The National Assembly Budget Office, in an effort to support the 19th National Assembly’s final settlement evaluation, has published “FY 2011 financial statement analysis” which is the twelfth volume in the series of “FY 2011 final account analysis reports.”
    The National Assembly Budget Office has analyzed “FY 2011 national financial statement” which was submitted by the government in May, 2012 for the first time. In the financial statement analysis, we present main points of accounts with links to tax revenue and expenditure reports, and analysis results for lists of issues through financial statements.

National financial statement overview
- (Balance Sheet) total asset 1,523.3 trillion won, total debt 773.6 trillion won, total net asset 749.6 trillion won
- (Income Statement) The net cost of fiscal programs is 257.7 trillion won. The net cost of fiscal programs & managements is 27.1 trillion won deficit.

National financial statement analysis
- (Balance Sheet) first recognition of infrastructure, first recognition of pension provisions, estimated liabilities
- (Income Statement) rise of net cost of fiscal programs such as Korea Communications Commission, public procurement service, etc.
- (lacks consistency with other final reports) lacks consistency of data in financial statement, lacks consistency of data with final reports such as national debt report

Financial statement analysis by departments
- (departments without administration cost) nine departments do not have administration cost
- (error of cost categorization) categorization of depreciation cost, fringe benefits
- (incorrect accounting of BTO) incorrect accounting of BTO in the Ministry of National Defense’s cyber information and learning

Budget Analysis Office