Download or read book Financial management agencies face many challenges in meeting the goals of the Federal Financial Management Improvement Act written by and published by DIANE Publishing. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Federal Financial Management Improvement Act of 1996 written by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Efficiency, Financial Management, and Intergovernmental Relations and published by . This book was released on 2003 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial management achieving FFMIA compliance continues to challenge agencies report to congressional committees written by and published by DIANE Publishing. This book was released on with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Improving Federal Financial Management written by United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security and published by . This book was released on 2008 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Management written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-15 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Financial Management Improvement Act of 1996 (FFMIA) requires the 24 Chief Financial Officers (CFO) Act agencies to implement and maintain financial management systems that comply substantially with (1) federal financial management systems requirements, (2) federal accounting standards, and (3) the U.S. Government Standard General Ledger (SGL). FFMIA also requires GAO to report annually on the implementation of the act. This report, primarily based on GAO and inspectors general reports, discusses (1) the problems that continued to affect agencies systems' FFMIA compliance in fiscal year 2006 and (2) the initiatives under way to help move federal financial management toward FFMIA compliance. Federal agencies have continued to make progress in meeting the requirements of FFMIA since the passage of the law in 1996. Most agencies though, have not yet progressed to the stage that their systems are substantially compliant, and some agencies have made little progress. Accordingly, agencies continue to fall short in their attempts to establish the financial systems needed to create the full range of information needed for effective day-to-day management. In fiscal year 2006, auditors for 17 of the 24 CFO Act agencies reported that agencies' financial management systems did not substantially comply with at least one of the three FFMIA requirements. As shown below, based on audit reports, GAO identified six types of problems primarily related to agencies' systems. These problems with agency financial systems remain a significant obstacle to supporting effective management of the federal government. Number of Agencies with Reported FFMIA Compliance Problems for Fiscal Years 2002 through 2006 06121824Weaksecurity overinformationsystemsLack ofadherenceto federalaccountingstandardsNoncompliancewith the SGLLack ofaccurateand timelyrecordingInadequatereconciliationproceduresNonintegratedfinancialmanagementsystemsCFO Act agenciesFiscal yearSource: GAO analysis, based on independent auditors' financial statement audit reports.131112131211111114141715161715910111171311111110191715151620022003200420052006 With regard to improvement initiatives, GAO noted continued progress in two key areas: (1) agencies' required remediation plans and (2) the Office of Management and Budget's (OMB) efforts to address system implementation problems. All 12 of the remediation plans GAO reviewed included corrective actions, but several were missing key elements. Moreover, agencies continue to struggle with efforts to modernize their financial management systems. This problem is particularly acute at the Department of Defense. Agency modernization efforts have been consistently hampered by failure to follow best practices in systems development and implementation, commonly referred to as disciplined processes. As a result, these efforts far too often do not meet cost, schedule, and performance goals. To help address these problems, OMB has demonstrated continued progress in the implementation of the financial management line of business initiative. However, additional steps forward are needed to provide a foundation for this initiative.
Download or read book Financial Management Federal Financial Management Improvement Act Results for Fiscal Year 1999 written by David M. Walker and published by DIANE Publishing. This book was released on 2008-05 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The inability to produce the data needed to efficiently & effectively manage the day-to-day operations of the fed. gov¿t. & provide accountability to taxpayers historically has been a major weakness at most of the largest fed. agencies. The central challenge in generating such data is overhauling inadequate & outdated accounting & financial-related mgmt. information systems. This annual report addresses: (1) compliance of the Chief Financial Officers (CFO) Act agencies¿ financial systems with the requirements of the Fed. Financial Mgmt. Improvement Act of 1996 (FFMIA); (2) agencies¿ plans to bring their systems into compliance; & (3) other efforts to improve the government¿s financial mgmt. systems. Charts & tables.
Download or read book The Federal Financial Management Improvement Act of 1996 Are Agencies Meeting The Challenge June 6 2002 written by United States. Congress. House. Committee on Government Reform and published by . This book was released on 2003* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Federal Financial Management Improvement Act of 1996 written by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Efficiency, Financial Management, and Intergovernmental Relations and published by . This book was released on 2003 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial Management written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-07 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuant to a legislative requirement, GAO provided information on: (1) the requirements of the Federal Financial Management Improvement Act (FFMIA) of 1996; (2) efforts under way to implement the act; (3) challenges that agencies face in achieving full compliance with those requirements; and (4) the status of federal accounting standards. GAO noted that: (1) it is too early to tell the extent to which the 24 agencies named in the Chief Financial Officers (CFO) Act will be in compliance with FFMIA requirements for fiscal year 1997 because auditor reports discussing the results of the fiscal year 1997 financial statement audits will generally not be available until March 1, 1998, which is the statutory reporting deadline; (2) the Office of Management and Budget (OMB) and the CFO agencies have initiated efforts to implement the act's requirements and improve financial management systems; (3) although auditors performing financial audits under the CFO Act are not required to report on FFMIA compliance until March 1, 1998, prior audit results and agency self-reporting all point to significant challenges that agencies must meet in fully implementing systems requirements, accounting standards, and the U.S. Government Standard General Ledger; (4) regarding the adequacy of accounting standards, the Federal Accounting Standards Advisory Board (FASAB) has successfully developed a good initial set of accounting standards; (5) to date, FASAB has recommended, and OMB and GAO have issued, two statements of accounting concepts and eight statements of accounting standards tailored to the federal government's unique characteristics and special needs; and (6) OMB has integrated these concepts and standards into its guidance to agencies on the form and content of their financial statements.
Download or read book Financial Management written by United States. General Accounting Office and published by . This book was released on 2004 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Financial Management Status Report and 5 year Plan written by and published by . This book was released on 1996 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Federal Financial Management Improvement Act of 1996 written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-02-13 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Federal Financial Management Improvement Act of 1996 : are agencies meeting the challenge? : hearing before the Subcommittee on Government Efficiency, Financial Management and Intergovernmental Relations of the Committee on Government Reform, House of Representatives, One Hundred Seventh Congress, second session, June 6, 2002.
Download or read book Financial management recurring financial systems problems hinder FFMIA compliance written by and published by DIANE Publishing. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal financial management written by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Efficiency and Financial Management and published by . This book was released on 2004 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial management improved financial systems are key to FFMIA compliance report to congressional requesters written by and published by DIANE Publishing. This book was released on with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Report on Financial Management Improvements written by United States. Joint Financial Management Improvement Program and published by . This book was released on 1987 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Compliance with the Federal Financial Management Improvement Act of 1996 written by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Information, and Technology and published by . This book was released on 2001 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
