From the FMLOB Quarterly Newsletter:
The FMLoB is developing the Standard Business Process for Funds Control, the first in a series of documents that describes government-wide standard processes and activities for financial management. This document addresses standardization requirements for the Funds Control process, which prevents the expenditure of funds in excess of established budgetary limitations as established through the Funds Distribution process. Funds management and funds control activities are the first steps to ensure that financial managers are assessing the status of programs with timely and accurate data. Accurate data presented to financial managers from the budget and financial systems are critical to making decisions associated with government
operations. Standardizing the funds management process will improve the quality and performance of financial management systems across the Federal government. The FMLoB is expected to release the Funds Control Exposure Draft in February 2007 to solicit comment from the Federal financial community.