The Real Game of Missing Money 19811204 Issuance of Executive Order 12333, “United States Intelligence Activities” by President Ronald Reagan, which, among other things, prohibits GAO from auditing classified activities. law 19820402 Issuance of Executive Order 12356, “National Security Information,” containing U.S. classification policy. Information is considered classified if it concerns: (1) Military plans, weapons, or operations; (2) The vulnerabilities or capabilities of systems, installations, projects, or plans relating to the national security; (3) Foreign government information; (4) Intelligence activities (including special activities) or intelligence sources or methods; (5) Foreign relations or foreign activities of the United States; (6) Scientific, technological, or economic matters relating to the national security; (7) United States Government programs for safeguarding nuclear materials or facilities; (8) Cryptology; (9) A confidential source; or (10) Other categories of information that are related to the national security and that require protection against unauthorized disclosure as determined by the President or by agency heads or other officials who have been delegated original classification authority by the President. Any determination made under this subsection shall be reported promptly to the Director of the Information Security Oversight Office. law 19820908 The Federal Managers’ Financial Integrity Act (FMFIA) amends the Accounting and Auditing Act of 1950 to require ongoing evaluations and reports of the adequacy of the systems of internal accounting and administrative control of each executive agency. It requires agencies to establish internal control and financial systems that provide reasonable assurance of achieving the three objectives of internal control, which are: Effectiveness and efficiency of operations; Compliance with regulations and applicable laws; and Reliability of financial reporting. In addition to requiring federal agencies to establish internal control over their programs, financial reporting, and financial management systems, the FMFIA requires the agency head to provide an annual Statement of Assurance on whether the agency has met these requirements. HUD 19840000 The Government Accounting Standards Board (GASB), an independent, non-political organization formed for the purpose of performing functions like the FASB for state and local governments, establishes rules that require state and local governments to report clear, consistent, and transparent financial information to their constituents. The GASB is one component of a non-profit standard-setting group that is autonomous of any corporate or government body. This group includes the Financial Accounting Foundation (FAF), the Financial Accounting Standards Board (FASB), the Financial Accounting Standards Advisory Council (FASAC), and the Governmental Accounting Standards Advisory Council (GASAC). GASB standards are recognized by governments and the accounting profession as the official source of U.S. Generally Accepted Accounting Principles (U.S. GAAP) for state and local governments. Event Law 19860000 The Uruguay Round of the General Agreement on Tariffs and Trade (GATT) begins, lasting until 1993. law 19861028 The Government Securities Act of 1986 authorizes the Secretary of the Treasury to regulate brokers and dealers of government securities in conjunction with the SEC. Treasury 19820908 Enactment of the Federal Managers’ Financial Integrity Act, requiring agencies to establish internal control and financial systems that provide reasonable assurance that the three objectives of internal control are achieved: Effectiveness and efficiency of operations; Compliance with regulations and applicable laws; and Reliability of financial reporting. law 19880106 A series of unsuccessful federal efforts to assist the Farm Credit System eventually leads to the enactment of the Agriculture Credit Act (P.L. 100-233) on this date. This act provides federal financial assistance to prevent the Farm Credit System from defaulting on its debt. law 19901115 The Federal Credit Reform Act of 1990 requires Federal agencies to set aside the subsidy cost of new credit assistance provided in the form of direct loans or loan guarantees. The subsidy cost will be the estimated long-term cost to the government of the loan or loan guarantee. The subsidy law 1 7 7