Financial Review:

Panama Canal Commission's 1989 Financial Statements

AFMD-90-105: Published: Sep 21, 1990. Publicly Released: Sep 21, 1990.

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GAO performed a limited review of the Panama Canal Commission's (PCC) financial statements for the year ended September 30, 1989, primarily analyzing financial statements for unusual fluctuations and other changes from prior years.

GAO found that: (1) its review did not disclose any material modifications that should be made in the format of the accompanying financial statements in order for them to conform with generally accepted accounting principles; (2) it could not conduct a financial audit, due to its inability to travel to Panama; (3) PCC obtained presidential approval of a PCC established $2.5-million reserve in 1984 to provide for the future repairs of cranes, dredges, tugs, and other floating equipment; and (4) PCC will operate the canal until December 31, 1999, when the Republic of Panama will assume full responsibility for it.

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