Financial Reporting: NASA Can Improve Compliance With GAO Standards and Treasury Requirements
AFMD-88-21
Published: Feb 29, 1988. Publicly Released: Feb 29, 1988.
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Highlights
GAO reviewed the National Aeronautics and Space Administration's (NASA) preparation of its fiscal year (FY) 1986 Report on Financial Position to determine the extent of compliance with GAO and Treasury annual financial reporting requirements.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| National Aeronautics and Space Administration | To ensure that NASA fully complies with standards and requirements, and thus ensure that it provides reliable and useful financial management information to the Treasury, the Administrator, NASA, should require the NASA Comptroller to determine whether other centers are using the same or similar processes as Goddard in accounting for liabilities. |
Closed – Implemented
A determination has been made and all centers have been directed to ensure that liabilities are reported in accordance with GAO and Treasury requirements.
|
| National Aeronautics and Space Administration | To ensure that NASA fully complies with standards and requirements, and thus ensure that it provides reliable and useful financial management information to the Treasury, the Administrator, NASA, should require the NASA Comptroller to report liabilities at Goddard and other centers in accordance with GAO and Treasury requirements. |
Closed – Implemented
All centers have been directed to report liabilities in accordance with GAO and Treasury requirements. The NASA Financial Management Division determines compliance during its FMFIA reviews of regional offices' operations. Each regional office is reviewed on a biennial basis.
|
| National Aeronautics and Space Administration | To ensure that NASA fully complies with standards and requirements, and thus ensure that it provides reliable and useful financial management information to the Treasury, the Administrator, NASA, should require the NASA Comptroller to instruct the supervisor responsible for preparing the Reports on Financial Position to eliminate intra-agency balances when preparing consolidated reports. |
Closed – Implemented
NASA complied with this recommendation beginning with the FY 1988 consolidated financial statements.
|
| National Aeronautics and Space Administration | To ensure that NASA fully complies with standards and requirements, and thus ensure that it provides reliable and useful financial management information to the Treasury, the Administrator, NASA, should require the NASA Comptroller to disclose all of the information required in the supporting schedules to the Reports on Financial Position. |
Closed – Implemented
NASA complied with this recommendation starting with the FY 1987 financial statements.
|
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Topics
Accounting proceduresFederal agency accounting systemsFinancial managementFinancial recordsInternal controlsReporting requirementsAccounting standardsFinancial statementsFinancial reportingAccounting systems