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Monday, July 31, 2006

OMB updates financial-reporting guidance

"The Office of Management and Budget has updated guidance for governmentwide financial reporting required under OMB Circular A-136. The guidance clarifies changes for the fiscal 2006 Performance and Accountability Report, future PARs and financial statements.

The revisions take effect at the end of the fiscal year, Sept. 30, unless otherwise specified, said OMB Director Rob Portman in the memo dated July 24.

The guidance makes permanent for all agencies the PARs submission deadline of 45 days after the end of the fiscal year, or Nov. 15. The Treasury Department must provide its governmentwide financial report one month later, or Dec. 15.

Other changes in the guidance reflect new requirements, such as incorporating a management assurance statement attesting to the agency's compliance with Circular A-123, Management's Responsibility for Internal Controls. "

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