March 1, 2006
JS-4085

Statement of Donald V. Hammond
U.S. Department of the Treasury Fiscal Assistant Secretary
before the
House Government Reform Subcommittee on
Government Management, Finance and Accountability
March 1, 2006
Financial Report of the United States Government for Fiscal Year 2005

Mr. Chairman and Members of the Subcommittee:

I appreciate your inviting me here today to discuss the Financial Report of the United States Government for fiscal year 2005.  The Treasury Department greatly appreciates your continued focus on improving the Federal Government's financial management and reporting.  Your sustained attention to these issues highlights their importance and has led to significant improvements.  Today I will briefly discuss the fiscal year 2005 financial results including the report's long-range, accrual-based look at the government's liabilities, commitments, and responsibilities.  I will describe the actions we are taking to resolve the auditor's findings and recommen­dations and our plans to make the report more useful.  Finally, I will tell you what I believe are the next steps we need to take in government financial reporting.