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Financial Audit: Export-Import Bank's 1988 and 1987 Financial Statements: Afmd-89-94 by U. S. Government Accountability Office ( - Paperback
60.90 AED

Financial Audit: Export-Import Bank's 1988 and 1987 Financial Statements: Afmd-89-94 by U. S. Government Accountability Office ( - Paperback

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Category Type
Politics
ISBN
9781287270645
Author
U. S. Government Accountability Office (
Publisher
Bibliogov
Description:

GAO examined the financial records and internal accounting controls of the Export-Import Bank of the United States as of September 30, 1988 and 1987, and statements of loss and reserve for contingencies and defaults, and statements of cash flow, for the years then ended. GAO found that the Bank's statements did not present fairly its financial position as of September 30, 1988 and 1987, or ...

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    Specifications

    Category Type
    Politics
    ISBN
    9781287270645
    Item EAN
    2724352859465
    People
    Author
    U. S. Government Accountability Office (
    People
    Publisher
    Bibliogov
    Category Type
    Politics
    ISBN
    9781287270645
    Item EAN
    2724352859465
    People
    Author
    U. S. Government Accountability Office (
    People
    Publisher
    Bibliogov
    Technical Information
    Binding
    Paperback
    Languages and countries
    Book Language
    English
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  •  

    Description:

    GAO examined the financial records and internal accounting controls of the Export-Import Bank of the United States as of September 30, 1988 and 1987, and statements of loss and reserve for contingencies and defaults, and statements of cash flow, for the years then ended. GAO found that the Bank's

    GAO examined the financial records and internal accounting controls of the Export-Import Bank of the United States as of September 30, 1988 and 1987, and statements of loss and reserve for contingencies and defaults, and statements of cash flow, for the years then ended. GAO found that the Bank's statements did not present fairly its financial position as of September 30, 1988 and 1987, or the results of its operations or its cash flows for the years then ended, in conformity with generally accepted accounting principles, since its statements failed to note: (1) anticipated losses of about $11.6 billion due to uncollectibility of foreign loans, accrued interest receivable, and estimated recoveries on rescheduled claims it paid because of defaults; (2) that the interest rate it paid on its debt to the Federal Financing Bank exceeded its loans portfolio interest rate by 4.4 percent; and (3) cumulative losses ranged from $3.7 billion to $6.2 billion. GAO also found that: (1) the Bank's statements reflected a negative reserve for defaults and contingencies for the first time; and (2) although the Bank acted to improve the yield on its new loans by assessing a one-time exposure fee, the fee did not compensate for losses arising from the negative interest rate spread or loan delinquencies.

    Product Features:
    • Category: Politics
    • Binding: Paperback
    • Language of Text: English
    • Author(s): U. S. Government Accountability Office (
    • Publisher: Bibliogov
    • ISBN: 9781287270645
    • Number of Pages: 38
    • Dimensions: 9.69 x 7.44 x 0.08 inches
 

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