1. Provide a consolidated annual report on the finances of the federal government, including contingent liabilities. The Department of the Treasury should continue to issue prototype consolidated financial statements, and should set a goal of 1997 as the first year to drop the prototype disclaimer and issue audited (to the extent possible) consolidated financial statements on the federal government. While not all components of the federal government would be required to be audited by that time, this goal would drive the improvement in data quality toward a definite destination. These statements should include addenda with information on the financial statements of government sponsored enterprises and governmental trust funds, all of which have some contingent liability aspect for taxpayers. The Federal Accounting Standards Advisory Board (FASAB) is currently addressing accounting standards for claims on future budgetary resources of the federal government. FASAB should expedite its standards development process on this issue in order to provide timely guidance for this report.
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