Financial Reports

The FY 2018 Transaction Fund Agency Financial Report (AFR) has been restated in the comparative FY2019 Transaction Fund AFR.  The FY 2018 Statement of Net Cost is restated to correct the misapplication of the revenue recognition accounting principles in accordance with SFFAS No. 7, Accounting for Revenue and Other Financing Sources and Concepts for Reconciling Budgetary and Financial Accounting.  Specifically, exchange revenue was being recorded and presented on a net basis, whereby revenue and cost of goods sold were recorded and presented as net revenue. DLA concluded that the accounting for the revenue transactions should be corrected and adjustments were recorded by DLA, to correct the error and to present revenue and cost of goods sold on a gross basis on the statements of net cost. As a result, the FY 2018 Statement of Net Cost included within the FY 2018 Transaction Fund AFR should no longer be relied upon due to the subsequent restatement for the misapplication of the revenue recognition accounting