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# Financial Statements of the United States Government for the Fiscal Years Ended September 30, 2022, and 2021

## Statements of Net Cost

These statements present the net cost of the government operations for  FYs 2022 and 2021. Costs and earned revenues are categorized on the Statement  of Net Cost by significant entity, providing greater accountability by showing  the relationship of the entities’ net cost to the government-wide net cost.  Costs and earned revenues are presented in this *Financial Report*on an accrual basis, while the budget presents  outlays and receipts, generally on a cash basis. The focus of the Budget is by  entity. In reporting the Statement of Net Cost by entity, we are assisting the  external users in assessing the operating performance, budget integrity,  stewardship, and systems and controls of the government.

The Statements of Net Cost contain the following four  components:

- Gross cost—is the full cost of all the departments and entities excluding (gain)/loss from changes in assumptions. These costs are assigned on a cause-and-effect basis, or reasonably  allocated to the corresponding entities.
- Earned revenue—is exchange revenue  resulting from the government providing goods and services to the public  at a price.
- (Gain)/loss from changes in assumptions—is the gain or loss from  changes in long-term assumptions used to measure the liabilities reported for  federal civilian and military employee pensions, OPEB, and ORB, including  veterans’ compensation.
- Net cost—is computed by subtracting earned revenue from gross cost,  adjusted by the (gain)/loss from changes in assumptions.

Individual  entity net cost amounts will differ from the entity’s financial statements  primarily because of reallocations completed  at the government-wide level which are listed below.

- Employee benefit  costs.
- Intra-governmental eliminations, as adjusted for buy/sell costs and related  revenues.
- Imputed costs.

Because of its specific function, most of the employee benefit costs  originally associated with the OPM have been reallocated to the user entities  for government-wide reporting purposes. The remaining costs for OPM on the  Statements of Net Cost are the administrative operating costs, the expenses  from prior costs from health and  pension plan amendments, and the actuarial gains and losses, if applicable.

With regard to intra-governmental buy/sell costs and related revenues,  the amounts recognized by each entity are added to, and subtracted from, respectively, the individual entity non-federal net cost amounts in order to allocate  the costs to the entities that  incurred the costs. GSA is the primary provider of goods and services to  federal entities. GSA’s net cost is adjusted for its intra-governmental  buy/sell costs and related revenues. The remaining costs for GSA on the  Statements of Net Cost are  administrative operating costs.

In addition, the intra-governmental imputed costs recognized for the  receipt of goods and services, financed in whole or part by the providing  entities, are added to the individual entity non-federal net cost amounts. The most  significant types of imputed costs that are recorded relate to post-retirement  and health benefits, FECA, and Treasury’s Judgment Fund. The consolidated  Statements of Net Cost is intended to show the full cost for each entity,  therefore, the amount of these imputed costs are added back to the reporting  entities’ gross cost line item and subtracted from the applicable administering  entities’ gross cost line item. These imputed costs have a net effect of zero  on the Statements of Net Cost in the *Financial  Report*.

The interest on securities issued by Treasury and held by the public is  reported on Treasury’s financial statements, but because of its importance and  the dollar amounts involved, it is reported separately in these statements.

United States Government          Statement of Net Cost          for the Year Ended September 30, 2022

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United States Government          Statement of Net Cost          for the Year Ended September 30, 2021 (Restated)

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            Table of Contents
            Current Report: Fiscal Year 2022
 - 
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            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
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
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 - 
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Note 3. Accounts  Receivable, Net - 
PDF version
Note 4. Loans Receivable, Net and Loan Guarantee Liabilities - 
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Note 5. Inventory and Related Property, Net - 
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Note 6. General Property, Plant, and Equipment, Net - 
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Note 7. Investments - 
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Note 8. Investments in Government-Sponsored Enterprises - 
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Note 9. Advances and Prepayments - 
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Note 10.   Other Assets - 
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Note 11. Accounts Payable - 
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Note 12. Federal Debt and Interest Payable - 
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Note 13. Federal Employee and Veteran Benefits Payable - 
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Note 14. Environmental and Disposal Liabilities - 
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Note 15. Benefits Due and Payable - 
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Note 16. Insurance and Guarantee Program Liabilities - 
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Note 17. Advances from Others and Deferred Revenue - 
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Note 18.  Other Liabilities - 
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Note 19. Collections and Refunds of Federal Revenue - 
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Note 20. Commitments - 
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Note 21. Contingencies - 
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Note 22. Funds from Dedicated Collections - 
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Note 23. Fiduciary Activities - 
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Note 24. Long-Term Fiscal Projections - 
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Note 25. Social Insurance  - 
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Note 26. Stewardship Property, Plant, and Equipment - 
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Note 27.  Disclosure Entities and Related Parties - 
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Note 28. Public-Private Partnerships  - 
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Note 29. COVID-19 Activity - 
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Note 30.  Subsequent Events  - 
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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 - 
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Other Information (Unaudited) - 
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Tax Burden - 
PDF version
Tax Gap - 
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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 04/06/23

            
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