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Fed 2008 Balance Sheet

Fed 2008 Balance Sheet

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Published by: moming on Apr 24, 2009
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03/14/2014

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The Federal Reserve Banks
Combined Financial Statements as of and for the Years Ended December 31, 2008 and 2007 and Report of Independent Auditors 
 
THE FEDERAL RESERVE BANKS
TABLE OF CONTENTS
Page
REPORT OF INDEPENDENT AUDITORSFINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDEDDECEMBER 31, 2008 AND 2007:Statements of Condition 1Statements of Income and Comprehensive Income 2Statements of Changes in Capital 3Notes to Financial Statements 4-49
 
 
REPORT OF INDEPENDENT AUDITORS
To the Board of Governors of the Federal Reserve Systemand the Board of Directors of the Federal Reserve Banks:We have audited the accompanying combined statements of condition of the FederalReserve Banks (the “Reserve Banks”) as of December 31, 2008 and 2007, and the relatedcombined statements of income and comprehensive income and changes in capital for the yearsthen ended, which have been prepared in conformity with accounting principles established bythe Board of Governors of the Federal Reserve System. These combined financial statements arethe responsibility of the Reserve Banks’ management. Our responsibility is to express an opinionon these combined financial statements based on our audits.We conducted our audits in accordance with the standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the combined financial statements are freeof material misstatement. An audit includes consideration of internal control over financialreporting as a basis for designing audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the combined Reserve Banks’internal control over financial reporting. Accordingly, we express no such opinion
.
An audit alsoincludes examining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements, assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe thatour audits provide a reasonable basis for our opinion.As described in Note 4 to the combined financial statements, the Reserve Banks have prepared these combined financial statements in conformity with accounting principlesestablished by the Board of Governors of the Federal Reserve System, as set forth in the
 Financial Accounting Manual for Federal Reserve Banks,
which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America.The effects on such combined financial statements of the differences between the accounting principles established by the Board of Governors of the Federal Reserve System and accounting principles generally accepted in the United States of America are also described in Note 4.In our opinion, the combined financial statements referred to above present fairly, in allmaterial respects, the combined financial position of the Reserve Banks as of December 31, 2008and 2007, and the combined results of their operations for the years then ended, on the basis of accounting described in Note 4.April 20, 2009

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