Examination of the Commodity Credit Corporation's Financial Statements for the Year Ended September 30, 1984

AFMD-85-53: Published: Sep 30, 1985. Publicly Released: Sep 30, 1985.

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GAO reviewed the statement of financial condition for the Commodity Credit Corporation (CCC) as of September 30, 1984, the related statement of loss, and the statement of changes in financial position for the year then ended.

GAO found that: (1) while CCC assets include a number of loans in arrears or to countries with financial difficulties, its financial statements do not include an allowance for the cost of uncollectible loans; (2) if CCC included an allowance for delinquent loans, its cumulative deficit would increase from $4.1 billion to between $5.1 and $6.6 billion; and (3) except as noted, the financial statements presented fairly the financial position of CCC as of September 30, 1984, and the results of its operations and the changes in its financial position for the year then ended, in accordance with generally accepted accounting principles applied on a consistent basis.

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