department of defense agency financial report fiscal year 2012

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Department of Defense Agency Financial Report for FY 2012 Department of Defense Combined Statement of Budgetary Resources Agency Wide Page 2 of 2 Dollars in Millions Budgetary Authority and Outlays, Net: Budget Authority, gross (discretionary and mandatory) Actual offsetting collections (discretionary and mandatory) Change in uncollected customer payments from Federal sources (discretionary and mandatory) Budget Authority, net (discretionary and mandatory) 72 Budgetary Financing Accounts 2012 Combined 2011 Combined Non-Budgetary Financing Accounts 2012 Combined 2011 Combined $ 989,907.4 $ 1,026,648.8 $ 235.2 $ 318.1 (190,586.0) (190,906.0) (92.6) (102.6) (2,769.1) (5,417.5) 16.4 (2.6) $ 796,552.3 $ 830,325.3 $ 159.0 $ 212.9 Outlays, gross (discretionary and mandatory) $ 979,889.9 $ 1,016,898.9 $ 264.5 $ 375.3 Actual offsetting collections (discretionary and mandatory) (190,586.0) (190,906.0) (92.6) (102.6) Outlays, net (discretionary and mandatory) 789,303.9 825,992.9 171.9 272.7 Distributed offsetting receipts (79,238.4) (83,198.6) 0.0 0.0 Agency Outlays, net (discretionary and mandatory) $ 710,065.5 $ 742,794.3 $ 171.9 $ 272.7 The accompanying notes are an integral part of these financial statements. Financial Information
Department of Defense Agency Financial Report for FY 2012 NOTE 1. SIGNIFICANT ACCOUNTING POLICIES 1.A. Basis of Presentation These financial statements have been prepared to report the financial position and results of operations of the Department of Defense (DoD), as required by the Chief Financial Officers Act of 1990, expanded by the Government Management Reform Act of 1994, and other appropriate legislation. The financial statements have been prepared from the books and records of the Department in accordance with, to the extent possible, U.S. Generally Accepted Accounting Principles (USGAAP) promulgated by the Federal Accounting Standards Advisory Board; the Office of Management and Budget (OMB) Circular No. A-136, Financial Reporting Requirements; and the DoD, Financial Management Regulation. The accompanying financial statements account for all resources for which the Department is responsible unless otherwise noted. Information relative to classified assets, programs, and operations is excluded from the statements or otherwise aggregated and reported in such a manner that it is not discernible. The Department is unable to fully implement all elements of USGAAP and OMB Circular No. A-136, due to limitations of financial and nonfinancial management processes and systems that support the financial statements. The Department derives reported values and information for major asset and liability categories largely from nonfinancial systems, such as inventory and logistics systems. These systems were designed to support reporting requirements for maintaining accountability over assets and reporting the status of Federal appropriations rather than preparing financial statements in accordance with USGAAP. The Department continues to implement process and system improvements addressing these limitations. The Department has 13 auditor-identified material weaknesses: (1) Financial Management Systems; (2) Fund Balance with Treasury; (3) Accounts Receivable; (4) Inventory; (5) Operating Materials and Supplies; (6) General Property, Plant, and Equipment; (7) Government Property in Possession of Contractors; (8) Accounts Payable; (9) Environmental Liabilities; (10) Statement of Net Cost; (11) Intragovernmental Eliminations; (12) Accounting Entries; and (13) Reconciliation of Net Cost of Operations to Budget. 1.B. Mission of the Reporting Entity The Department was established by the National Security Act of 1947. The Department provides the military forces needed to deter war and protect the security of our country. Since the creation of America’s first army in 1775, the Department and predecessor organizations have evolved into a global presence with a worldwide infrastructure dedicated to defending the United States by deterring and defeating aggression and coercion in critical regions. The Department includes the Military Departments and the Defense Agencies. The Military Departments consist of the Army, the Navy (of which the Marine Corps is a component), and the Air Force. The Defense Agencies provide support services commonly used throughout the Department. 73 Financial Information
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