What’s the Right Level of Financial Reporting?

Tags: Finances, oversight, public reports

If you’re reading this blog, you likely have an interest in the Postal Service and its financial welfare. How can the Postal Service provide you and other stakeholders with the most appropriate financial information?

When the Postal Accountability and Enhancement Act (the Act) was enacted on December 20, 2006, it made significant changes to the Postal Service’s financial reporting responsibilities and governance. Although the Postal Service is not subject to regulation by the Securities and Exchange Commission (SEC), the Act required the Postal Service to file with the Postal Regulatory Commission (PRC) a number of financial reports containing information prescribed by the SEC (i.e., information contained on SEC Forms 10-Q, 10-K, and 8-K). The Act also specifically required the Postal Service to report certain financial information concerning pension and postretirement health obligations in its SEC-type 10-K annual report based on data provided by the Office of Personnel Management.

In addition, the PRC recently issued a Notice of Final Rule Prescribing Form and Content of Periodic Reports dated April 16, 2009, requiring the Postal Service to provide an annual Integrated Financial Plan, a Monthly Summary Financial Report, a monthly National Consolidated Trial Balance, and a monthly Revenue and Expense Summary.

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Why do you believe that each of the selected reports/documents is required for appropriate public disclosure? (Please explain in the comments below.)

Why do you believe that those reports/documents not selected are inappropriate for public disclosure? (Please explain in the comments below.)

This topic is hosted by the OIG’s Financial Reporting directorate.

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24 Responses to “What’s the Right Level of Financial Reporting?”

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24
HedgeLender Says:
November 4th, 2009 at 8:09 pm
There does need to be heightened levels of transparency and oversight, and it needs to come from external organizations.
23
Affacturage Says:
July 17th, 2009 at 7:22 am
Let’s face it: despite many people’s protestations to the contrary, too many folks have an automatic trust of government. When there is a problem, many of us don’t like to think of government as the problem but as the solution. Add to that the near phobia that many have about economics as business and what do we get? Pretty much what we have now: a government going billions of dollars IN debt in attempts to get the economy OUT of debt, We get a government doing such idiotic things as bailing out companies for whom bankruptcy is imminent and buying up banks.
22
Concerned Says:
July 2nd, 2009 at 12:49 am
One problem is that under the new law some information that was formerly publicly available is now restricted. The Postal Service no longer even reveals the total volume and revenue for Priority Mail. This type of information should be made public.
21
Anonymous Says:
July 1st, 2009 at 11:23 am
The problem with blogs is everyone thinks they’re an expert. The external reporting that the USPS does conforms to U.S. Generally Accepted Accouting Principles and is independently audited by Ernst & Young LLP. As a quasi-governmental entity, the Postal Service is required to provide more information than its private industry counterparts. However, to go overboard in this area would be a competitive disadvantage and provide the competition with information they should not have. Today’s level of reporting is just right.