- Bureau of the Fiscal Service
- Financial Report of the United States Government
- Management's Discussion & Analysis

# Management's Discussion & Analysis

## Additional Information

This *Financial  Report’s*Appendix contains the names and websites of the significant  government agencies included in the U.S. government’s consolidated financial  statements. Details about the information in this *Financial Report* can be found in these agencies financial  statements. This *Financial Report*, as well as those from  previous years, is also available at Treasury, OMB, and GAO websites at:https://www.fiscal.treasury.gov/reports-statements/; https://www.whitehouse.gov/omb/management/office-federal-financial-management/; and https://www.gao.gov/federal-financial-accountability respectively. Other related government publications include, but are  not limited to the:

- *Budget of the United  States Government* , 
- *Treasury Bulletin* , 
- *Monthly Treasury Statement of Receipts and Outlays of the United States Government* , 
- *Monthly Statement of the  Public Debt of the United States* , 
- *Economic Report of the President* , and 
- Trustees’ Reports for the  *Social Security*  and  *Medicare*  Programs.

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            Table of Contents
            Current Report: Fiscal Year 2020
 - 
PDF version

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

Management's Discussion & Analysis
 - 
PDF version
The Government's Financial Position and Condition
An Unsustainable Fiscal Path
Financial Management
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 and Changes in Social Insurance Amounts
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. Direct Loans and Loan Guarantees Receivable, Net and Loan Guarantees Liability - 
PDF version
Note 5. Inventory and Related Property, Net - 
PDF version
Note 6. General Property, Plant, and Equipment, Net - 
PDF version
Note 7. Securities and Investments - 
PDF version
Note 8. Investments in Special Purpose Vehicles - 
PDF version
Note 9. Investments in Government-Sponsored Enterprises - 
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. Other Liabilities - 
PDF version
Note 18. Collections and Refunds of Federal Revenue - 
PDF version
Note 19. Commitments - 
PDF version
Note 20. Contingencies - 
PDF version
Note 21. Funds from Dedicated Collections - 
PDF version
Note 22. Fiduciary  Activities - 
PDF version
Note 23. Social Insurance - 
PDF version
Note 24. Long-Term  Fiscal  Projections - 
PDF version
Note 25. Stewardship Property, Plant, and Equipment  - 
PDF version
Note 26. Disclosure Entities and Related Parties - 
PDF version
Note 27. Public-Private Partnerships - 
PDF version
Note 28. COVID-19 Activity - 
PDF version
Note 29. 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

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 01/31/23

            
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