entity report expense data for the current
reporting year and such other years? (SFFAS 8, par. 94; OMB Circular
No. A-136, p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
10) Is expense or outlay data for investments in human capital reported
at a meaningful category or level (e.g., by major program or
department)? (SFFAS 8, par. 94);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Research and Development (Items 11 � 16):
11) Does the RSSI include the full cost, including a narrative
description, of the investment made in major research and development
programs for the year being reported on, as well as the preceding 4
years? (SFFAS 8, par. 100; OMB Circular No. A-136, p. 130, section
II.4.11.5, and p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) Is a narrative description of the major research and development
programs included? (SFFAS 8, par. 100; OMB Circular No. A-136, p. 132,
section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
13) If expense data for the investments in research and development for
the year being reported and for the preceding 4 years are not
available, does the entity report outlay data, if available? (SFFAS 8,
par. 100; OMB Circular No. A-136, p. 132, section II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) If neither historical expense nor outlay data are available for the
year being reported on and the preceding 4 years, does the entity
report expense data for the current year and such other years as
available? (SFFAS 8, par. 100; OMB Circular No. A-136, p. 132, section
II.4.11.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) Is expense or outlay data for investments in research and
development reported at a meaningful category or level (e.g., by major
program/department)? (SFFAS 8, par 100);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
16) Does the RSSI include the amounts of significant contributions from
state, local, private, and other sources to its investments in
nonfederal physical property, human capital, and research and
development? [Footnote 63] (SFFAS 8, par. 88, 95, & 101);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section VII � Required Supplementary Information:
The questions related to the unaudited required supplementary
information (RSI) requirements are presented under six captions. The
question numbers related to each caption are identified below.
Caption: Stewardship PP&E;
Question Numbers: 1 - 5.
Caption: Deferred Maintenance;
Question Numbers: 6 - 9.
Caption: Social Insurance;
Question Numbers: 10 - 26.
Caption: Statement of Budgetary Resources;
Question Numbers: 27 - 28.
Caption: Statement of Custodial Activity;
Question Numbers: 29 - 30.
Caption: Risk Assumed Information;
Question Numbers: 31 - 33.
Stewardship PP&E (Items 1 � 5):
[SFFAS 29, Heritage Assets and Stewardship Land, reclassifies all
heritage assets and stewardship land information as basic except for
condition information, which is classified as RSI, which may be
reported with the deferred maintenance information. The
reclassification as basic of the heritage assets and stewardship
land information is being phased. The phase-in approach provides for
full implementation for reporting periods beginning after September 30,
2008. (OMB Circular No. A-136, p. 133, section II.4.12.2)].
1) Is a concise description of each major category of heritage asset
presented? (SFFAS 29, par. 25 & 40; OMB Circular No. A-136, p. 133,
section II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
2) Is physical unit information for the end of the reporting period for
stewardship PP&E presented? (SFFAS 29, par. 25 & 40; OMB Circular No. A-
136, p. 133, section II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
3) Are the number of physical units acquired and withdrawn for
stewardship PP&E during the year reported by major category? (SFFAS 29,
par. 25 & 40; OMB Circular No. A-136, p. 133, section II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
4) Is a description of the major methods of acquisition and withdrawal
of stewardship PP&E during the reporting period presented, including
the number of physical units, by major category, of transfers between
federal entities and the number of physical units acquired through
donation or devise? (SFFAS 29, par. 25 & 40; OMB Circular No. A-136, p.
133, section II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
5) Is the condition of the stewardship PP&E reported in a note if not
included with the deferred maintenance information? (SFFAS 29, par. 26
& 41; OMB Circular No. A-136, p. 133, section II.4.12.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Deferred Maintenance (Items 6 � 9):
[Maintenance is the act of keeping fixed assets in acceptable condition.
Maintenance includes preventive maintenance, normal repairs,
replacement of parts and structural components, and other activities
needed to preserve the asset so that it continues to provide acceptable
services and achieves its expected life.
Maintenance excludes activities aimed at expanding the capacity of an
asset or otherwise upgrading it to serve needs different from, or
significantly greater than, originally intended.
Deferred maintenance is maintenance that was not performed when it
should have been, or was scheduled to be, and that, therefore, is put
off or delayed for a future period. (SFFAS 6, par. 77 & 78)].
6) Does the entity report for each major category of its PP&E (i.e.,
general PP&E, heritage assets, and stewardship land) the:
a) identity (e.g., building, equipment, land) of each major class of
asset for which maintenance was deferred, and;
b) method of measuring deferred maintenance for each major class of
asset? (SFFAS 6, par. 83; OMB Circular No. A-136, p. 134, section
II.4.12.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[Amounts reported for deferred maintenance may be measured using
condition assessment surveys or life-cycle cost forecasts. Condition
assessment surveys are periodic inspections of PP&E, based on generally
accepted and consistently applied methods, to determine PP&E�s current
condition and the estimated cost to correct any deficiencies. (SFFAS 6,
par. 81) Life-cycle costing is an acquisition or procurement technique
that considers operating, maintenance, and other costs in addition to
the acquisition cost of assets. (SFFAS 6, par. 82)].
7) If the condition assessment survey method is used to measure
deferred maintenance, does each major class of PP&E in RSI disclose:
a) a description of requirements or standards for acceptable operating
condition;
b) any changes in the condition requirements or standards, and;
c) asset condition and a range estimate of the dollar amount of
maintenance needed to return it to its acceptable operating condition?
(SFFAS 6, par. 83);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
8) If the total life cycle cost method is used to measure deferred
maintenance, does each major class of PP&E disclose:
a) the original date of the maintenance forecast and an explanation for
any changes to the forecast;
b) prior-year balance of the cumulative deferred maintenance amount;
c) the dollar amount of maintenance that was defined by the
professionals who designed, built, or managed the PP&E as required
maintenance for the reporting period;
d) the dollar amount of maintenance actually performed during the
period;
e) the difference between the forecast and actual maintenance;
f) any adjustments to the scheduled amounts deemed necessary by the
managers of the PP&E, and;
g) the ending cumulative balance for the reporting period for each
major class of asset experiencing deferred maintenance? (SFFAS 6, par.
83);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
9) If management elects to break out deferred maintenance by critical
and noncritical amounts needed to bring each class of asset to its
acceptable operating condition, does it also include its definition of
these categories? (SFFAS 6, par. 84; OMB Circular No. A-136, p. 134,
section II.4.12.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Social Insurance (Items 10 � 26):
[Reporting on stewardship responsibilities aids in assessing the federal
government�s financial condition and the sufficiency of future
budgetary resources to sustain public services and meet obligations as
they become due. Supplementary information for social insurance
programs is reported to address fundamental questions about the current
and future financial condition of these programs. Information disclosed
for social insurance programs is intended to facilitate an assessment
of the long-term sustainability of the program as well as the ability of
the program to raise resources from future program participants to pay
for benefits to present participants. (OMB Circular No. A-136, p. 135,
section II.4.12.4)].
10) Is a clear and concise description of the program, including how
its financed, how benefits are calculated, and its financial and
actuarial status included in RSI? (SFFAS 17, par. 24; OMB Circular No.
A-136, p. 136, section II.4.12.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
11) Does this description include:
a) discussion of the long-term sustainability and financial condition
of the program, and;
b) an illustration and explanation of the long-term trends revealed in
the data? (SFFAS 17, par. 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
12) Are statutory or other material changes, and implications thereof,
affecting the program after the current fiscal year described? (SFFAS
17, par. 24);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
13) Does information on the financial and actuarial status of the
social insurance program(s) include projections of cash flows during a
projection period sufficient to illustrate long-term sustainability and
show the annual cash flows in nominal dollars for current and future
participants? (SFFAS 17, par. 27 (1); OMB Circular No. A-136, p. 135,
section II.4.12.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
14) Are the actuarial projections of cash flow amounts reported for at
least every fifth year in the projection period? (SFFAS 17, par. 27 (1)
(a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
15) Does the cash flow information show:
a) total cash inflow from all sources (i.e., by and on behalf of
participants) less net interest on intragovernmental borrowing and
lending, and;
b) total cash outflow? (SFFAS 17, par. 27 (1) (a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
16) Does the narrative accompanying the cash flow data include
identification of any year or years during the projection period when
cash outflow exceeds cash inflow, with and without interest on
intragovernmental borrowing or lending (the �cross-over points�)?
(SFFAS 17, par. 27 (1) (a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
17) Does the narrative provide an explanation of the significance of
the cash flow �crossover points� where cash outflows begin exceeding
cash inflows? (SFFAS 17, par. 27 (1) (a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
18) Do the cash flow projections (net of interest on intragovernmental
borrowing/lending) for Social Security (OASDI) and Medicare Part A (HI)
include an estimate of cash flows as a percentage of taxable payroll?
(SFFAS 17, par. 27 (1) (b));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
19) Do the cash flow projections (net of interest on intragovernmental
borrowing/lending) for OASDI, HI, and Medicare Parts B and D (SMI)
include an estimate of cash flows as a percentage of gross domestic
product? (SFFAS 17, par. 27 (1) (b));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
20) For OASDI and HI programs, does the entity�s cash flow information
show its estimate of the ratio of the number of contributors to the
number of beneficiaries during the same projection period as for
cash flow projections (commonly called the �dependency ratio�)? (SFFAS
17, par. 27 (2); OMB Circular No. A-136, p. 136, section II.4.12.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
21) Is the ratio of contributors to beneficiaries for OASDI and HI
reported for the beginning and end of the projection period? (SFFAS 17,
par. 27 (2));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
22) For all social insurance programs except UI, does the responsible
entity illustrate the sensitivity of the projections of cash flows and
actuarial present values to changes in the most significant individual
assumptions? (SFFAS 17, par. 27 (4) (a), SFFAS 26, par. 5; OMB Circular
No. A-136, p. 136, section II.4.12.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
23) Do the Social Security and Medicare programs analyze assumptions
regarding factors for:
a) birth and death rates;
b) net immigration;
c) real wage differential,[Footnote 64] and;
d) real interest rate? (SFFAS 17, par. 27 (4) (a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
24) Are the health care cost factors and their trend analyzed for the
Medicare program? (SFFAS 17, par. 27 (4) (a));
Yes, No, or N/A: [Empty];
Explanation: [Empty].
25) Does the sensitivity analysis for UI programs show the effects of
increasing the unemployment rate:
a) by approximately one percentage point, and;
b) to a level sufficient enough to put stress on the system (e.g., to
simulate the largest recession occurring within the last 25 years)?
(SFFAS 17, par. 27 (4) (b), SFFAS 26, par. 5; OMB Circular No. A-136,
p. 136, section II.4.12.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
26) Does information on the UI program provide a state-by-state
analysis illustrating the relative solvency of individual state
programs, including the ratio of each state�s current accumulated fund
balance to a year�s projected benefit payments based on the highest
level of annual benefit payments experienced by that state over
the last 20 years? (SFFAS 17, par. 27 (5); OMB Circular A-136, p. 136,
section II.4.12.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Budgetary Resources (Items 27 � 28):
[Budgetary information aggregated for purposes of the SBR is
disaggregated for each of the reporting entity's major budget accounts
and presented as RSI. (OMB Circular No. A-136, p. 136, section
II.4.12.5)].
27) Is budgetary information disaggregated for each of the reporting
entity�s major budget accounts and presented as RSI? (SFFAS 7, par. 78;
OMB Circular No. A-136, p. 136, section II.4.12.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
28) Do the major accounts and the aggregate of small budget accounts,
in total, agree with the amounts reported on the face of the SBR? (OMB
Circular No. A-136, p. 136, section II.4.12.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Statement of Custodial Activity (Items 29 � 30):
[Entities that collect taxes and duties provide information on
potential collections and custodial responsibilities as RSI. (OMB
Circular No. A-136, p. 129, section II.4.12.6)].
29) Do entities that collect taxes and duties provide RSI relating to
their potential revenue and custodial responsibilities that includes:
a) the estimated realizable value, as of the end of the reporting
period, of compliance assessments and, if reasonably estimable, pre-
assessment work in process, based on management�s best estimate that is
appropriately identified as to their reliability;
b) other claims for refunds not yet accrued but likely to be paid when
administrative action is complete, based on management�s best
estimates;
c) amount of assessments written-off (i.e., no further collection
potential) that continues to be statutorily collectable, and;
d) amounts by which trust funds may be overfunded or underfunded in
comparison with the requirements of the law? (SFFAS 7, par. 67; OMB
Circular No. A-136, p. 136, section II.4.12.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
30) If the entity receiving funds from the collecting entity is itself
a trust fund, does it provide as supplementary information amounts by
which related trust funds may be overfunded or underfunded in
comparison with the requirements of the law? (SFFAS 7, par. 68; OMB
Circular No. A-136, p. 136, section II.4.12.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Risk Assumed Information (Items 31 � 33):
[Risk-assumed information is generally measured by the present value of
unpaid expected losses net of associated premiums based on the risk
inherent in the insurance or guarantee coverage in force. (SFFAS 5,
par. 105 & 106; OMB Circular No. A-136, p. 137, section II.4.12.7)].
31) Does the entity include as RSI the current amount and periodic
changes of "risk assumed" arising from insurance and guarantee
programs? (SFFAS 5, par. 105, 106, 110; SFFAS 25, par. 2; OMB Circular
No. A-136, p. 137, section II.4.12.7);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
32) Does the entity also report under RSI the indicators of the range
of uncertainty around insurance-related estimates and sensitivity of
the estimates to changes in major assumptions? (SFFAS 5, par. 114;
SFFAS 25, par.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
33) Does the entity report under RSI the major assumptions and �risks
assumed� (i.e., the present value of unpaid expected losses net of
associated premiums based on risk inherent in the insurance or guarantee
coverage) for all sponsored insurance programs (except for social
insurance, life insurance, and loan guarantee programs)? (SFFAS 5, par.
105 & 106; SFFAS 25, par. 4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Section VIII � Other Accompanying Information:
The questions related to the unaudited other accompanying information
(OAI) requirements are presented under seven captions. The question
numbers related to each caption are identified below.
Caption: Revenue Forgone;
Question Numbers: 1.
Caption: Tax Burden/Tax Gap;
Question Numbers: 2.
Caption: Tax Expenditures with Directed Flow of Resources;
Question Numbers: 3.
Caption: Management Challenges;
Question Numbers: 4.
Caption: Summary of Financial Statement Audit and Management
Assurances;
Question Numbers: 5.
Caption: Improper Payments Information Act (IPIA);
Question Numbers: 6.
Caption: Other Agency-specific Statutorily Required Reports;
Question Numbers: 7.
Other Accompanying Information (Items 1 � 7):
[Other Accompanying Information includes such items as revenue
foregone, tax burden/tax gap, tax expenditure with directed flow of
resources, and management challenges. (OMB Circular No. A-136, p. 14,
section II.1.2)].
Revenue Foregone:
1) Does the entity disclose differences between the prices it charges
in exchange transactions and full cost or market price? If so, does the
entity provide an estimate of the amount of revenue foregone and
explain whether, and to what extent, the quantity demanded was assumed
to change as a result of a difference in price? (OMB Circular No. A-
136, p. 138, section II.5.2);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Tax Burden/Tax Gap:
2) Does the tax collecting entity present:
a) a perspective on the income tax burden such as a summary of the
latest available information on the income tax and on related income,
deductions, exemptions, and credits for individuals by income level and
for corporations by value of assets, and;
b) available information on the size of the tax gap, including any
relevant estimates of the annual tax gap that become available as a
result of federal surveys or studies? (SFFAS 7, par. 69.1 & 69.2; OMB
Circular No. A-136, p. 138, section II.5.3);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Tax Expenditures with Directed Flow of Resources:
3) Does the entity having tax expenditures with a directed flow of
resources disclose information on:
a) tax expenditures relevant to entity performance, which is
appropriately described, explained, and qualified, and;
b) directed flows of resources which are appropriately described,
explained, and qualified? (SFFAS 7, par. 69.3 & 69.4; OMB Circular
No. A-136, p. 139, section II.5.4);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Management Challenges:
4) Does the PAR include:
a) a statement prepared by the entity�s Inspector General (IG)
summarizing what the IG considers to be the most serious management and
performance challenges facing the entity and briefly assesses the
entity�s progress in addressing those challenges, and;
b) the entity head�s response to IG�s management challenges statement?
(OMB Circular No. A-136, p. 139, section II.5.5);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Summary of Financial Statement Audit and Management Assurances:
5) Does the entity present tables that summarize the:
a) financial statement audit (table 1), and;
b) management assurances (table 2)? (OMB Circular No. A-136, pp. 139-
142, section II.5.6);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Improper Payments Information Act (IPIA) Reporting:
6) Does the entity disclose for IPIA:
a) description of the risk assessment(s), performed subsequent to
completing its full program inventory, including a list of the risk-
susceptible programs (i.e., programs that have a significant risk of
improper payments) identified through its risk assessments and the
programs previously identified in the former Section 57 of OMB Circular
No. A-11 (now located in OMB Circular No. A-123, Appendix C);
b) description of the statistical sampling process conducted to
estimate the improper payment rate for each program identified;
c) description of corrective action plans for:
i) reducing the estimated rate of improper payments, including what is
seen as the cause(s) of errors, corresponding steps necessary to
prevent future occurrences, and efforts to prevent such occurrences,
and,
ii) grant-making agencies with risk susceptible grant programs,
including a discussion of what the entity has accomplished in
stewardship of funds past the primary recipient, status of projects,
and results of reviews;
d) table that includes:
i) all risk susceptible programs,
ii) the date by which a measurement is expected where no measurement is
provided,
iii) baseline measurement year,
iv) separation of amounts for newly established measurement components
and previously established measurement components,
v) outlay estimates for the current plus 3 years,
vi) current year activity but if not feasible, then prior year activity,
and,
vii) future year outlay estimates (current year plus 3 years) should
match the outlay estimates for those years as reported in the most
recent President�s Budget;
e) discussion of recovery auditing effort, if applicable, to include:
i) any contract types excluded from review and the justification for
doing so, and,
ii) actions taken to recoup improper payments, business process
changes, and internal controls instituted and/or strengthened to
prevent further occurrences;
f) table which includes:
i) entity component,
ii) amount subject to review for current year reporting,
iii) actual amount reviewed and reported,
iv) amounts identified for recovery,
v) amounts recovered in the current year, and,
vi) amounts recovered in prior years;
g) description of the steps the entity has taken and plans to take
(including time line) to reduce and recover improper payments;
h) description of whether the entity:
i) has the information systems and infrastructure it needs to reduce
improper payments, or,
ii) a description of the resources requested in the most recent
budget submission to obtain the necessary information systems
and infrastructure;
i) description of:
i) statutory or regulatory barriers that may limit the entity�s
corrective actions in reducing improper payments, and,
ii) actions taken by the entity to mitigate the barriers� effects, and;
j) additional comments on overall efforts, specific programs, best
practices, or common challenges identified, as a result of IPIA
implementation? (OMB Circular No. A-136, pp. 142-145, section II.5.7);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
Other Agency-specific Statutorily Required Reports:
7) Does the entity disclose other agency specific statutorily required
reports pertaining to financial or performance management based on
consultation with OMB and the Congress? (OMB Circular No. A-136, p.
146, section II.5.8);
Yes, No, or N/A: [Empty];
Explanation: [Empty].
[End of section]
Footnotes:
[1] The American Institute of Certified Public Accountants (AICPA)
recognizes federal accounting standards promulgated by the Federal
Accounting Standards Advisory Board as U.S. generally accepted
accounting principles.
[2] SFFAS 11 was rescinded in its entirety by SFFAS 23.
[3] SFFAS 16 was rescinded in its entirety by SFFAS 29.
[4] SFFAS 25 changes reporting requirements for social insurance
information required by SFFAS 17.
[5] On June 29, 2007, revised OMB Circular No. A-136 eliminated the
Statement of Financing and moved the reconciliation of net cost of
operations to budget to a note, effective for fiscal year 2007.
However, the revised circular did not prescribe an illustrative format
for the reconciliation and preparers of financial statements should
refer to the July 24, 2006, version of OMB Circular No. A-136. (See
2020-108 through 2020-116)
[6] The statement of social insurance has separate requirements for
comparative data discussed in the section of this checklist specific to
that statement.
[7] Other accounting literature includes for example, FASAB Concept
Statements, Governmental Accounting Standards Board (GASB) Statements,
Interpretations, Technical Bulletins, and Concept Statements, AICPA
Issue Papers, International Accounting Standards of the International
Accounting Standards Committee, pronouncements of other professional
associations or regulatory agencies, AICPA Technical Practice Aids, and
accounting textbooks, handbooks, and articles.
[8] No asset dollar amount is shown, except for multi-use heritage
assets, which are capitalized and reported as part of general PP&E.
[9] Government sponsored enterprises (GSE) are federally chartered but
privately owned and operated entities.
[10] Suborganizations are considered to be generally equivalent to
responsibility segments.
[11] Errors in financial statements result from mathematical mistakes,
mistakes in the application of accounting principles, or oversight or
misuse of facts that existed at the time the financial statements were
prepared.
[12] A change in accounting principle is a change from one generally
accepted accounting principle to another one that can be justified as
preferable; this would also include changes occasioned by the adoption
of new federal accounting standards.
[13] Financial statements of subsequent periods need not repeat the
disclosure.
[14] Other resources increase net position but are not budgetary
resources as reported on the �Statement of Budgetary Resources� or
defined as such in OMB Circular No. A-11, Part 4.
[15] Offsetting receipts offset budget authority and outlays at the
agency level in the Budget of the United States Government, but are not
reflected in budget execution reports (SF 133s), which provide account-
level information only. Since the SBR is an agencywide report,
offsetting receipts are included to reconcile to information in the
Budget of the United States Government.
[16] Outlays consist of disbursements net of offsetting collections.
[17] That is, do the outlays agree with the aggregate of the outlays
for accounts within the Budget of the United States Government?
[18] Agencies report their disbursements and collections using the SF
224, Statement of Transactions; SF 1219, Statement of Accountability;
and SF 1220, Statement of Transactions.
[19] Although SFFAS 17 lists UI for general public, the requirements
for the SOSI in paragraphs 27(3) and 32(3) of SFFAS 17 specifically
exclude UI. Therefore, a SOSI is not required for UI.
[20] The obligated balance not yet disbursed is the amount of funds
against which budgetary obligations have been incurred, but
disbursements have not been made.
[21] The unobligated balance is the amount of funds available to the
entity against which no claims have been recorded. (SFFAS 1, par. 38)
[22] The entity should reconcile differences and correct errors when
preparing financial reports. Although both SFFAS 1 and OMB Circular No.
A-136 state �any differences�, for audit purposes materiality would
apply. FASAB standards generally state that they need not be applied to
immaterial items; however, the determination of immateriality requires
considerable judgment based upon specific facts and circumstances.
[23] Nonentity cash is always restricted. Other examples of restricted
cash includes cash held in escrow to pay property taxes and insurance
related to property associated with defaulted loans, seized cash
(recognized as an asset per SFFAS No. 3), bid deposits held in a
commercial bank, and cash held in earmarked funds.
[24] Section 506 (a) of the Federal Credit Reform Act exempts the
credit activities of certain agencies, such as the Federal Deposit
Insurance Corporation (FDIC) and the Tennessee Valley Authority (TVA).
These agencies can report in accordance with other requirements.
[25] That is, the sum of (1) defaulted guaranteed loans receivable
gross, (2) interest receivable, and (3) foreclosed property, less the
allowance for subsidy cost at present value.
[26] Under the present value method, the nominal amount of the direct
loans is reduced by an allowance equal to the difference between the
nominal amount and the present value of the expected net cash flows
from the loans. OMB Circular A-136, p. 96, section II.4.10.8,
instruction A, 4th par.)
[27] Under the allowance-for-loss method, the nominal amount of the
direct loans is reduced by an allowance for uncollectible amounts. (OMB
Circular A-136, p. 96, section II.4.10.8, Instruction A, 4th par.)
[28] Changes in legislation or credit policies include, for example,
changes in borrowers� eligibility, the levels of fees or interest rates
charged to borrowers, the maturity terms of loans, and the percentage
of private loans that are guaranteed.
[29] The subsidy rate is the dollar amount of the subsidy component as
a percentage of the direct loans or loan guarantees obligated in the
cohort.
[30] Major categories of operating materials and supplies include (1)
items held for use; (2) items held in reserve for future uses; and (3)
excess, obsolete, and unserviceable items.
[31] Liabilities covered by budgetary resources are liabilities covered
by realized budgetary resources as of the balance sheet date. Budgetary
resources include (1) new budget authority, (2) unobligated balances of
budgetary resources at the beginning of the year or net transfers of
prior year balances during the year, (3) spending authority from
offsetting collections (credited to an appropriation or fund account),
(4) recoveries of unexpired budget authority through downward
adjustments of prior year obligations, and (5) permanent indefinite
appropriations or borrowing authority, which have been enacted and
signed into law as of the balance sheet date, provided that the
resources may be apportioned by OMB without further action by the
Congress and without a contingency having to be met.
[32] Liabilities not covered by budgetary resources are liabilities for
which congressional action is needed before budgetary resources can be
provided.
[33] The net-level premium reserve for a death and endowment policy and
the liability for terminal dividends.
[34] The chance of a future event occurring is less than �probable� but
more than �remote.�
[35] Examples of claims or other contingencies include (1) indemnity
agreements-reimbursements due to licenses or contractors for losses
incurred in support of federal activities; (2) adjudicated claims
(i.e., claims against the federal government that are in the process of
judicial proceedings); and (3) commitments to international
institutions-payment due to international institutions.
[36] An example of information related to a remote contingency would be
the total face amount of insurance and guarantees in force.
[37] Apportionment categories are determined in accordance with
guidance provided in OMB Circular No. A-11, Part 4, Instructions on
Budget Execution.
[38] FASAB Technical Bulletin 2002-2 indicates disclosures when the
entity issues financial statements for a given year before the Budget
of the United States Government for the same fiscal year is published.
[39] Accrual adjustments, which modify the net of cash collections and
refunds to determine the amount of revenue recognized, are the net
increases or decreases during the reporting period in accounts
receivable, allowance for uncollectible accounts, and accounts payable
for refunds.
[40] The budgetary information includes the line items (1) �obligations
incurred,� (2) �less: spending authority from offsetting collections
and recoveries,� (3) �obligations net of offsetting collections and
recoveries,� and 4) �less: offsetting receipts.�
[41] A combined basis means the aggregation of account-level
information as opposed to a consolidation that implies the
elimination of inter-account transactions.
[42] �Offsetting� in the term �offsetting collections� means that the
resources generated by the collecting activity are added to the
expenditure accounts and hence �offset� gross obligations. (SFFAS 7
Implementation Guide (April 2002), par. 22)
[43] Recoveries are budgetary resources that offset obligations on the
Statement of Budgetary Resources, but are not a proprietary financing
source used to offset costs on the Statement of Net Cost. (OMB Circular
A-136, July 24, 2006, p. 73, section II.4.7.4)
[44] Offsetting receipts differ from �offsetting collections.�
Offsetting collections are included in the entity�s expenditure
account and thus are usually available for spending for the purposes of
the account without further action by Congress. (SFFAS 7 Implementation
Guide (April 2002), par. 23)
[45] Net obligations reflect obligations incurred net of offsetting
collections, recoveries, and offsetting receipts.
[46] One of the reasons that net obligations does not equal the amount
of the net cost of operations is that there are resources that are not
reported in the Budget of the United States Government that may finance
the net cost of operations or other activities of the agency.
[47] This disclosure is used to explain the difference between the
total resources used to finance activities and the net cost of
operations because of the change in �budgetary resources obligated for
goods, services, and benefits ordered but not yet provided,� i.e.,
�undelivered orders.� Undelivered orders are part of �obligations
incurred,� but they do not affect the net cost of operations. Thus, for
a transaction involving the placing a $100 undelivered order,
obligations incurred would increase by $100 but would be shown as a
negative or a reduction to total resources used to finance activities.
(SFFAS 7 Implementation Guide (April 2002), par. 53-55)
[48] This disclosure is used to explain differences in resources and
net cost of operations caused by expenses, which were accrued in
previous periods but paid in the current period. If, for example, the
amount of annual leave taken or obligated was worth $250 but the amount
of annual leave earned (i.e., expensed) for the period was $200, the
difference of $50 between obligation and expense would be shown as a
negative. (SFFAS 7 Implementation Guide (April 2002), par. 56-58)
[49] Examples of offsetting collections and receipts that are not
exchange revenue are (1) collections of subsidy expenses for post �1991
credit programs, (2) collections of exchange revenue receivable from
the public, and (3) advances (i.e., unfilled customer orders) for work
not performed, with the caveat that in most cases, orders from the
public without advances cannot be accepted. This disclosure is usually
shown as a positive, the opposite (i.e., negative) of what is included
under the disclosure �less: spending authority from offsetting
collections and recoveries,� unless there is a net decrease in unfilled
customer orders. (SFFAS 7 Implementation Guide (April 2002), par. 59-
61)
[50] An example of this activity is the purchase of capital assets.
(SFFAS 7 Implementation Guide (April 2002), par. 62)
[51] This activity may include noncash recoveries of prior year
obligations. Recoveries are budgetary resources that offset obligations
on the Statement of Budgetary Resources, but which are not a
proprietary financing source used to offset costs on the Statement of
Net Cost.
[52] An increase in annual leave liability has no effect on budgetary
accounts, because it is not funded on an accrual basis. It is financed
when it is taken and the amounts are paid to employees who took the
leave. Thus, budgetary resources are zero, but the net cost of
operations includes the amount of accrued leave. (SFFAS 7 Implementation
Guide (April 2002), par. 40)
[53] The Credit Reform Act of 1990, as amended, provides that agencies
will receive subsidies to cover defaults and other situations for
direct loans and loan guarantees obligated after September 30, 1991.
(SFFAS 7 Implementation Guide (April 2002), par. 66)
[54] Budget authority to fund reestimates is permanent and indefinite
and no further congressional action is needed to provide the resources.
[55] Absent specific legislation to the contrary, public receivables do
not count as budgetary resources until they are collected. Hence, the
revenue related to accruals of those resources is not reflected in
offsetting collection activity at the time they are accrued. (SFFAS 7
Implementation Guide (April 2002) par. 70)
[56] Budgetary resources are obligated when the asset is acquired, not
when it is depreciated or used up. No budgetary resources are used when
an asset is depreciated. (SFFAS Implementation Guide, par. 44)
[57] Budgetary resources are obligated when an allowance (i.e.,
liability or contra-asset) for a subsidy is set up, and as the
estimated expenses are realized the allowance account is amortized. The
budgetary accounts, which have already recognized the obligation and
offsetting collection for subsidy expense, are not affected by the
transaction. (SFFAS 7 Implementation Guide (April 2002), par. 92)
[58] Gains are shown as a negative; losses are shown as a positive.
[59] An example of this would be default expenses of pre-credit reform
(or pre-1992) loans.
[60] Nonvalued fiduciary assets are fiduciary assets for which required
disclosure does not include dollar values. Nonvalued fiduciary assets
may include land held in trust.
[61] Acceptable criteria include: quantitative factors such as the
percentage of the reporting entity�s fiduciary net assets or inflows;
and qualitative factors such as whether a fiduciary activity is of
immediate concern to beneficiaries, whether it is politically sensitive
or controversial, whether it is accumulating large balances, or whether
the information provided in the fiduciary note disclosure would be the
primary source of financial information for the public.
[62] Acceptable criteria include: quantitative factors such as the
percentage of the reporting entity�s fiduciary net assets or inflows;
and qualitative factors such as whether a fiduciary activity is of
immediate concern to beneficiaries, whether it is politically sensitive
or controversial, whether it is accumulating large balances, or whether
the information provided in the fiduciary note disclosure would be the
primary source of financial information for the public.
[63] This reporting is encouraged, but is not required.
[64] The real-wage differential is the difference between the annual
percentage increase in wages in covered employment and the inflation
rate, as measured by the CPI.
[End of section]
[End of manual]
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