Limitations of Financial Statements
Management prepares the accompanying financial statements to report the financial position and results of operations for GSA, pursuant to the requirements of Chapter 31 of the U.S. Code section 3515(b). While these statements have been prepared from GSA’s books and records, in compliance with the formats prescribed in OMB Circular A-136, Financial Reporting Requirements, these statements are in addition to the financial reports used to monitor and control the budgetary resources that are prepared from the same books and records. These statements should be read with the understanding that they are for a component of the U.S. government, a sovereign entity. One implication of this is that unfunded liabilities reported in the statements cannot be liquidated without legislation that provides resources to the Agency.