BusinessCompany NewsUS admits to $17bn ‘book-keeping loss’

US admits to $17bn 'book-keeping loss'

In the latest in the ever-inreasing saga of accounting irregularities, the US Treasury has admitted it has 'lost' $17.3bn (£11.7bn) because of shoddy book-keeping.

According to reports, the loss, which is 30 times greater than the Enron black hole, is revealed in the 2001 Financial Report of the United States Government and it is understood the General Accounting Officer was reluctant to sign off the accounts.

In a note to the accounts, the Treasury blamed three factors – the failure of government agencies to keep accurate books, errors in reporting various contracts between government agencies and problems with the timing of certain costs and revenues.

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