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163908 1 (2000-06-01)

handle is hein.gao/gaobacxji0001 and id is 1 raw text is: Jo int Fin an cia I M anag em e nt Im p rove m ent P rog ra m J FMIP) ANewsletterfor Government Financial Managers s Summer 2000 Vol. 12. No. 2. h'lNJE 2000 Federal Financial Management Report A Joint Perspective 2 New CFO Council Members 3 CFO Council Retreat 3 Financial Management Profile Jesse L. Funches, NRC 4 Mark Carney, Education 5 Systems Implementation Roadmap 6 Incremental Test for Core Systems 7 Grant Financial System Requirements 8 Property Management System Requirements Update 9 GAO Endorses Framework for Payment Process 9 FASAB Update 11 Graduation, CFO Fellows Class of 2000 12 T he U.S. Office of Management and Budget (0MB) and the Chief Financial Officers (CFO) Council recently issued their annual report on financial management. The report highlights how far Federal financial management has come in the past decade (since the passage of the CFO Act of 1990), and outlines what needs to be done in the future. Accountability to the Public In the past decade, the issuance of audited financial statements by agencies has been an important step toward more accountability to the public. In October 1999, Federal accounting standards issued by the Federal Accounting Standards Advisory Board (FASAB) were recognized by the American Institute of Certified Public Accountants (AICPA) as GAAP (generally accepted accounting principles). The 24 largest departments and agencies in the Federal government now issue financial statements annually and the Federal Government issued its third government-wide financial statement. More agencies have improved the timeliness and quality of agency financial statements, with 14 agencies receiving clean opinions on their financial statements for FY 1999. Reliable Financial Systems Agencies must have financial systems that provide reliable and timely financial information to improve decision making. The Federal Financial Management Improvement Act (FFMIA) of 1996 requires that agencies have financial management systems that comply with Federal financial system requirements, applicable Federal accounting standards, and the U.S. Government Standard General Ledger at the transaction level. The heads ofsix CFO Act agencies have determined that their agencies complied with all three requirements. OMB and the CFO Council are placing Continued on page 7. CFO Fellows: (Back Row, L to R) Len Bechtel, Pat Clark, Tracy Dahbura, Adolphus Hawkes; (Front Row, L to R) Tyndall Traversa, Deborah Staton-Wright, Steve Nash, Lou Pennock. See article on page 12. 1

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