The consolidated financial statements of the U.S. government were prepared using GAAP. These 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
Statements of Long-Term Fiscal Projections