February 22, 2012 we have (2016 pdf files in our database)
Short Desciption: United States Postal Service#39;s (USPS) accounting
Content Inside: GAO-02-916R, U.S. Postal Service: Accounting for Postretirement Benefits GAO-02-916R Postal Service Postretirement Health Obligations Accounting Washington, DC 20548 September 12, 2002 Mr. John E. Potter Postmaster General Accounting Dear Mr. Potter: As you know, in 1992 GAO issued a report that, among other things, considered the accounting 1 accounting in multiemployer plans was in accordance with existing private sector generally accounting the full amount of the accrued benefits earned by USPS employees and retirees in notes to its financial statements to provide more complete information for making informed judgments about USPS in dealing with oversight matters, assessing rate change requests, and evaluating USPSrsquo;s overall financial position and performance. While USPSrsquo;s current disclosures may meet the minimum requirements under GAAP, the enhanced disclosures GAO recommended, which are not precluded under GAAP, would, in our view, provide additional transparency in USPSrsquo;s financial statements. USPS disagreed with this recommendation and therefore has not implemented it. We recently reviewed and reassessed our 1992 report and have concluded that it did accounting statutory obligations that USPS has, which are not applicable to other multiemployer plans ndash; both pension and other postretirement benefit plans. In addition, it is clear that existing GAAP does not directly address the unique characteristics of government plans similar to those that USPS participates in. Given this, combined with the economic and competitive environment USPS now faces, ongoing efforts to transform USPS to address its financial and operational challenges, and both the Congressrsquo; and the publicrsquo;s call for more information and transparency regarding financial reporting matters, we believe that it is an appropriate time for USPS to reassess how best to account for and disclose this very