PADC Financial Statements

GAO reviewed the fiscal year (FY) 1991 audited financial statements for the Pennsylvania Avenue Development Corporation and found that several modifications were needed to enhance their accuracy and disclosure. GAO noted that: (1) any changes to the FY 1991 financial statements can be incorporated into the FY 1992 financial statements with restated comparative information for FY 1991; and (2) financial statement modifications include accrued interest payable to the Federal Financing Bank for interest, construction commitments, property and equipment costs, and to Treasury interest payment differences.