GAO báo cáo tài chính này 1994 statemente. kết quả từ điều kiện ae 31 Tháng 12 năm 1993, và do đó giảm $ 410 triệu đô la sẽ có được phản ánh GDPTBM một cách thích hợp trong HP * 8 báo cáo tài chính 31 tháng 12 năm 1993. | Appendix II Comments From the Federal Deposit Insurance Corporation or recommend a different approach to estimating the loan loss ị reserve. _ _ _ Ỉ NON-MATERIAL 1993 ESTIMATED LIABILITY ISSUE within their report GAO discusses a 410 million dollar reduction in the Bank Insurance Fund a estimated liability for troubled Institutions which FDIC reported on the fund s first quarter 1994 financial statements. GAO reports that this adjustment resulted from conditions as of December 31 1993 and therefore the 410 million dollar reduction would have been more appropriately reflected in BIF S financial statements as of December 31 1993. FDIC RESPONSE The FDIC does not agree with the General Accounting Office GAO that the 410 million reduction in the Bank Insurance Fund s BIF estimated liability for troubled institutions which was made in the first quarter of 1994 should be reflected as of 12 31 93. While it is correct that one factor considered in this adjustment is financial information from financial institutions as of 12 31 93 it is only one factor among several considered by FDIC in its quarterly methodology for establishing this liability ị estimate other factors which established this downward ị adjustment were fully attributable to information obtained in Ì 1994. The FDIC believes that the amount reflected in its financial statements was appropriate to comply with generally accepted accounting principles. As with all estimates this amount is subject to revision as additional information becomes available. Since the FDIC B established methodology based upon ị 1993 and first quarter 1994 information required a downward adjustment of 410 million the FDIC appropriately reflected this amount in the BIF s first quarter 1994 financial statements. 1993 REPORTABLE CONDITIONS GAD reported that Time and Attendance procedures and guidance were not always followed resulting in deficiencies similar to those identified during the 1992 audit. GAO recommends that the Acting .
