2.1: Data
Provide timely and accurate data concerning the public debt of the United States. Other Information:
PROVIDE TIMELY AND ACCURATE DATA CONCERNING THE PUBLIC DEBT OF THE UNITED STATES. As our first priority for this program,
we will continually demonstrate accounting excellence by producing daily financial statements and receiving unqualified opinions
on the annual audits of the Schedules of Federal Debt. We are uniquely positioned to support Treasury's goal of obtaining
an unqualified audit opinion on its Financial Report of the United States Government by assisting federal agencies in the
proper reporting of certain types of financial transactions. One of the reasons the Financial Report has been unable to obtain
a clean opinion is directly related to intra-governmental elimination transactions. When financial transactions occur between
federal agencies, they should offset and eliminate each other in the consolidated Financial Report. Unfortunately, agencies
involved in the same transaction often report it differently. The resulting differences, which affect the consolidated Financial
Report, can stem from simple errors, differing interpretations or misunderstandings of accounting rules, or, for some types
of transactions, an absence of standards. Because of our extensive dealings with many federal agencies in conducting investment
and borrowing transactions, we will apply our accounting expertise in this area to support the eliminations effort. This will
include proposing solutions to the organizations that set federal accounting policy when standards don't exist or are subject
to differing interpretations. Leveraging the relationships developed in our Government Agency Investment Services program,
we'll work with federal agencies through one-on-one sessions and seminars to reinforce proper accounting and reporting of
investment and borrowing transactions. This advocacy role will bring value to the eliminations effort by minimizing differences.
Indicator(s):
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