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The United States Government Accountability Office GAO November 2011_part7

Chú thích 2. TÓM TẮT CÁC CHÍNH SÁCH KẾ TOÁN CHỦ YẾU Căn cứ Kế toán và trình bày Báo cáo tài chính kèm theo bao gồm các hoạt động của OFS và đã được chuẩn bị từ các hồ sơ kế toán của các OFS phù hợp với nguyên tắc kế toán chung được chấp nhận tại Hoa Kỳ cho các đơn vị liên bang (Federal GAAP) | THE DEPARTMENT OF THE TREASURY OFFICE OF FINANCIAL STABILITY NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Presentation The accompanying financial statements include the operations of the OFS and have been prepared from the accounting records of the OFS in conformity with accounting principles generally accepted in the United States for federal entities Federal GAAP and the OMB Circular A-136 Financial Reporting Requirements as amended. Federal GAAP includes the standards issued by the Federal Accounting Standards Advisory Board FASAB . The FASAB is recognized by the American Institute of Certified Public Accountants AICPA as the official accounting standards-setting body for the U.S. Government. As such the FASAB is responsible for establishing Federal GAAP for Federal reporting entities. The FASAB issued the Statement of Federal Financial Accounting Standards SFFAS No. 34 The Hierarchy of Generally Accepted Accounting Principles Including the Application of Standards Issued by the Financial Accounting Standards Board in July 2009. SFFAS No. 34 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of general purpose financial reports of federal reporting entities that are presented in conformity with Federal GAAP. In addition to the above Section 123 a of the EESA requires that the budgetary cost of purchases of troubled assets and guarantees of troubled assets and any cash flows associated with authorized activities be determined in accordance with the Federal Credit Reform Act of 1990 FCRA . Section 123 b 1 of the EESA requires that the budgetary costs of troubled assets and guarantees of troubled assets be calculated by adjusting the discount rate for market risks. As a result of this requirement the OFS considered market risk in its calculation and determination of the estimated net present value of its direct loans equity investments and other credit programs for .