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

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Presentation on theme: "Transitioning to Better Federal Financial Management Judith R. Tillman, Commissioner, Financial Management Service, Department of the Treasury March 11,"— Presentation transcript:

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

2 Government Wide Accounting Modernization 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 Project Key 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 – 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 Agency Accounting Systems FIRST GFRS USSGL based Reporting Financial Report of the U. S. Government Agency Financial Statements USSGL database Feedback loop STAR/ GWA F inancial I nformation and R eporting St andardization

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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