Financial Audit:

Federal Savings and Loan Insurance Corporation's 1985 and 1984 Financial Statements

AFMD-86-65: Published: Jul 2, 1986. Publicly Released: Jul 2, 1986.

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GAO reported on the Federal Savings and Loan Insurance Corporation's (FSLIC) 1984 and 1985 financial statements, specifically its internal accounting controls and compliance with laws and regulations.

GAO found that: (1) FSLIC listed its loss contingencies in 1985 at $5.2 billion, while its insurance reserves for that year were only $4.6 billion; (2) FSLIC estimates that more than 200 institutions will need assistance over the next 5 years and will cost it between $16 billion and $22 billion; (3) Congress is considering legislation that would recapitalize the insurance fund to increase its resources to approximately $30 billion over 5 years; (4) FSLIC complied with the laws and regulations in its accounting records and auditing procedures; and (5) the FSLIC financial statements presented fairly its financial position as of December 31, 1985 and 1984, and the results of its operations and changes in its financial position for the years then ended, in accordance with generally accepted accounting principles, except for a change, with which GAO concurred, in the method for providing for estimated losses.

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