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Author: U S Government Accountability Office (G Publisher: BiblioGov ISBN: 9781289252175 Category : Languages : en Pages : 48
Book Description
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC) Resolution Fund's financial statements for the years ended December 31, 1991 and 1990. GAO found that: (1) the Fund's statement of financial position as of December 31, 1991, and its statements of cash flows for the years ended December 31, 1991 and 1990, presented fairly in all material respects the Fund's financial condition; (2) the statements were in conformity with generally accepted accounting standards; (3) the Fund's 1991 statement of income and accumulated deficit includes $1.7 billion in losses as a result of increases in the Fund's estimated assistance payments and a decrease in the Fund's estimated recoveries on receivership and corporate owned assets since the end of 1990; and (4) although the Fund's estimated future assistance payments and its estimated recoveries from asset sales are reasonable, uncertainties still exist regarding general economic conditions, such as the real estate markets and interest rates.
Author: U S Government Accountability Office (G Publisher: BiblioGov ISBN: 9781289252175 Category : Languages : en Pages : 48
Book Description
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC) Resolution Fund's financial statements for the years ended December 31, 1991 and 1990. GAO found that: (1) the Fund's statement of financial position as of December 31, 1991, and its statements of cash flows for the years ended December 31, 1991 and 1990, presented fairly in all material respects the Fund's financial condition; (2) the statements were in conformity with generally accepted accounting standards; (3) the Fund's 1991 statement of income and accumulated deficit includes $1.7 billion in losses as a result of increases in the Fund's estimated assistance payments and a decrease in the Fund's estimated recoveries on receivership and corporate owned assets since the end of 1990; and (4) although the Fund's estimated future assistance payments and its estimated recoveries from asset sales are reasonable, uncertainties still exist regarding general economic conditions, such as the real estate markets and interest rates.
Author: U S Government Accountability Office (G Publisher: BiblioGov ISBN: 9781289251352 Category : Languages : en Pages : 42
Book Description
GAO reviewed the Federal Savings and Loan Insurance Corporation's (FSLIC) Resolution Fund's financial statements for the year ended December 31, 1990, and the period August 9, 1989 through December 31, 1989. GAO found that: (1) primarily due to the economy's continuing weakness and the over-built real estate market, it was unable to assess the reasonableness of the Fund's estimated liability for assisted institutions and its estimated recoveries from asset sales; (2) although it was unable to express an opinion on the Fund's statements of financial position, the Fund's statements of cash flows were presented fairly in all material respects; and (3) Congress appropriated $22 billion, in fiscal year 1991 to reduce the cost of the Fund's assistance obligations, but, since FSLIC had not planned such actions as of December 31, 1990, the 1990 financial statements did not fully reflect those potential cost savings.
Author: U S Government Accountability Office (G Publisher: BiblioGov ISBN: 9781289251277 Category : Languages : en Pages : 48
Book Description
GAO examined the Federal Deposit Insurance Corporation's (FDIC) Bank Insurance Fund's financial statements for the years ended December 31, 1991 and 1990. GAO found that: (1) four consecutive yearly losses resulted in the Bank Insurance Fund reporting a $7-billion deficit; (2) FDIC expects significant additional financially troubled banks to require resolution; (3) depending on economic conditions, adequate Bank Insurance Fund funding, receivership asset recovery and total resolution cost of troubled banks remain uncertain; (4) recapitalization of the Bank Insurance Fund is needed to avoid further borrowings from taxpayers; (5) data integrity problems result from weak FDIC controls and an inability to rely upon the Liquidation Asset Management Information System; and (6) FDIC fails to adhere to time and attendance accounting and reporting procedures.
Author: U S Government Accountability Office (G
Author: U S Government Accountability Office (G
Author: 
Author: United States. General Accounting Office
Author: United States Accounting Office (GAO)
Author: United States. General Accounting Office
Author: U S Government Accountability Office (G
Author: United States. General Accounting Office
Author: U S Government Accountability Office (G
Author: United States Accounting Office (GAO)
Author: United States Accounting Office (GAO)