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A Consolidated Financial Statement for the Federal Government--Policy, Problems, and Potential

Published: Jan 01, 1985. Publicly Released: Jan 01, 1985.
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Highlights

This article, which appeared in the GAO Review, Vol. 20, Issue 1, Winter 1985, discusses the possibility of a consolidated financial statement (CFS) for the federal government which would show transactions between the government as a whole and outside parties. Adding a CFS to present agency accounting systems would demonstrate the overall condition of the government's fiscal health and present a historical overview. However, establishing a CFS would require a uniform governmentwide accounting system and the use of a common set of accounting principles. GAO, voters, and politicians have advocated the establishment of a federal CFS; however, progress will be slow in implementing the idea because of the complexities involved.

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