Financial Management: USDA Faces Major Financial Management Challenges

Pursuant to a congressional request, GAO discussed the financial management issues facing the Department of Agriculture (USDA), focusing on problems in the areas of: (1) implementing the Federal Credit Reform Act (FCRA) of 1990 and related accounting standards; (2) reconciling its Fund Balance with Treasury accounts; (3) addressing weaknesses in the Forest Service's financial accounting and reporting; (4) correcting certain other material internal control weaknesses; and (5) complying with some key laws and regulations.