Auditing and Financial Management:

Title 2--Equity Accounting

AIMD-94-11R: Published: Oct 13, 1993. Publicly Released: Oct 13, 1993.

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The National Institute of Standards and Technology (NIST) requested an opinion on the application of the Title 2 equity standard for preparing its Working Capital Fund financial statements. GAO found that: (1) the Department of Commerce's Inspector General (IG) has cited NIST for noncompliance with the equity standard; (2) IG has recommended that NIST adjust its equity accounts to reflect property depreciation and consider returning its excess earnings to the Department of the Treasury, since it receives duplicate equipment cost recoveries through appropriations and user fees; (3) NIST believes it is not required to reduce its equity accounts every year, since its equipment appropriation is intended to increase its working capital fund; (4) NIST believes that the monies received through permanent appropriations and user fees are intended to be reinvested in property and its equity accounts should not be reduced; and (5) NIST should not reduce its equity accounts, since its appropriations meet permanent investment criteria.

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