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Collection and Accounting for Accrued Interest on Commodity Credit Corporation Producer Loans

AFMD-82-40 Published: Jan 11, 1982. Publicly Released: Jan 11, 1982.
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Highlights

GAO concluded a review of the financial statements of the Commodity Credit Corporation (CCC) for fiscal year 1980.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Commodity Credit Corporation The Commodity Credit Corporation should cancel or modify the interest computation provision of CCC Docket HCP 40a to bring it more in line with the method followed by CCC for its own Treasury borrowings.
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Commodity Credit Corporation The Commodity Credit Corporation should revise its interest computation procedures on other comparable programs or activities for which CCC also may not be recovering comparable borrowing costs.
Closed – Implemented
When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.

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Topics

Accounting systemsFinancial managementInterest ratesLoan repaymentsTobacco industryCommoditiesAgricultural commoditiesFinancial statementsInformation systemsAccounting rules