Fiscal Policy Reform and Management People’s Republic of China Ministry of Finance Policy and Advisory Technical Assistance (PATA)

Fiscal Policy Reform and Management Fiscal Policy Reform and Management Agenda – July 11 – 12, 2014 Speakers Irvin Faunce: Former Deputy Commissioner, Financial Management Service, Treasury Department Norman Kanefsky: Current President, GLOWS Corp, Federal Core Accounting System Vendor Pal Posner: Current Director, George Mason University, School of Public & International Affairs David Mosso: Former Treasury, Fiscal Assistant Secretary, Chairman, Financial Accounting Standards Advisory Board (FASAB), and Vice Chairman, Financial Accounting Standards Board (FASB) Charles A. Bowsher: Former Comptroller General of the United States, Government Accountability Office Glanda Scheiner: Current Director, Human Resources & Management, DoD Comptroller Office July 11 - 12, 2014 Fiscal Policy Reform and Management

Fiscal Policy Reform and Management Agenda – July 11 – 12, 2014 Session July 11, 2014 Speaker Topic Federal Government-wide Accounting, Reporting & Budget Overview Federal Core Accounting System & Continuing Professional Education (CPE) George Mason University, Federal Financial Management Master’s Certificate Program Accrual Accounting GAAP vs. Wealth Measurement Model (WMM) All Participants Questions & Answers Morning 9:00AM-12:00PM Afternoon 1:30PM-5:30PM July 12, 2014 Morning 9:00AM-1:00PM Irvin Faunce Norman Kanefski Paul Posner David Mosso July 11 - 12, 2014 Fiscal Policy Reform and Management

Fiscal Policy Reform and Management Agenda – July 11 – 12, 2014 People’s Republic of China Key Point of Meeting To introduce the key points and most difficult parts at the initial time when American government compiles financial statement. To introduce the important points among your report. To introduce the most special prospects we need to pay attention to while implement reform. July 11 - 12, 2014 Fiscal Policy Reform and Management

Fiscal Policy Reform and Management Agenda – July 11 – 12, 2014 Principle Objectives The previous slide presented the Key Points identified in the June 4, 2014 email from Ms. Jiac Huang of the Yonyou Government Affairs Software Co. Ltd to be presented at the July 11-12, 2014 meeting with the People Republic of China, Ministry of Finance. In addition to the identified Key Points for discussions, As an introduction, this morning I will be discussing the United States Government Financial Management Organization Structure and an overview of the Federal Financial Management operating proceseses. July 11 - 12, 2014 Fiscal Policy Reform and Management

United States Government Financial Management System Fiscal Policy Reform and Management Agenda – July 11 – 12, 2014 United States Government Financial Management System The United States Financial Management System is based on the separation of powers between the Legislative, Executive, and Judicial Branches of Government and specifically Article I, Section 9, Clause 7 of the United State Constitution states:. Article I, Section 9, Clause 7 of the United States Constitution: “(7) No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law: and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.” July 11 - 12, 2014 Fiscal Policy Reform and Management

Fiscal Policy Reform and Management Agenda – July 11 – 12, 2014 United States Government Financial Management Organization Structure Internal Control Check & Balance July 11 - 12, 2014 Fiscal Policy Reform and Management

Federal Financial Transparency, Accountability, & Integrity United States Government Financial Management Accounting, Reporting, & Budget Operational Structure Decision Making Whitehouse Executive Branch Congress Legislative Branch Congressional Budget Office Independent Agency Legislative Branch Office of Management & Budget Executive Branch Government Accountability Office Independent Agency Legislative Branch Transparency Single Financial Data Repository Financial Analysis Public Internet Access Integrity Financial Literacy Near Term–CPE Training Long Term-Federal Financial Management Institute Accountability Independent-Data Act Audit Reporting Financial Reporting Performance Reporting Treasury Department Executive Branch Federal Accounting Standards Advisory Board Independent Agency Executive Branch July 11 - 12, 2014 Fiscal Policy Reform and Management