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Saturday, January 01, 2005

FFM 101 - Legislation and Management Requirements

FFM 101 incorporates several posts involving the basic and primary knowledge areas for Federal Financial Management.

Below you will find links to the defining legislation and executive guidance that governs Federal Financial Management.

The Federal Managers Financial Integrity Act (FMFIA) of 1982

Required ongoing evaluations of and reports on the adequacy of internal accounting systems and administrative controls of each executive agency, not just controls over financial reporting but also controls over program areas.

The Chief Financial Officers Act of 1990 (CFO Act)

Mandated a financial management leadership structure; required the preparation and audit of annual financial statements only by pilot agencies; called for modernized financial management systems; strengthened internal controls; and required the systematic measurement of performance, the development of cost information, and the integration of program, budget and financial systems. Public Law 101-576 (Nov. 15, 1990).

Federal Credit Reform Act of 1990

The Government Performance and Results Act (GPRA) of 1993

Required agencies to develop strategic plans, set performance goals and report annually on actual performance compared to goals.

The Government Management Reform Act (GMRA) of 1994

Made permanent the pilot program in the CFO Act for annual audited agency-level financial statements, expanded this requirement to all CFO Act agencies, and established a requirement for the preparation and audit of governmentwide consolidated financial statements.

The Federal Financial Management Improvement Act (FFMIA) of 1996

Built on the foundation laid by the CFO Act by reflecting the need for CFO Act agencies to have integrated systems that can generate reliable, useful and timely information with which to make fully informed decisions and to ensure accountability on an ongoing basis.

Debt Collection Improvement Act of 1996

The Federal Managers Financial Integrity Act (FMFIA) of 1996

The genesis of the increasing focus on improving the effectiveness and performance of federal grant programs, simplifying the process and reporting, improving coordination between grant-making organizations, and improving the delivery of public service.

Public Law 106-107, Federal Financial Assistance Management Improvement Act of 1999

Reports Consolidation Act of 2000

Required that agencies prepare a combined Performance and Accountability Report (PAR) each year.

Prompt Payment Act of 2001

Accountability of Tax Dollars Act (ADTA) of 2002

Required most executive agencies that are not otherwise required, or are exempted by OMB, to prepare annual audited financial statements and to submit such statements to the director of OMB and Congress.

Improper Payments Information Act (IPIA) of 2002

Required agencies to enhance the accuracy and integrity of federal payments.

Department of Homeland Security Financial Accountability Act of 2004

Added the Department of Homeland Security to the list of CFO Act agencies.

Federal Funding Accountability and Transparency Act (FFATA) of 2006

Required most executive agencies that are not otherwise required, or are exempted by OMB, to prepare annual audited financial statements and to submit such statements to Congress and the director of OMB.

The American Recovery and Reinvestment Act (ARRA) of 2009

Improper Payments Elimination and Recovery Act (IPERA) 2010

OMB Circular A-11, Preparation, Submission, and Execution of the Budget

OMB Circular A-123, Management Accountability and Control

OMB Circular A-125, Prompt Pay

OMB Circular A-127, Financial Management Systems

OMB Circular A-130, Security of Federal Automated Information Resources

OMB Circular A-134, Financial Accounting Principles and Standards

OMB Circular A-136, Financial Reporting Requirements

FASAB, Statement of Federal Financial Accounting Standards (SFFAS) Number 2 - Accounting for Direct Loans and Loan Guarantees

United States Standard General Ledger

Common Governmentwide Accounting Classification (CGAC) Structure

FSIO Standard Business Processes

FSIO System Requirements

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