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Thursday, July 05, 2007

OMB updates financial, performance reporting

The Office of Management and Budget clarified for agencies aspects of financial and performance reporting to make their information more comprehensive and transparent. OMB also provided guidance for next year’s Performance and Accounting Reports (PARs), which agencies must submit by Nov. 15.

The revisions were made in cooperation with the Chief Financial Officers Council and take effect in September at the end of the 2007 fiscal year, OMB Director Rob Portman said.

The OMB document (Circular A-136 revised) updates requirements and spells out changes in how agencies should prepare their financial statements to improve their fiscal accountability.

In addition to agency reports, OMB also provided key dates for submitting data to support the Treasury Department in producing the 2007 governmentwide financial report, which is due to be released Dec. 15.

-Mary Mosquera, FCW.com

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