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Financial Discussion and Analysis

Financial Highlights

The USPTO received an unqualified (clean) audit opinion from the independent public accounting firm of KPMG LLP on its FY 2011 financial statements, provided in the Financial Section of this report. This is the 19th consecutive year that the USPTO received a clean opinion. Our unqualified audit opinion provides independent assurance to the public that the information presented in the USPTO financial statements is fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America. In addition, KPMG LLP reported no material weaknesses or significant deficiencies in the USPTO’s internal control, and no instances of non-compliance with laws and regulations affecting the financial statements. Refer to the Other Accompanying Information section for the Summary of Financial Statement Audit and Management Assurances.

The summary financial highlights presented in this section provide an analysis of the information that appears in the USPTO’s FY 2011 financial statements. The USPTO financial management process ensures that management decision-making information is dependable, internal controls over financial reporting are effective, and that compliance with laws and regulations is maintained. The issuance of these financial statements is a component of the USPTO’s objective to continually improve the accuracy and usefulness of its financial management information.

Balance Sheet and Statement of Changes in Net Position

Statement of Net Cost

Earned Revenue

Program Costs

Statement of Budgetary Resources

Statement of Cash Flows

Limitation on Financial Statements

Management Responsibilities

United States Patent and Trademark Office
Last Modified: 01/03/2012 14:04:41