Controls Over Army Real Property Financial Reporting
Abstract
This report discusses the processes and controls needed to ensure accurate and complete financial reporting of real property assets. A well-designed process for reporting real property on financial statements employs standard data elements and transaction processes, consistent internal controls, and efficient transaction entry. DoD real property consists of land, buildings, and other structures; improvements to owned or leased real property assets; and real property assets under construction. The Army reports real property assets on the financial statements for the Army Working Capital Fund (AWCF), the Army General Fund, and the U.S. Army Corps of Engineers, Civil Works. Real property acquisition costs reported on the FY 2006 AWCF Financial Statements consisted of $2.2 billion in buildings and other structures, $95 million in leasehold improvements, and $37 million in construction-in-progress. This is the first of two reports related to the controls over AWCF real property assets.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 28, 2008
- Accession Number
- ADA478916
Entities
People
- Patricia A. Marsh
Organizations
- Office of the Inspector General, U.S. Department of Defense