Inventory Revaluation for the Navy Working Capital Fund by the Naval Supply Systems Command

Abstract

This report is the first in a series of reports on our audit work for the FY 2000 Department of the Navy Working Capital Fund Financial Statements. We performed this audit in response to the Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994. For FY 1999, the Department of the Navy reported $ 15.2 billion in net inventory using the allowance method to approximate historic cost. In the future, DoD plans to use the historical cost method of valuing inventories for presentation on the annual financial statements after developing and implementing necessary changes in inventory accounting and management systems. However, continued improvements in valuing inventory, as discussed in this audit report, will improve the accuracy of reported inventory.

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Document Details

Document Type
Technical Report
Publication Date
Dec 18, 2000
Accession Number
ADA385406

Entities

Organizations

  • Office of the Inspector General, U.S. Department of Defense

Tags

Communities of Interest

  • Ground and Sea Platforms

DTIC Thesaurus Topics

  • Accounting
  • Acquisition
  • Air Force
  • Comptrollers
  • Congress
  • Databases
  • Department Of Defense
  • Finance
  • Financial Management
  • Governments
  • International Relations
  • Inventory
  • Inventory Control
  • Money
  • National Governments
  • Standards
  • United States Government

Readers

  • Defense Financial Management and Audit.
  • Life Cycle Cost Analysis