2: Accounting
Effectively account for the debt of the federal government. Other Information:
Effectively accounting for the debt of the federal government involves two primary components—accuracy and timeliness. These
are key to enabling sound debt management decisions for the federal government and ensuring public confidence in Treasury's
reporting on its borrowings.
Stakeholder(s):
- U.S. Pubic
- Summary Debt Accounting Program: The Summary Debt Accounting program is key to meeting our responsibility to account for the more than $9 trillion of public
debt and more than $400 billion in related annual interest expenses. This program provides the overarching control structure
for dozens of subordinate securities systems and reconciles more than $77 trillion of securities transactions and related
cash flows handled by these subsystems annually. These cash flows represent funds received from the sale of securities and
funds disbursed as interest and principal payments. The program produces daily reports on the balances and composition of
the public debt, the Monthly Statement of the Public Debt, and the annual, audited Schedules of Federal Debt, which reports
on the single largest liability in the annual Financial Report of the United States Government. We have always been committed
to maintaining excellent accounting controls to ensure the integrity of operations and the accuracy of information provided
to the public. The strength of our accounting controls is reflected in the unqualified audit opinions we have consistently
received on our Schedules of Federal Debt. In support of our strategic goal to effectively account for the debt of the federal
government, our strategies for the Summary Debt Accounting program are: • Provide timely and accurate data concerning the
public debt of the United States. • Redefine and modernize the debt accounting environment. • Improve the clarity, usefulness,
and availability of federal debt financial information.
Objective(s):
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