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Comments on Proposed Reports

This document outlines comments on proposed reports aimed at improving the consistency and clarity of financial reporting across government agencies. Key points include the need for standard data classification, streamlined reporting forms, and better analysis of performance through policy comparison. Additionally, there is emphasis on the importance of flexible business rules and internal controls to ensure the effective use of data collection methods. Stakeholders are encouraged to test interim policies to enhance understanding and confirm compliance with existing financial systems.

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Comments on Proposed Reports

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  1. Comments on Proposed Reports Sandra Swab, NGP March 27, 2007

  2. Standard Reports • In the right direction • Information and data used across government • Ability to compare the data—lessening interpretation • Better analysis of performance • Policy/business rules • Government presented some proposed business rules/policy • Comparison is needed to current policies in the circulars to determine burden • Need to curtail additional reporting forms • Programs need to analyze the data collection forms; to eliminate generation of additional data—Ensure programs can use the data

  3. Federal Financial Report • Nice looking document • Comments on the Form • Grants JFIMP Requirements document states: • Standard data classification (definitions and formats) used to record financial events • Common processes used for processing similar kinds of transactions • Internal controls and reporting applied consistently • SF-269 is a budgetary document • SF-272 Cash transaction document; report date/cumulatively

  4. Federal Financial Report--Comments • Not clear if the proposed business rules are clear on the use of the FFR • Flexibility given in OMB Circulars for use by agencies on which financial reports used, plus indicate if information can be obtained from payment system—can use that information • Would like more clarification on the proposed use of the data agencies can prescribe for use and agreement on the data proposed • Compare to current business rules—is this flexible enough or will it be required no matter what • Draft policy and publish as “interim” so it can be tested and have agencies verify collection of data and reconciliation to their financial system—establish a test environment an agency or two and stakeholders in the “interim” notice with draft policy/business rules • Understand from the Grantee perspective can one form be used or use current forms and use the current business rules for financial reporting • Streamlining does not always mean you have to do something—could mean reemphasizing current practices/policies

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