department of defense agency financial report fiscal year 2012

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Department of Defense Agency Financial Report for FY 2012 66 Financial Information
Department of Defense Agency Financial Report for FY 2012 PRINCIPAL FINANCIAL STATEMENTS AND NOTES LIMITATIONS OF THE FINANCIAL STATEMENTS The principal financial statements have been prepared to report the financial position and results of operations of the Department, pursuant to the requirements of 31 U.S.C. 3515(b). The statements are prepared from accounting records of the Department in accordance with Office of Management And Budget (OMB) Circular No. A-136 and, to the extent possible, U.S. Generally Accepted Accounting Principles (USGAAP). The statements, in addition to the financial reports, are used to monitor and control budgetary resources, which are prepared from the same records. The statements should be read with the realization that they are for a component of the U.S. Government, a sovereign entity. The financial statements of the Department include four principal statements listed in Figure 2-1. The financial statements reflect the aggregate financial posture of the Department and include both the proprietary (Federal accounting standards) and budgetary resources of the Department. The Department is large and complex with an asset base of $2.1 trillion, and more than 3 million military and civilian employees on installations in every state and around the world. Figure 2-1. Four Principal Financial Statements Statement What Information It Provides Balance Sheet Reflects the Department’s financial position as of the statement date (September 30, 2012). The assets are the amount of future economic benefits owned or managed by the Department. The liabilities are amounts owed by the Department. The net position is the difference between the assets and liabilities. Statement of Net Shows separately the components of the net cost of the Department’s operations for the Cost period. Net cost is equal to the gross cost incurred by the Department less any exchange revenue earned from its activities. Statement of Presents the sum of the cumulative results of operations since inception and unexpended Changes in Net appropriations provided to the Department that remain unused at the end of the fiscal Position year. The statement focuses on how the net cost of operations is financed. The resulting financial position represents the difference between assets and liabilities as shown on the consolidated balance sheet. Statement of Provides information about how budgetary resources were made available as well as their Budgetary Resources status at the end of the period. It is the only financial statement exclusively derived from the Department’s budgetary general ledger in accordance with budgetary accounting rules. 67 Financial Information
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