The U.S. Statutes Creating Modern Constitutional Financial Management and Reporting Requirements and the Government’s Failure to Follow Them

“About 34 percent of the federal government’s reported total assets as of September 30, 2016, and approximately 18 percent of the federal government’s reported net cost for fiscal year 2016 relate to significant federal entities that, as of the date of GAO’s audit report, were unable to issue audited financial statements, were unable to receive audit opinions on the complete set of financial statements, or received a disclaimer of opinion on their fiscal year 2016 financial statements.” (U.S. Gov. Accountability Office, GAO-17-283R, U.S. Government’s 2016 and 2015 Consolidated Financial Statements, (2017) at forward 1, available at

By Michele Ferri and Jonathan Lurie

Table of Contents

I. Introduction
II. Statement and Accounts Legislation
A. Framework Statute Exceptions
B. Federal Financial Managers Integrity Act of 1982
C. Chief Financial Officers Act of 1990
D. Federal Credit Reform Act of 1990
E. Government Performance and Results Act
F. Government Management Reform Act
G. Federal Financial Management Improvement Act of 1996
III. Statement and Accounts Shenanigans
A. Agencies Failure to Report
B. Missing Money
IV. The Black Budget
V. Conclusion
VI. About Us

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