Federal financial reporting, defined here as the process of
recording retrospective executive department-level financial and
performance information, can provide both a snapshot of the
government's financial health at a given moment in time, as well as
an accounting of its financial performance over a particular time
frame. Federal financial reports may help the federal government
demonstrate accountability, provide information for policy
formulation and planning, and be used to evaluate governmental
performance. This book provides an overview of federal financial
reporting; an understanding for the primary components of the
annual financial report of the United States government; a
citizen's guide to the 2012 financial report of the United States
government; and provides an management report on improvements
needed in controls over the preparation of the United States
consolidated financial statements.
General
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