The Financial Report of the United States Government (Report) provides the President, Congress, and the American People with a comprehensive view of the Federal Government's finances, i.e., its financial position and condition, its revenues and costs, assets and liabilities, and other obligations and commitments. The Fiscal Year 2012 Report also discusses important financial topics, including continuing economic recovery efforts, and fiscal sustainability. The related Citizen’s Guide provides a concise overview of the information contained in the full Financial Report.
The Department of the Treasury, in coordination with the Office of Management and Budget (OMB), prepares the Report, which includes the financial statements for the U.S. Government. The United States Government Accountability Office (GAO) is required to audit these statements. The Report is compiled primarily from individual federal agencies' audited financial statements and related information included in the agencies' financial reports. Inspectors General are generally responsible for annually auditing the financial statements for their respective agencies. The agency and Government wide financial statements are generally required to be prepared in conformity with U.S. generally accepted accounting principles as promulgated by the Federal Accounting Standards Advisory Board (FASAB).
Certain material weaknesses, limitations, and uncertainties prevented the United States Government Accountability Office (GAO) from expressing an opinion on the U.S. Government's consolidated financial statements included in the Financial Report and therefore GAO disclaimed an opinion on such statements. Certain information included on or referenced in this Web site, such as individual agency financial reports that were audited by other auditors, is separate from and not specifically reported in the Financial Report and therefore not covered by GAO's disclaimer.
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