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B-114876, APRIL 18, 1958, 37 COMP. GEN. 691

B-114876 Apr 18, 1958
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Highlights

CORPORATIONS - SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION - CONTINGENT LIABILITIES - REPORT REQUIREMENTS ALTHOUGH CLAIMS FOR PRICE ADJUSTMENT DUE TO CHANGED CONDITIONS ENCOUNTERED IN CONSTRUCTION RECEIVED BY THE CORPS OF ENGINEERS AS CONSTRUCTION AGENT FOR THE SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION ARE NOT OBLIGATIONS FOR REPORTING PURSUANT TO SECTION 1311 OF THE SUPPLEMENTAL APPROPRIATION ACT. THE IMPORTANT CRITERION FOR DETERMINATION OF WHEN A CONTINGENT LIABILITY SHOULD BE RECOGNIZED FOR REPORTING AS A FOOTNOTE IN THE STATEMENTS OF FINANCIAL CONDITION OF PUBLIC ENTERPRISE FUND ACCOUNTS IS THE EXISTENCE OF PAST CIRCUMSTANCES OR ACTIONS WHICH MAY RESULT IN A LIABILITY IN THE FUTURE RATHER THAN THE FORM OR MANNER OF PRESENTATION OF A CLAIM.

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