Report on the Reclassified Financial Statements

We have audited the accompanying Reclassified Financial Statements of the U.S. Postal Service which comprises the Government-wide Treasury Account Symbol Adjusted Trial Balance System (GTAS) Reconciliation Report – Reclassified Balance Sheet as of September 30, 2020, and the related GTAS Reconciliation Reports – Reclassified Statement of Net Cost and Reclassified Statement of Changes in Net Position, for the year then ended (hereinafter referred to as reclassified financial statements) and accompanying Note 44.

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  • anon

    could you please explain the first 2 paragraphs on page 6. "as of September 30, 2020, The Postal Service has defaulted on the required payments of $63.2 billion for the pension and health benefits programs. OPM stated in their FY 2020 invoices for CSRS, FERS, an PSRHBF that ,starting FY 2020, OPM will report and recognize the uncollected $63.2 billion receivable from the Postal Service as a $0realized value as clarified in the ne FASSAB Tech Bulletin 9tb)2020-1 (Loss allowance on Intragovernmental Receivables)" 2nd para: The Postal Serice has stated that, still it has the legal obligation to make these payments, it has not made changes to its accounting policy and continues to report $63.2 billion as current liabilities"...I read that if Congress simply eliminates the obligation in the law that the liability would vanish into thin air and the Postal Service would again be on a better footing...........Please respond .....and explain..... thank you

    Nov 20, 2020