"The Office of Management and Budget has updated core financial-system requirements that agencies must fulfill to meet federal guidelines to better manage their programs under the Federal Financial Management Improvement Act.
The updates reflect recent changes in regulations and central agency reporting systems, such as the Treasury Department's new Governmentwide Accounting program, said OMB Controller Linda Combs in the document released today.
Agencies disburse more than $2 trillion annually. Financial and program managers need access to detailed financial information to formulate budgets, monitor program operations and report performances in a reliable financial system. Core system functions include managing a general ledger, controlling spending, making payments, tracking costs and reconciling the agency's fund balance with the Treasury.
'This update demonstrates a strong commitment by the federal CFO community to continually improve the quality of financial services,' Combs said.
Agency chief financial officers and the CFO Council's Financial System Integration Committee participated in developing the requirements. The update outlines new provisions, clarifications of existing requirements and elimination of outdated terms. "