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Note 20. Change in Accounting Principle for FY 2007 Beginning Balances
In accordance with requirements of OMB Circular A-136, USAID financial statement reporting requirements for parent/child activity encompasses the following where:
- USAID is the child agency (i.e. budget authority has been transferred to USAID from other federal agencies) financial activity is excluded from USAID’s FY 2007 financial statements, with the exception of the Executive Office of the President.
- USAID is the parent agency (i.e. budget authority has been transferred to other federal agencies from USAID) financial activity is included in USAID’s FY 2007 financial statements.
As a result, the FY 2007 beginning balance for total assets, total liabilities, and net position has changed as follows:
- Total assets decreased by $2.35 billion. This decrease is primarily attributable to a $2.3 billion decrease in the Fund Balance with Treasury.
- Total liabilities decreased by $427.6 million. This decrease is mostly due to a decrease of $426 million in accounts payable.
- Net position decreased by $1.9 billion.
CHANGE IN ACCOUNTING PRINCIPLE FOR FY 2007 BEGINNING BALANCES
(Dollars in Thousands)
| |
2006 Year End Balance |
Transfers to Other Federal Agencies |
Transfers From Other Federal Agencies |
2007 Beginning Balance, as Adjusted |
| Fund Balance with Treasury |
$19,333,383 |
$506,221 |
$(2,818,276) |
$17,021,328 |
| All Other Assets |
5,817,717 |
3,666 |
(41,909) |
5,779,474 |
| Total Assets |
25,151,100 |
509,887 |
(2,860,185) |
22,800,802 |
Accounts Payable |
2,267,721 |
7,366 |
(433,400) |
1,841,687 |
| All Other Liabilities |
7,185,994 |
659 |
(2,179) |
7,184,474 |
| Total Liabilities |
9,453,715 |
8,025 |
(435,579) |
9,026,161 |
Unexpended Appropriations |
14,334,819 |
502,661 |
(1,399,121) |
13,438,359 |
| Cumulative Results of Operations |
1,362,566 |
(799) |
(1,025,485) |
336,282 |
| Total Net Position |
15,697,385 |
501,862 |
(2,424,606) |
13,774,641 |
Total Liabilities and Net Position |
$25,151,100 |
$509,887 |
$(2,860,185) |
$22,800,802 |
Changes to beginning balances for Cumulative Results of Operations and Unexpended Appropriations are shown on the Statement of Change in Net Position.
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