Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2019, and 2018
The consolidated financial statements of the U.S. government were prepared using GAAP. The consolidated financial statements include the accrual-based financial statements and the sustainability financial statements, which are discussed in more detail below, and the related notes to the consolidated financial statements. Collectively, the accrual-based financial statements, the sustainability financial statements, and the notes represent basic information that is deemed essential for the consolidated financial statements to be presented in conformity with GAAP.
Accrual-based Financial Statements
The accrual-based financial statements present historical information on what the federal government owns (assets) and owes (liabilities) at the end of the year, what came in (revenues) and what went out (net costs) during the year, and how accrual-based net operating costs of the federal government reconcile to the budget deficit and changes in its cash balance during the year. The following sections discuss each of the accrual-based financial statements.
Statements of Operations & Changes in Net Position
Reconciliations of Net Operating Cost & Budget Deficit
Statements of Changes in Cash Balance from Budget & Other Activities
Sustainability Financial Statements
The sustainability financial statements are comprised of the SLTFP, covering all federal government programs, and the SOSI and the SCSIA, covering social insurance programs (Social Security, Medicare, Railroad Retirement, and Black Lung programs). The sustainability financial statements are designed to illustrate the relationship between projected receipts and expenditures if current policy is continued over a 75 year time horizon.1 In preparing the sustainability financial statements, management selects assumptions and data that it believes provide a reasonable basis to illustrate whether current policy is sustainable. Current policy is based on current law but includes several adjustments. In the Statement of Long-Term Fiscal Projections, notable adjustments to current law are: (1) projected spending, receipts, and borrowing levels assume raising or suspending the current statutory limit on federal debt, (2) continued discretionary appropriations are assumed throughout the projections period, (3) scheduled Social Security and Medicare Part A benefit payments are assumed to occur beyond the projected point of trust fund depletion, (4) many mandatory programs with expiration dates prior to the end of the 75-year projection period are assumed to be reauthorized, and ( 5) tax changes under the TCJA of 2017 are assumed to continue beyond 2025. In the Statement of Social Insurance, the one adjustment to current law is that scheduled Social Security and Medicare Part A benefit payments are assumed to occur beyond the projected point of trust fund depletions. Assumptions underlying such sustainability information do not consider changes in policy or all potential future events that could affect future income, future expenditures, and, hence, sustainability. The projections do not reflect any adverse economic consequences resulting from continuously rising debt levels. A large number of factors affect the sustainability financial statements and future events and circumstances cannot be estimated with certainty. Therefore, even if current policy is continued, there will be differences between the estimates in the sustainability financial statements and actual results, and those differences may be material. The unaudited RSI section of this report includes present value projections using different assumptions to illustrate the sensitivity of the sustainability financial statements to changes in certain assumptions. The sustainability financial statements are intended to help citizens understand current policy and the importance and magnitude of policy reforms necessary to make it sustainable.
By accounting convention, General Fund transfers to Medicare Parts B and D reported in the SOSI are eliminated when preparing the governmentwide consolidated financial statement. The SOSI shows the projected General Fund transfers as eliminations that, under current law, would be used to finance the remainder of the expenditures in excess of revenues for Medicare Parts B and D reported in the SOSI. The SLTFP include all revenues (including general revenues) of the federal government.
Statements of Long-Term Fiscal Projections
Statements of Social Insurance
Statements of Social Insurance and Changes in Social Insurance Amounts
Footnotes
1 With the exception of the Black Lung program, which has a rolling 25-year projection period that begins on the September 30 valuation date each year. (Back to Content)
- A Message from the Secretary of the Treasury - PDF version
- Table of Contents - PDF version
- Results in Brief - PDF version
- The Nation By The Numbers
- Executive Summary - PDF version
- Management's Discussion & Analysis - PDF version
- Statement of the Comptroller General of the United States - PDF version
- Financial Statements- PDF version
- Statements of Net Cost
- Statements of Operations and Changes in Net Position
- Reconciliations of Net Operating Cost and Budget Deficit
- Statements of Changes in Cash Balance from Budget and Other Activities
- Balance Sheets
- Statements of Long-Term Fiscal Projections
- Statements of Social Insurance and Changes in Social Insurance Amounts
- Statements of Changes in Social Insurance Amounts
- Notes to the Financial Statements - PDF version
- Note 1. Summary of Significant Accounting Policies - PDF version
- Note 2. Cash and Other Monetary Assets - PDF version
- Note 3. Accounts and Taxes Receivable, Net - PDF version
- Note 4. Loan Receivable and Loan Guarantee Liabilities, Net - PDF version
- Note 5. Inventories and Related Property, Net - PDF version
- Note 6. Property, Plant, and Equipment, Net - PDF version
- Note 7. Debt and Equity Securities - PDF version
- Note 8. Investments in Government-Sponsored Enterprises - PDF version
- Note 9. Other Assets - PDF version
- Note 10. Accounts Payable - PDF version
- Note 11. Federal Debt Securities Held by the Public and Accrued Interest - PDF version
- Note 12. Federal Employee and Veteran Benefits Payable - PDF version
- Note 13. Environmental and Disposal Liabilities - PDF version
- Note 14. Benefits Due and Payable - PDF version
- Note 15. Insurance and Guarantee Program Liabilities - PDF version
- Note 16. Other Liabilities - PDF version
- Note 17. Collections and Refunds of Federal Revenue - PDF version
- Note 18. Contingencies - PDF version
- Note 19. Commitments - PDF version
- Note 20. Funds from Dedicated Collections - PDF version
- Note 21. Fiduciary Activities - PDF version
- Note 22. Social Insurance - PDF version
- Note 23. Long-Term Fiscal Projections - PDF version
- Note 24. Stewardship Land and Heritage Assets - PDF version
- Note 25. Disclosure Entities and Related Parties - PDF version
- Note 26. Public-Private Partnerships - PDF version
- Note 27. Subsequent Events - PDF version
- Required Supplementary Information (Unaudited) - PDF version
- The Sustainability of Fiscal Policy - PDF version
- Social Insurance - PDF version
- Deferred Maintenance and Repairs - PDF version
- Other Claims for Refunds - PDF version
- Tax Assessments - PDF version
- Federal Oil and Gas Resources - PDF version
- Federal Natural Resources Other than Oil and Gas - PDF version
- Other Information (Unaudited) - PDF version
- Tax Burden - PDF version
- Tax Gap - PDF version
- Tax Expenditures - PDF version
- Unmatched Transactions and Balances - PDF version
- Required Supplementary Stewardship Information (Unaudited) - PDF version
- Appendices
- Appendix A: Reporting Entity - PDF version
- Appendix B: Acronyms - PDF version
- U.S. Government Accountability Office Independent Auditor's Report - PDF version
- Related Resources
Certain material weaknesses, limitations, and uncertainties prevented the Government Accountability Office from expressing an opinion on the U.S. Government's consolidated financial statements included in the Financial Report and, therefore, GAO disclaimed an opinion on such statements. Certain information included on or referenced in this website, such as individual agency financial reports that were audited by other auditors, is separate from and not specifically reported in the Financial Report and therefore not covered by GAO's disclaimer.