There has been a dramatic spike in the publication of information regarding the current state of federal financial management
and opinions about what the next steps should be in the coming years.
When I completed my term as chairman, the Jenkins Committee on Financial Reporting was in place; the Uniform Accountancy Act was approved; the program for non-CPA affiliates in the AICPA's member sections was adopted; and the Federal Financial Management
Act of 1990 was law.
NYBC president Richard Anderson sent a letter to the Federal Subcommittee on Federal Financial Management
complaining about Trump's testimony before the committee earlier this year.
In recent years, federal financial management
has been the focus of considerable attention.
NSF also reports that it is in substantial compliance with the requirements of the Federal Managers' Financial Integrity Act of 1982 (FMFIA) and the Federal Financial Management
Improvement Act of 1996 (FFMIA), and that there are no material weaknesses in the agency's management controls.
Two actions Congress took are the Chief Financial Officers Act of 1990 and the Federal Financial Management
Improvement Act of 1996.
Among his accomplishments, Rimerman was chair of the AICPA Board of Directors 1990-1991, pushed for and obtained congressional approval of the Federal Financial Management
Act of 1990, chaired numerous committees that charted the profession's future, and has published more than 50 articles on accounting, tax, financial and regulatory subjects.
The Federal Financial Management
Reform Act of 1996 was passed to improve federal financial management
gov) is an organization of the CFOs and deputy CFOs of the largest federal agencies, senior officials of the Office of Management and Budget and the Department of the Treasury, who collaborate to improve federal financial management
Four pieces of legislation provided the impetus for stronger federal financial management
: the Chief Financial Officers Act of 1990, the Government Performance and Results Act of 1993, the Government Management Reform Act of 1994 and the Federal Financial Management
Improvement Act of 1996.
As described in the 1995 Federal Financial Management
Status Report and Five-Year Plan, the CFO Council has made as its top priority the establishment of governmentwide and compatible agency systems that support program delivery, safeguard assets, and manage taxpayer dollars.
In describing Federal financial management
, the Director of the Office of Management and Budget called it "essentially a primitive cash accounting system-without satisfactory controls or audits; without accruals; without balance sheets; without a clear picture of assets, liabilities, returns on investment, or risks.