Financial Report of the United States Government, FY 2011

Financial Report of the United States Government, FY 2011
Title:
Financial Report of the United States Government, FY 2011
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Format:
Paperback
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$37.00
$18.50
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GPO Stock Number:
048-000-00570-5
Description

Includes GAO's report on the accompanying U.S. government's consolidated financial statements for the fiscal years ended September 30, 2011 and 2010, and the associated reports on internal control and compliance with significant laws and regulations.

The President and Congress have enacted reforms that make a substantial contribution to dealing with U.S. fiscal challenges.  Caps on discretionary spending, combined with the automatic spending cuts that take effect at the start of 2013, will cut the 10-year deficits by $2.1 trillion -- half of what is necessary to reduce deficits to the point where our overall debt burden starts to fall as a share of the economy.  The spending sequester and the scheduled expiration of the tax cuts enacted in 2001 and 2003 provide a strong incentive for agreement on further reforms by the end of 2012.  The Affordable Care Act reforms are projected to reduce the cost of providing health care for seniors substantially over the next two decades.  Restoring fiscal sustainability will require substantial additional changes, addressed in this publication.

NOTE: NO FURTHER DISCOUNTS FOR ALREADY REDUCED SALE ITEMS.

Table of Contents

Table of Contents:

A Message from the Secretary of the Treasury

A Citizen’s Guide ............................................................................................................................ i

Management’s Discussion and Analysis ........................................................................................ 1

Statement of the Comptroller General of the United States ...................................................... 29

Financial Statements

Introduction .................................................................................................................................. 35

 Statements of Net Cost ................................................................................................................. 40

 Statements of Operations and Changes in Net Position................................................................ 42

 Reconciliations of Net Operating Cost and Unified Budget Deficit ............................................. 43

 Statements of Changes in Cash Balance from Unified Budget and Other Activities ................... 44

 Balance Sheets .............................................................................................................................. 45

 Statements of Social ..................................................................................................................... 46

 Changes in Social Insurance Amounts ......................................................................................... 49

Notes to the Financial Statements

 Note 1. Summary of Significant Accounting Policies .................................................................. 51

 Note 2. Cash and Other Monetary Assets ..................................................................................... 63

 Note 3. Accounts and Taxes Receivable, Net ............................................................................... 65

 Note 4. Loans Receivable, Mortgage-Backed Securities, and Loan Guarantee Liabilities, Net ... 66

 Note 5. TARP Direct Loans and Equity Investments, Net ........................................................... 70

 Note 6. Non-TARP Investments in American International

 Group, Inc. ....................................................................................................................... 76

 Note 7. Inventories and Related Property, Net ............................................................................. 77

 Note 8. Property, Plant, and Equipment, Net ............................................................................... 79

 Note 9. Debt and Equity Securities .............................................................................................. 81

 Note 10. Derivatives ..................................................................................................................... 84

 Note 11. Investments in and Liabilities to Government-Sponsored Enterprises .......................... 85

 Note 12. Other Assets ................................................................................................................... 88

 Note 13. Accounts Payable ........................................................................................................... 89

 Note 14. Federal Debt Securities Held by the Public and Accrued Interest ................................. 90

 Note 15. Federal Employee and Veteran Benefits Payable .......................................................... 93

 Note 16. Environmental and Disposal Liabilities ....................................................................... 101

 Note 17. Benefits Due and Payable ............................................................................................ 103

 Note 18. Insurance and Guarantee Program Liabilities .............................................................. 104

 Note 19. Other Liabilities ........................................................................................................... 105

 Note 20. Collections and Refunds of Federal Revenue .............................................................. 107

 Note 21. Prior Period Adjustments ............................................................................................. 110

 Note 22. Contingencies .............................................................................................................. 111

 Note 23. Commitments ............................................................................................................... 116

 Note 24. Earmarked Funds ......................................................................................................... 119

 Note 25. Fiduciary Activities...................................................................................................... 128

 Note 26. Social Insurance ........................................................................................................... 130

 Note 27. Stewardship Land and Heritage Assets ........................................................................ 146

Supplemental Information (Unaudited)

 Fiscal Projections for the U.S. Government – Fiscal Year 2011 ................................................ 147

 Statement of Long Term Fiscal Projections............................................................................. 147

 The Sustainability of Fiscal Policy .......................................................................................... 151

 Alternative Scenarios ............................................................................................................... 155

 Fiscal Projections in Context ................................................................................................... 157

 Conclusion ............................................................................................................................... 158

 Social Insurance ....................................................................................................................... 159

 Social Security and Medicare .................................................................................................. 159

 Railroad Retirement, Black Lung, and Unemployment Insurance .......................................... 181

 Deferred Maintenance ................................................................................................................ 191

 Unexpended Budget Balances .................................................................................................... 192

 Tax Burden ................................................................................................................................. 192

 Tax Gap ...................................................................................................................................... 193

 Other Claims for Refunds ........................................................................................................... 194

 Tax Assessments ........................................................................................................................ 194

 Risk Assumed ............................................................................................................................. 195

 Unmatched Transactions and Balances ...................................................................................... 196

Stewardship Information (Unaudited)

 Stewardship Investments ............................................................................................................ 199

 Non-Federal Physical Property ................................................................................................... 200

 Human Capital ............................................................................................................................ 200

 Research and Development ........................................................................................................ 200

Appendices

 A. Significant Government Entities ............................................................................................ 203

 B. Acronyms ............................................................................................................................... 207

U.S. Government Accountability Office Auditor’s Report ...................................................... 211

Audience

Policymakers, governmental agencies, businesses, and U.S. economic trade partners will be interested in this publication because it will outline current and future fiscal situations in the United States that could affect a variety of policies and agencies.  In addition, economists, students and professors studying the federal budget and federal financial reports, and any member of the general public interested in learning about the Financial Report of the United States Government may be interested in this work.

Product Details

Availability Details:
In Stock
USA Price:
$18.50
International Price:
$25.90
Publisher:
Treasury Dept.
Key Phrases:
  • Annual Reports, Treasury Department
Weight:
1.75
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Cover:
Paper
Unit of Issue (US):
1
Unit of Issue (Non-US):
1
Record Creation Date:
06/15/2012
Last Status Update:
01/24/2019
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