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Transitioning to Better Federal Financial Management

Transitioning to Better Federal Financial Management. Judith R. Tillman , Commissioner, Financial Management Service, Department of the Treasury. March 11, 2008. Government Wide Accounting Modernization Project. Multi-year redesign of Federal Government Central Accounting process

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Transitioning to Better Federal Financial Management

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  1. Transitioning to Better Federal Financial Management Judith R. Tillman, Commissioner, Financial Management Service, Department of the Treasury March 11, 2008

  2. Government Wide AccountingModernization Project • Multi-year redesign of Federal Government Central Accounting process • Affects every federal agency; over 1,700 reporting locations (domestic and foreign) • Supports the President’s Management priorities

  3. GWA Modernization ProjectKey Goals and Vision • Provide effective financial reporting and reconciliation processes • Eliminate current redundant reporting • Provide Standardized processes and data elements to manage FBWT

  4. Major Accomplishments • Account Statement, the foundation to provide agencies real time FBWT • Automated workflow processing of non-expenditure transactions & Warrants – previously a manual paper process • Ability to classify IPAC transactions– eliminating Statements of Differences and monthly transaction reporting for these transactions • Finalized the Treasury Account Symbol (TAS) and Business Event Type Code (BETC) formats that comply with the Common Government-wide Accounting Classification (CGAC). • Developed a Standard Data Registry that complies with CGAC, FMLOB, and Government-wide standards (www.fms.treas.gov/eda)

  5. Key Transition Dates • FMS Modifying Feeder systems and processes to enable users - 2007 – 2011 • IPAC – Currently Enabled • Collections – Enabled 2008 • Payments – Enable Mid 2011 • Specific Agencies - Now • All – Middle 2011

  6. Guidance • Establish Trading Partner Agreements between IPAC trading partners and ensure all necessary TAS/BETC information is included in the agreements. • Review agency business processes to ensure they can capture the necessary accounting information at the beginning of the transaction. • Incorporate TAS/BETC in financial system upgrades • Minimize the use of clearing accounts. • Waiver request

  7. FIRST – Future Look Financial Information and Reporting Standardization GFRS Financial Report of the U. S. Government USSGL based Reporting USSGL database Agency Accounting Systems Agency Financial Statements STAR/ GWA FIRST Feedback loop

  8. Expected Benefits • Ease of use of the USSGL for agencies • Full benefits of USSGL • Streamlined reporting for the agencies • Consistent reporting to FMS regardless of reporting mechanism • Improved quality of financial information. • Substantial reduction in intra-governmental elimination differences • Dramatically improved Financial Report of the U. S. Government • Reduction in FMS and agency resources required for maintenance and reporting functions. • Logical, long range approach that attacks core problems.

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