Examination of the Financial Statements of the Panama Canal Company and the Canal Zone Government for Fiscal Periods 1977, Transition Quarter, and 1976

ID-78-61: Published: Nov 30, 1978. Publicly Released: Nov 30, 1978.

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The Panama Canal Treaty terminates all prior agreements between the United States and the Republic of Panama for the operation of the Panama Canal. When the treaty comes into force about October 1, 1979, the present organization consisting of the Panama Canal Company and the Canal Zone Government, now responsible for administering the Canal, will be superseded by a Panama Canal Commission supervised by a Board of U.S. and Panamanian nationals. Implementing U.S. legislation, subsequent to the new treaty, is still under development, and there are uncertainities as to the full financial impact that the treaty could have on the Canal organization. The financial statements have been prepared under the assumption that the Canal organization will continue to operate without material change in the scope of its operations.

Subject to uncertainities relating to the implementation of the 1977 Panama Canal Treaty, the financial statements of the Panama Canal Company and the Canal Zone Government present fairly their respective financial positions at September 30, 1977 (FY 1977), September 30, 1976 (transition quarter), and June 30, 1976 (FY 1976), and the results of their respective operations, changes in the investment of the United States, and changes in the financial positions for the fiscal periods then ended, in conformity with generally accepted accounting principles which, except for specific noted exceptions, have been applied on a consistent basis.

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