Review of Draft Federal Consolidated Financial Statements for FY 1980

Highlights

GAO reviewed the draft Federal Consolidated Financial Statements for fiscal year 1980. GAO believed that accrued pension, retirement, and disability plans should adequately disclose the excess of accumulated benefits over net assets available for the military and civil service plans. GAO also suggested including an explanation that this includes a large portion of the unfunded liability of the plans as of September 30, 1980.

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Chuck Young

Managing Director

youngc1@gao.gov

(202) 512-4800

Topics

Auditing and Financial Management

Disability benefitsFinancial managementFinancial recordsRetirement benefitsConsolidated Financial Statements of the U.S. GovernmentPhysical disabilitiesCivil serviceUnfunded liability