Skip to main content

Financial Audit: Export-Import Bank's 1989 and 1988 Financial Statements

AFMD-90-80 Published: Jul 19, 1990. Publicly Released: Jul 19, 1990.
Jump To:
Skip to Highlights

Highlights

GAO examined the financial records and internal accounting controls of the Export-Import Bank of the United States (Eximbank) as of September 30, 1989 and 1988, and related statements of income and changes in retained earnings and of cash flows for the years then ended.

Recommendations

Matter for Congressional Consideration

Matter Status Comments
Congress should implement a recapitalization plan for Eximbank that would: (1) restore the bank's equity position to a positive level as measured by generally accepted accounting principles; and (2) provide a means for ensuring that the bank maintains a minimum positive level of capital despite any future losses it may incur in fulfilling its mission.
Closed – Implemented
Implementation of the Federal Credit Reform Act of 1990 provides for: (1) appropriation of budget authority to cover costs of providing loans and guarantees before incurring new obligations and commitments beginning October 1, 1991; and (2) appropriations to cover costs of loan obligations and guarantee commitments in place before FY 1992. This will gradually eliminate the bank's negative equity.

Full Report

Office of Public Affairs

Topics

Auditing standardsCapitalCorporate auditsDelinquent loansFederal agency accounting systemsFinancial managementFinancial recordsFinancial statement auditsForeign loansInternal controlsOff-budget federal entities