Financial Management Ffmia Implementation Critical For Federal Accountability Report To Congressional Committees PDF Download

The inability to produce the data needed to efficiently and effectively manage the day-to-day operations of the federal government and provide accountability to taxpayers and the Congress has been a long-standing weakness at most federal agencies. The central challenge to producing reliable, useful, and timely data throughout the year and at year-end is overhauling financial and related management information systems. One of the key legislative underpinnings for addressing this issue is the Chief Financial Officers (CFO) Act of 1990. 1 The CFO Act calls for the modernization of financial management systems, including the systematic measurement of performance, the development of cost information, and the integration of program, budget, and financial information.