GAO Wants USPS to Reassess Accounting Procedures
The General Accounting Office sent a letter to U.S. Postal Service officials, board members and the agency's inspector general Sept. 13 suggesting that the agency reassess the accounting procedures used to evaluate the costs and future effect of its USPS pension and post-retirement health obligations.The GAO suggested that the USPS consider using accrual accounting instead of the current pay-as-you-go method for its pension and post-retirement health benefits.
The GAO also recommended that the USPS enhance disclosures regarding its accounting treatment for its pension and post-retirement health obligations, such as including discussions and statements of the health obligations in the footnotes of its financial statements
