Changes to Net Position
|(In billions of dollars)||
|Department of Veterans Affairs||-||66.5|
|National Aeronautics and Space Administration||-||(3.0)|
|Other prior-period adjustments||-||(0.1)|
|Total Prior-Period Adjustments||-||63.4|
For fiscal year 2011, as discussed in Note 1.V—Reclassifications, one fund previously reported as an earmarked fund was reclassified to non-earmarked funds and was recorded as a prior period adjustment. As shown in the Statement of Changes in Net Position, this reclassification had no effect on the total net position.
During fiscal year 2010, VA adopted SFFAS 33, Pensions, Other Retirement Benefits, and Other Postemployment Benefits: Reporting Gains and Losses from Changes in Assumptions, and Selecting Discount Rates and Valuation Dates. This resulted in a $66.5 billion reduction in the Veterans Compensation and Burial Actuarial Liabilities and an increase to VA’s net position by $66.5 billion. Additionally, NASA reviewed the consumption method in relation to its business processes and operations and determined that it did not reflect NASA’s business processes and operations and that the purchase method explained in SFFAS No. 3, Accounting for Inventory and Related Property, is the preferred method. Accordingly, NASA reduced its assets and net position by $3.0 billion.