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Federal Credit Reform: Information On Credit Modifications and Financing Accounts

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Report Type Reports and Testimonies
Report Date Sept. 30, 1993
Report No. AIMD-93-26
Subject
Summary:

Calculating the cost of loan obligation and loan guarantee commitment modifications and maintaining financing accounts were among the many new accounting and reporting requirements placed on agencies by the Federal Credit Reform Act. Although agencies in the past had not generally needed to calculate the cost of loan obligation and loan guarantee commitment modifications, this is an important part of credit reform for budgetary purposes. Further, for the most part, agencies did not update their financial systems or establish new payment control procedures to accommodate the financing accounts created by the act. Instead, several agencies used precredit reform financial systems and controls and made estimates, adjustments, or consolidations to provide financing account data, which can affect the accuracy and the reliability of this information.

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