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Limitations of Financial Statements


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Photo showing the Chief Financial Officer and staff with the Certificate of Excellence in Accountability and League of American Communications Professionals awards in the background. Photo by Clark Day Photography.

Management has prepared the accompanying financial statements to report the financial position and operational results for the CFTC for FY 2012 and FY 2011 pursuant to the requirements of Title 31 of the U.S. Code, section 3515 (b).

While these statements have been prepared from the books and records of the Commission in accordance with GAAP for Federal entities and the formats prescribed by OMB Circular A-136, Financial Reporting Requirements, these statements are in addition to the financial reports used to monitor and control budgetary resources, which are prepared from the same books and records.

The statements should be read with the understanding that they represent a component of the U.S. government, a sovereign entity. One implication of this is that the liabilities presented herein cannot be liquidated without the enactment of appropriations, and ongoing operations are subject to the enactment of future appropriations.

 

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