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164265 1 (2000-11-01)

handle is hein.gao/gaobacxjt0001 and id is 1 raw text is: Joint Financial M anagem ent Im provem ent P rogram J FMIP A Newsletter for Government Financial Managers Fall 2000 Vol. 12. No. 3. jjiwgW Financial Management System Improvements A Joint Perspective 2 Scantlebury Award Nominations 3 New JFMIP Website 3 Financial Management Profile Robert F. Hale, Air Force 4 Chris Sale, FDIC 5 Property Management Systems Requirements 9 Incremental Testing of Qualified Software 9 FASAB Update 12 Justice Plans for New FM System 16 VA Implements New HR & Payroll System 17 Performance Based Contracting at Education 18 The JFMIP Experience 19 JFM IP HR Project 20 Treasuty's PAYGOV 20 , DOE's Travel Reimbursement 21 PROBLEM SOLUTIONS An agency financial management improvement plan is the vehicle by which an agency displays its financial improvement initiatives. t brings together all of an agency's improvement initiatives that support the agency's financial management strategy and, at a higher level, those strategies defined in the information technology and business plans supporting an agency mission. A financial management plan informs the budget process by linking new system initiatives to an agency's overall improvement strategy and by responding to statutory requirements, policies and other requirements impacting financial management system planning and implementation. Implementing SFFAS 10 S tatement of Federal Financial Accounting Software, was finalized in 1998 and is effective for FY 2001. SFFAS 10 provides accounting standards for internal use software. It classifies internal use software as general property, plant, and equipment as defined in SFFAS 6, Accounting for Property, Plant, and Equipment, and requires software costs meeting certain criteria to be capitalized whether purchased as commercial off-the-shelf (COTS), or developed by a contractor or internally developed. SFFAS 10 provides guidance regarding the types ofcost elements to capitalize, the timing and thresholds of capitalization, amortization periods, accounting for impairment, and other issues. Continued on page 6. Two clear drivers for Federal agency financial management plans are the Chief Financial Officers (CFO) Act of 1990 and the Federal Financial Manager's Improvement Act (FFMIA) of 1996. These laws require agencies to annually update their financial management plans and, for those agencies that are not in substantial compliance with FFMIA, to prepare a remediation plan for bringing systems into compliance with the provisions of Section 803(a) of the Act. These, however, are not the only statutory requirements by which agencies must abide. Other laws and policies require agencies to apply sound investment practices in constructing their financial management plans Financial systems are a subset of information technology (IT) systems, and, as such, agencies must adhere to the requirements of the Clinger-Cohen Act (also know as Information Technology Management Reform Act of 1996) that requires establishing a capital planning and investment control (CPIC) process to manage IT investments. The Government Performance and Results Act of 1993 requires agencies to link budget decision-making with the achievement of agency Continued on page 8. 1

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