GAO examined the Federal Home Loan Bank Board's financial statements for the years ended December 31, 1988 and 1987, and the related statements of income and expenses and retained earnings and statements of cash flows for the years then ended.

GAO found that the financial statements presented fairly, in all material aspects, the financial position of the Bank Board as of December 31, 1988 and 1987, and the results of its operations and cash flows for the years then ended, in conformity with generally accepted accounting principles.