Performance and Accountability Highlights Fiscal Year 2006 Page: 42 of 56
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GAO Performance and Accountability Highlights 2006
Limitations on Financial
Responsibility for the integrity and
objectivity of the financial information
presented in the financial statements in
this report rests with our managers. The
statements were prepared to report our
financial position and results of opera-
tions, consistent with the requirements
of the Chief Financial Officers Act, as
amended (31 U.S.C. 3515) in confor-
mity with generally accepted accounting
principles for the federal government.
The statements were prepared from our
financial records in accordance with the
formats prescribed in OMB Circular
A-136, Financial Reporting Require-
ments. These financial statements differ
from the financial reports used to moni-
tor and control our budgetary resources.
However, both were prepared from the
same financial records.
Our financial statements should be read
with the understanding that as an agency
of a sovereign entity, the U.S. govern-
ment, we cannot liquidate our liabilities
(i.e., pay our bills) without legislation
that provides resources to do so. Al-
though future appropriations to fund
these liabilities are likely and anticipated,
they are not certain.
Purpose of Each Financial
The condensed financial statements pres-
ent the following information:
* A balance sheet presents the com-
bined amounts we had available to
use (assets) versus the amounts we
owed (liabilities) and the residual
amounts after liabilities were subtract-
ed from assets (net position).
* A statement of net cost presents the
annual cost of our operations. The
gross cost less any offsetting revenue
earned from our activities is used to
arrive at the net cost of work per-
formed under our four strategic goals.
* A statement of changes in net posi-
tion presents the accounting items
that caused the net position section of
the balance sheet to change from the
beginning to the end of the fiscal year.
* A statement of budgetary resources
presents how budgetary resources
were made available to us during
the fiscal year and the status of those
resources at the end of the fiscal year.
* A statement of financing reconciles
the resources available to us with the
net cost of operating the agency.
SFinancial Management Accountability
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United States. Government Accountability Office. Performance and Accountability Highlights Fiscal Year 2006, text, January 30, 2007; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc295188/m1/42/: accessed January 16, 2019), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.