Skip to main content

Financial Management: Improved Financial Systems Are Key to FFMIA Compliance

GAO-05-20 Published: Oct 01, 2004. Publicly Released: Oct 01, 2004.
Jump To:
Skip to Highlights

Highlights

The ability to produce the data needed to efficiently and effectively manage the day-to-day operations of the federal government and provide accountability to taxpayers has been a long-standing challenge to most federal agencies. To help address this challenge, the Federal Financial Management Improvement Act of 1996 (FFMIA) requires the 23 Chief Financial Officers Act agencies to implement and maintain financial management systems that comply substantially with (1) federal financial management systems requirements, (2) applicable federal accounting standards, and (3) the U.S. Government Standard General Ledger (SGL) at the transaction level. FFMIA also requires GAO to report annually on the implementation of the act.

Full Report

Office of Public Affairs

Topics

AccountabilityAccounting standardsFinancial management systemsInformation resources managementInformation technologyNoncomplianceProcurement practicesReporting requirementsStrategic information systems planningAudit reports