Review of the Commodity Credit Corporation's Financial Statements for the Year Ended September 30, 1981

AFMD-83-87: Published: Sep 2, 1983. Publicly Released: Sep 2, 1983.

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GAO reviewed the statement of financial position of the Commodity Credit Corporation (CCC) as of September 30, 1981, and the related statements of income and expense and changes in financial position for the year then ended.

GAO found that the financial statements of CCC, issued November 18, 1981, did not conform with generally accepted accounting principles. As a result, significant accounting and financial reporting policy changes were made to those financial statements so that they would conform with these accounting principles. The changes relate mainly to the recognition of certain income and expenses and of an estimated liability for deficiency payments to producers. GAO was not aware of any other material changes that should be made to the statements for them to conform with accepted accounting procedures.

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