The Senate on Thursday approved a short-term government funding bill, less than two days ahead of a looming shutdown deadline on Friday night. Show
Senators voted 72-25 to advance the bill, sending the must-pass legislation to the House, where it is expected to pass swiftly before heading to President Biden’s desk for signature. “We’re not going to shut the government down,” House Appropriations Chairwoman Rosa DeLauro (D-Conn.) told reporters on late Wednesday, adding she is “ optimistic that we’re going to pass a bill.” The bill, also known as a continuing resolution, will temporarily allow the government to remain funded at the current spending levels through mid-December, giving negotiators and leadership more time to work out a larger agreement over how to fund the government for fiscal 2023, which begins on Saturday. The legislation also includes more than $12 billion in security and financial assistance for Ukraine to defend itself from Russia’s ongoing invasion, as well as funding for disaster relief, following a White House request for emergency funding in both areas weeks back. However, the package excludes supplemental funding for the nation’s coronavirus and monkeypox response, despite a request by the White House for billions of dollars, over staunch GOP opposition. The passage on Thursday afternoon caps off weeks of drama in the upper chamber, after members on both sides of the aisle came out against a push by Democratic leadership to use the vehicle to advance an energy proposal offered by Sen. Joe Manchin (D-W.Va.). Manchin and top Democrats had previously struck a deal to advance the proposal, which is aimed at speeding up the country’s energy infrastructure projects, as part of a larger agreement to gain his support for the Inflation Reduction Act, a sprawling tax, climate and health care plan passed along party lines last month. But the proposal, which advocates say would undercut environmental reviews, fell out of the package earlier this week due to opposition from more than a handful of Senate Democrats and a growing number of Republicans that threatened final passage for the overall funding plan. Republicans also saw rifts in their own party in recent weeks amid disagreement over how long Congress should put off hashing out new government funding levels, with the November midterm races approaching around the corner. A growing number of House conservatives, and some in the Senate, have been pressing for leaders to wait until January to set new funding limits, as GOP hopes swell of taking back control of Congress. However, other Republicans have pushed back on the campaign, raising concerns about how putting off new funding levels could hurt agencies and set back the next session of Congress, particularly as the Senate’s top two appropriators are stepping down. The heated debate comes as anticipation builds on Capitol Hill around the coming critical midterm elections, which members on both sides say will likely be a major factor in larger funding talks for fiscal 2023. “Obviously, the results of the midterms will have a lot to do with our ability to get this done,” Sen. Chris Murphy (D-Conn.), the chairman of the Senate Appropriations Homeland Security Subcommittee, told The Hill ahead of the vote on Thursday. “But with both Sen. Shelby and Sen. Leahy retiring, I think there’ll be a lot of support within both caucuses to get a budget done before they retire.” GAO is required to report on the U.S. government’s consolidated financial statements, but three major impediments continue to prevent an audit opinion. The federal government has made significant strides
in improving financial management since key reforms were enacted in the 1990s. For example, 21 of the 24 agencies covered by the Chief Financial Officers Act of 1990 received unmodified (“clean”) opinions on their FY 2021 financial statements—up from six agencies in FY 1996. (Unmodified audit opinions are when the auditors conclude that the financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles.) Accounting and
financial reporting standards have continued to evolve to provide greater transparency and accountability over the federal government’s operations, financial condition, and fiscal outlook. However, a number of areas can still be improved, including standardizing the responsibilities of chief financial officers, preparing financial management plans, and better linking performance and cost information for decision-making. Additionally,
GAO has been auditing the federal government’s consolidated financial statements since FY 1997 (as well as various other federal financial statements). However, GAO continues to be unable to render an audit opinion on the government’s accrual-based consolidated financial statements, which present historical information such as assets, liabilities, revenue, and net cost, primarily due to three major impediments:
U.S. Government’s Consolidated Financial Statements
Federal Entity Financial Statements
When a government agency collects Nonexchange funds to be turned over to the Treasury a statement of is required?The Statement of Custodial Activity for the U.S. Securities and Exchange Commission is presented in Illustration 14-6. This statement is required only if the government agency collects nonexchange funds to be turned over to the Treasury.
What organization oversees sets the accounting standards for US government agencies?Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).
What does Fasab stand for?Since October 1999, the American Institute of Certified Public Accountants (AICPA) has recognized the Federal Accounting Standards Advisory Board (FASAB) as the standard-setting body for federal governmental entities; therefore, the pronouncements resulting from the FASAB process represent generally accepted accounting ...
Which of the following statements appearing in the federal government's consolidated financial report are prepared on the accrual basis of accounting?The accrual-based financial statements are: Statement of Net Cost, Statement of Operations & Changes in Net Position, Balance Sheet, Reconciliation of Net Operating Cost & Budget Deficit, and Statement of Changes in Cash Balance from Budget & Other Activities.
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When congress passes a spending bill to fund an agencys operations, the agency (debits/credits)
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