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Accelerated Reporting

Accelerated Reporting. Accelerated Reporting. The President’s Management Agenda called for improving financial performance by providing timely, reliable, and useful information

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Accelerated Reporting

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  1. Accelerated Reporting

  2. AcceleratedReporting • The President’s Management Agenda called for improving financial performance by providing timely, reliable, and useful information • In accordance with this principle, OMB significantly accelerated the financial reporting due dates for year-end and quarterly financial statements • In consideration of the accelerated due dates, Treasury accelerated the due dates for FMS 224, SF 1218/1221, and FMS 1219/1220 • FR accelerated to December 15

  3. Accelerated Reporting 1st Acceleration (Jan 2003 – Mar 2003) • FMS 224 due date accelerated from the 5th workday to the 3rd workday • SF 1218/1221 and FMS 1219/1220 due date accelerated from the 7th workday to the 5th workday • Supplemental reports due by the 6th workday

  4. AcceleratedReporting 2nd Acceleration (Apr 2003– Sept 2003) • FMS 224 due date remained at the 3rd workday • SF 1218/1221 and FMS 1219/1220 due date accelerated from the 5th workday to the 3rd workday • Supplemental reports due date accelerated from the 6th workday to the 4th workday

  5. Accelerated Reporting 3rd Acceleration (Oct 2003 – Current) • Deadlines for the FMS 224, SF 1218/1221 and FMS 1219/1220 remained the same • Supplemental reports due date accelerated from the 6th workday to the 3rd workday

  6. Results of 3rd Acceleration (Timely Reports) 98% 98% 93% 87%

  7. Improvements in Operating Activities • During FY 2005, differences were reduced to $1.299 million from $1.733 million (in Millions)

  8. Intragovernmental Out-of-Balance Condition All Categories (In Thousands) $233,737 $247,129 $162,848 $100,000

  9. Intragovernmental Out-of-Balance Condition Non-Fiduciary Categories (In Thousands) $239,808 $179,882 $216,202 $78,973

  10. Intragovernmental Out-of-Balance Condition Fiduciary Categories (In Thousands) $20,622 $7,321 $17,535 $(17,034)

  11. The Financial Report (FR) of the United States Government • Reports the financial condition of the Federal Government using the accrual basis of accounting

  12. History of FR FR Timeline May, 1973 Sept, 1975 Dec,1975 Oct, 1976 July, 1977 FY 1994 & Carol Loomis wrote an article in Fortune magazine CFS was published for FY 1973-1974 By AA & Co. CFS plan approved for Treasury to publish Publication of the 1st & 2nd prototype GMRA Act

  13. History of FR FR Timeline FY 1997 FY 1997 to FY 2003 FY 2004 & FY 2005 FR of the US Government FR of the US Government Financial Report of the United States Government 1st audited in FY 1997 **Published on March 31 for FY 97 & accelerated thereafter **Published on December 15, 2004 **By Law, the publication date for the FR is March 31.

  14. History of the FR • Since 1997, improvements have been made such as: -Report shows current and prior year financial data so that the reader may see changes in accounts from year to year -Statement of Net Cost is presented showing cost by agency instead of by budget function This provides a link to the presentation of the budget and makes it easier for FMS to ensure that the report is consistent with the agencies’ financial statements

  15. The FR of the United States Government • Is a standardized report which promotes comparability and consistency across reporting years • Federal agency data is the backbone of the report • 35 material agencies (Audited financial statements required) • Approx. 125 independent agencies • Federal agency data is reported in the Governmentwide Financial Report System (GFRS) via the closing package process • Federal agency data is then consolidated and presented in the form of the FR by December 15

  16. Recent Changes to the FR • 2 new basic financial statements added in fiscal year 2005: -Reconciliation of Net Operating Cost and the Unified Budget Deficit -Statement of Changes in Cash Balance from Unified Budget and Other Activities • Other additions have been made as required by FASAB

  17. Challenges At agencies level: • Inability to properly eliminate transactions between agencies in regards to intragovernmental accounting • Consistency in data reported in GFRS versus data reported in agency’s PAR • Clean audit opinions are needed at all material agencies

  18. Unqualified Audit Opinions (Out of 24 CFO agencies) 20 18 ( FY 2003) (FY 2004) 18 (FY 2005)

  19. Challenges At the FR level: • Complete disclosures by each agency in accordance with FASAB • Compilation Process

  20. Contact Information Accelerated Reporting Arlene Johnson Arlene.Johnson@fms.treas.gov Senita Beverly Senita.Beverly@fms.treas.gov FR and GFRS Faye McCreary Faye.McCreary@fms.treas.gov

  21. 2005 Financial Report of the United States Government FMS website: www.fms.treas.gov/fr/index.html

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