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The US Standard General Ledger (USSGL)

The cornerstone of financial systems

Credit Reform Accounting

Updated August 10, 2004

This reference material is provided to assist credit agencies in complying with the Credit Reform Act of 1990 (P.L. 101-508).


The Federal Credit Reform Act of 1990 was enacted to accomplish four objectives:

  • measure more accurately the costs of Federal credit programs;
  • place the cost of credit programs on a budgetary basis equivalent to other Federal spending;
  • encourage the delivery of benefits in the form most appropriate to the needs of beneficiaries; and
  • improve the allocation of resources among credit programs and between credit and other spending programs.

Standard USSGL Transactions

  • Credit Reform Case Studies
    The case studies illustrate accounting for direct and guaranteed loans at the net present value of their cash flows for transactions occurring after 1991. A case study is also available for loans prior to 1992 using the cash basis of accounting.
  • Issue Papers
    The issue papers provide a review of individual credit issues that require modification. Issue papers are not authoritative guidance. They are discussed and endorsed by the AAPC Credit Reform Task Force.

Working Groups

Open Gov   My Money.gov   USA.gov
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