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# Financial Statements of the United States Government for the Fiscal Years Ended September 30,  2023,  and  2022

The consolidated financial statements of the U.S. government were prepared using GAAP. These statements include the accrual-based financial statements and the sustainability financial statements, which are discussed in more detail below, and the related notes to the consolidated financial statements. Collectively, the accrual-based financial statements, the sustainability financial statements, and the notes represent basic information that is deemed essential for the consolidated financial statements to be presented in conformity with GAAP. 

## Accrual-based Financial Statements

The accrual-based financial statements present historical information on what the federal government owns (assets) and owes (liabilities) at the end of the year, what came in (revenues) and what went out (net costs) during the year, and how accrual-based net operating costs of the federal government reconcile to the budget deficit and changes in its cash balance during the year. The following sections discuss each of the accrual-based financial statements. 

Statements of Net Cost

Statements of Operations & Changes in Net Position

Reconciliations of Net Operating Cost & Budget Deficit

Statements of Changes in Cash Balance from Budget & Other Activities

Balance Sheets

## Sustainability Financial Statements

The sustainability financial statements are comprised of the SLTFP, covering all federal government programs, and the SOSI and the SCSIA, covering social insurance programs (Social Security, Medicare, Railroad Retirement, and Black Lung programs). The sustainability financial statements are designed to illustrate the relationship between projected receipts and expenditures if current policy is continued over a 75-year time horizon.1 In preparing the sustainability financial statements, management selects assumptions and data that it believes provide a reasonable basis to illustrate whether current policy is sustainable. Current policy is based on current law but includes several adjustments. In the SLTFP, notable adjustments to current law are: 1) projected spending, receipts, and borrowing levels assume raising or suspending the current statutory limit on federal debt; 2) continued discretionary appropriations are assumed throughout the projections period; 3) scheduled Social Security and Medicare Part A benefit payments are assumed to occur beyond the projected point of trust fund depletion; and 4) many mandatory programs with expiration dates prior to the end of the 75-year projection period are assumed to be reauthorized. In the SOSI, the one adjustment to current law is that scheduled Social Security and Medicare Part A benefit payments are assumed to occur beyond the projected point of trust fund depletions. Assumptions underlying such sustainability information do not consider changes in policy or all potential future events that could affect future income, future expenditures, and, hence, sustainability. The projections do not reflect any adverse economic consequences resulting from continuously rising debt levels. A large number of factors affect the sustainability financial statements and future events and circumstances cannot be estimated with certainty. Therefore, even if current policy is continued, there will be differences    between the estimates in the sustainability financial statements and actual results, and those differences may be material. The unaudited RSI  section of this Financial Report includes PV projections using different assumptions to illustrate the sensitivity of the sustainability financial statements to changes in certain assumptions. The sustainability financial statements are intended to help the readers understand current policy and the importance and magnitude of policy reforms necessary to make it sustainable. 

By accounting convention, General Fund transfers to Medicare Parts B and D reported in the SOSI are eliminated when preparing the government-wide consolidated financial statements. The SOSI shows the projected General Fund transfers as eliminations that, under current law, would be used to finance the remainder of the expenditures in excess of revenues for Medicare Parts B and D reported in the SOSI. The SLTFP include all revenues (including general revenues) of the federal government. 

Statements of Long-Term Fiscal Projections

Statements of Social Insurance

Statements of Changes in Social Insurance Amounts

## Footnotes

1 With the exception of the Black Lung program, which has a rolling 25-year projection period that begins on the September 30 valuation date each year.  (Back to Content)

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            Table of Contents
            Current Report: Fiscal Year 2023
 - 
PDF version

            By Section
            A Message from the Secretary of the Treasury - 
PDF version
Table of Contents - 
PDF version
The Nation By The Numbers
Executive Summary
 - 
PDF version
Results in Brief
Where We Are Now
An Unsustainable Fiscal Path
Reporting on Climate Change
Find Out More

Management's Discussion & Analysis
 - 
PDF version
The Government's Financial Position and Condition
An Unsustainable Fiscal Path
Financial Management
Reporting on Climate Change
Additional Information

Statement of the Comptroller General of the United States - 
PDF version
Financial Statements
 - 
 PDF version
Statements of Net Cost
Statements of Operations and Changes in Net Position
Reconciliations of Net Operating Cost and Budget Deficit
Statements of Changes in Cash Balance from Budget and Other Activities
Balance Sheets
Statements of Long-Term Fiscal Projections
Statements of Social Insurance
Statement of Changes in Social Insurance Amounts

Notes to the Financial Statements - 
PDF version
Note 1. Summary of Significant Accounting Policies - 
PDF version
Note 2. Cash and Other Monetary Assets - 
PDF version
Note 3. Accounts  Receivable, Net - 
PDF version
Note 4. Loans Receivable, Net and Loan Guarantee Liabilities - 
PDF version
Note 5. Inventory and Related Property, Net - 
PDF version
Note 6. General Property, Plant, and Equipment, Net - 
PDF version
Note 7. Investments - 
PDF version
Note 8. Investments in Government-Sponsored Enterprises - 
PDF version
Note 9. Advances and Prepayments - 
PDF version
Note 10.   Other Assets - 
PDF version
Note 11. Accounts Payable - 
PDF version
Note 12. Federal Debt and Interest Payable - 
PDF version
Note 13. Federal Employee and Veteran Benefits Payable - 
PDF version
Note 14. Environmental and Disposal Liabilities - 
PDF version
Note 15. Benefits Due and Payable - 
PDF version
Note 16. Insurance and Guarantee Program Liabilities - 
PDF version
Note 17. Advances from Others and Deferred Revenue - 
PDF version
Note 18.  Other Liabilities - 
PDF version
Note 19. Collections and Refunds of Federal Revenue - 
PDF version
Note 20. Commitments - 
PDF version
Note 21. Contingencies - 
PDF version
Note 22. Funds from Dedicated Collections - 
PDF version
Note 23. Fiduciary Activities - 
PDF version
Note 24. Long-Term Fiscal Projections - 
PDF version
Note 25. Social Insurance  - 
PDF version
Note 26. Stewardship Property, Plant, and Equipment - 
PDF version
Note 27.  Disclosure Entities and Related Parties - 
PDF version
Note 28. Public-Private Partnerships  - 
PDF version
Note 29. COVID-19 Activity - 
PDF version
Note 30.  Subsequent Events  - 
PDF version

Required Supplementary Information (Unaudited) - 
PDF version
The Sustainability of Fiscal Policy - 
PDF version
Social Insurance - 
PDF version
Deferred Maintenance and Repairs - 
PDF version
Other Claims for Refunds - 
PDF version
Tax Assessments - 
PDF version
Federal Oil and Gas Resources - 
PDF version
Federal Natural Resources Other than Oil and Gas - 
PDF version
Land and Permanent Land Rights - 
PDF version

Other Information (Unaudited) - 
PDF version
Tax Burden - 
PDF version
Tax Gap - 
PDF version
Tax Expenditures - 
PDF version
Unmatched Transactions and Balances - 
PDF version

Appendices            
Appendix A: Reporting Entity - 
PDF version
Appendix B: Glossary of Acronyms - 
PDF version

U.S. Government Accountability Office Independent Auditor's Report - 
PDF version
Related Resources

            Certain material weaknesses, limitations, and uncertainties prevented the Government Accountability Office from expressing an opinion on the U.S. Government's consolidated financial statements included in the *Financial Report* and, therefore, GAO disclaimed an opinion on such statements. Certain information included on or referenced in this website, such as individual agency financial reports that were audited by other auditors, is separate from and not specifically reported in the *Financial Report* and therefore not covered by GAO's disclaimer. 
            
Last modified 03/19/24

            
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