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GAO-07-298R 1 (2007-05-24)

handle is hein.gao/gaocrptautl0001 and id is 1 raw text is: SpGAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 May 24, 2007 The Honorable Brian Bilbray Ranking Minority Member Subcommittee on Government Management, Organization, and Procurement Committee on Oversight and Government Reform House of Representatives The Honorable Todd Russell Platts House of Representatives Subject: Managerial Cost Accounting Practices at the Department of the Interior Authoritative bodies have promulgated laws, accounting standards, information system requirements, and related guidance emphasizing the need for accurate and reliable cost information 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 provides 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 (SFFAS) 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. In addition, the Federal Financial Management Improvement Act of 19963 required, among other things, that CFO Act agencies' systems comply substantially with federal accounting standards and federal financial management systems requirements. In light of the provision related to MCA information in federal agencies, we were asked to review the status of MCA in 10 of the largest civilian agencies. Our objectives were to determine how (1) federal agencies generate MCA information and 'Pub. L. No. 101-576, 104 Stat. 2838 (Nov. 15, 1990). 2In 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. 3Pub. L. No. 104-208, div. A., § 101 (f), title VIII, 110 Stat. 3009, 3009-389 (Sept. 30, 1996). GAO-07-298R Managerial Cost Accounting Practice

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