Foreign Currency Exchange Rate Fluctuation Funds

ID-81-54 Published: Aug 21, 1981. Publicly Released: Aug 21, 1981.

Highlights

GAO reviewed the contingency funds approved by Congress to cover shortages, caused by foreign currency exchange rate fluctuations, in the Department of Defense's (DOD) overseas programs. The objective of the review was to evaluate the effectiveness of procedures for using and accounting for those funds.

Recommendations

Recommendations for Executive Action

Agency Affected	Recommendation	Status
Department of Defense	The Secretary of Defense should issue guidelines to ensure that the services uniformly account for gains and losses due to foreign currency exchange rate fluctuations in military construction and family housing programs.	Closed Please call 202/512-6100 for additional information.
Department of Defense	The Secretary of Defense should determine whether gains and losses from foreign currency fluctuations for travel expenses are significant and then establish a uniform policy for handling these transactions.	Closed Please call 202/512-6100 for additional information.

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Topics

Government Operations

Accounting proceduresAccounting systemsCongressional budgetsDefense budgetsForeign exchange ratesFunds managementProgram managementMilitary forcesForeign currencyHousing programs