Financial Management: Arms Sales Ceiling Based on Inconsistent and Erroneous Data

Weekly Updates

LegiStorm is constantly adding new information on the people, places and reports in our database. In the past week, LegiStorm added:

1315 new people
107 new organizations
1149 new photos
1999 job history records for people in our database
713 education records for people in our database
3184 contact addresses, emails and URLs (LinkedIn, Facebook, etc.)
1 new person through the revolving door
132 new policy reports
15 new trips to our privately funded travel database
356 new personal financial disclosures
9208 new press releases
5 new town halls
37 new hearings

Caught Our Eye Rss

Longtime House staffer heads to trade org

by Heavyn Lester on 11/13/2024
Members of Congress more likely to be veterans

by Heavyn Lester on 11/12/2024
Native American underrepresentation in Congress will continue in 2025

by Heavyn Lester on 11/04/2024
Civil rights leads the fastest growing issues in 2024

by Caleb Mynatt on 10/28/2024
Oil trade group picks up Senate staffer

by Heavyn Lester on 10/23/2024

» More from Caught Our Eye

Follow @LegiStorm

LegiStorm adds House Q2 salaries and expenses

2024-09-05
Latest Senate salary and expense records published

2024-06-10
LegiStorm adds House Q1 salaries and expenses

2024-06-05
LegiStorm adds Q4 salary analytics and turnover data

2024-03-14

» More from our DevBlog

Healthcare: Monthly people moves

by Axios on 11/01/2024
An exodus of top staffers from Yadira Caraveo’s congressional office

by The Colorado Sun on 10/15/2024
Yadira Caraveo has among the highest staff turnover rates in Congress

by The Colorado Sun on 10/15/2024
'I'm advocating Christian nationalism': Josh Hawley's ties to Project 2025 exposed

by Raw Story on 10/15/2024

Premium Download PDF Now (12 pages)

Report Type	Reports and Testimonies
Report Date	April 12, 1978
Report No.	FGMSD-78-30
Subject	Cost accounting standards compliance Cost control Financial management Financial records Foreign military sales Foreign military sales costs Accounting errors Accounting systems

Summary:

In November 1977, the Defense Security Assistance Agency (DSAA) disclosed that its previously reported estimate of $9.9 billion for fiscal year (FY) 1977 foreign military sales was understated by $1.4 billion. The President based FY 1978 arms sales ceiling of $8.6 billion on FY 1977 sales.

There were substantial accounting inconsistencies and errors relating to the $1.4 billion adjustment. As a result, FY 1977 sales of weapons and weapons-related items subject to the ceiling were overstated by $594 million. Using the corrected sales figures, the ceiling now represents only a $66 million reduction from FY sales rather than the $695 million reduction originally estimated. DSAA inconsistently accounted for price changes and made other accounting errors, and efforts to correct the accounting records at FY end largely failed.

« Return to search Government Accountability Office reports

Weekly Updates

Caught Our Eye Rss

Social Media

DevBlog Rss

In the News

Financial Management: Arms Sales Ceiling Based on Inconsistent and Erroneous Data