GAO presented the results of its review of the combined statement of financial position of the Federal Housing Administration Fund as of September 30, 1981, and the related combined statements of revenue and expenses, cumulative results of operations, and changes in financial position for the year then ended.

GAO noted that the review resulted in significant accounting and financial reporting policy changes. Most of the changes related to the proper recording of certain income and expenses and recognized an estimated liability for the anticipated difference between future premiums and insurance losses. Due to the extensive time needed to make these changes, GAO expressed no opinion on the financial statements.