scope:

GENERAL

Under the provisions of Title 31, United States Code, Section 3515, the Department is required to have annual audited financial statements covering all accounts and associated activities of the Department. As implemented by the Office of Management and Budget (OMB), the Department is required to prepare both Agency-wide annual audited financial statements and separate audited financial statements for several individual reporting entities, i.e., Army, Navy, and the Air Force general funds (GF) and working capital funds (WCF), Military Retirement Fund, and United States Army Corps of Engineers Civil Works. The financial statements are expected to provide information to DoD program managers, Congress, and the public, thereby facilitating both effective allocation of resources and assessment of management performance and stewardship. The objective is to produce financial statements that can and will be used to improve the management of the Department. Additionally, consistent with the objectives of the Statements of Federal Financial Accounting Concepts (SFFACs) and Statements of Federal Financial Accounting Standards (SFFASs), the Department continues to work toward the integration of budget and financial information in order to provide for more effective program management at all levels.