Financial Audit:

Federal Home Loan Bank Board's 1987 and 1986 Financial Statements

AFMD-88-67: Published: Aug 24, 1988. Publicly Released: Aug 24, 1988.

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GAO examined the Federal Home Loan Bank Board's (FHLBB): (1) financial statements for the years ended December 31, 1987 and 1986, and the related statements of income expenses and retained earnings, and the changes in financial position for the years then ended; (2) system of internal accounting controls; and (3) compliance with laws and regulations.

GAO found that: (1) in September 1987, FHLBB retroactively revised the estimate it used to depreciate its furniture, fixtures, and equipment, resulting in a $2 million reduction of those items and a corresponding increase in depreciation expenses; (2) FHLBB net income for 1987 was significantly lower than in 1986; and (3) the FHLBB financial statements presented fairly its financial position as of December 31, 1987 and 1986, and the results of its operations and changes in financial position for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis.

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