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GAO-06-1002R 1 (2006-09-21)

handle is hein.gao/gaocrptasua0001 and id is 1 raw text is: S=GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 September 21, 2006 The Honorable Todd R. Platts Chairman, Subcommittee on Government Management, Finance, and Accountability Committee on Government Reform House of Representatives Subject: Managerial Cost Accounting Practices: Department of Agriculture and the Department of Housing and Urban Development Dear Mr. Chairman: Authoritative bodies have promulgated laws, accounting standards, information system requirements, and related guidance to emphasize the need for cost information and cost management in the federal government. For example, the Chief Financial Officers (CFO) Act of 1990' contains several provisions related to managerial cost accounting (MCA), one of which states that an agency's CFO should develop and maintain an integrated accounting and financial management system that provides for the development and reporting of cost information. Statement of Federal Financial Accounting Standards No.4, Managerial Cost Accounting Concepts and Standards for the Federal Government, and the Joint Financial Management Improvement Program's (JFMIP) Framework for Federal Financial Management Systems2 established accounting standards and system requirements for MCA information at federal agencies. The Federal Financial Management Improvement Act of 19963 built on this foundation and required, among other things, CFO Act agencies to comply substantially with federal accounting standards and federal financial management systems requirements. In light of the requirements for federal agencies to prepare MCA information, you asked us to determine the extent to which federal agencies develop cost information and use it for managerial decision making. The objectives of our review were to determine how federal agencies generate MCA information as well as how 1Pub. L. No. 101-576, 104 Stat. 2838 (Nov. 15, 1990). 2 In 2005, JFMIP' s responsibilities for financial management and policy oversight were realigned to the Office of Management and Budget, the Office of Personnel Management, and the Chief Financial Officers Council. 3 Pub. L. No. 104-208, div. A., § 101 (f), title VIII, 110 Stat. 3009, 3009-389 (Sept. 30, 1996). GAO-06-1002R Managerial Cost Accounting Practices

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