P
21
Accelerated Reporting Accelerated Reporting
Transcript of P
Accelerated ReportingAccelerated Reporting
2
Accelerated Reporting
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
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
Accelerated Reporting
4
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
Accelerated Reporting
5
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
Accelerated Reporting
6
Results of 3rd Acceleration
80%82%84%86%88%90%92%94%96%98%
Sept,2003
Sept,2004
Sept,2005
Feb,2006
FMS 224
98%
87%
93%
98%
(Timely Reports)
7
Improvements in Operating Activities
During FY 2005, differences were reduced to $1.299 million from $1.733 million
0.0
0.5
1.0
1.5
2.0
2004 2005
Statement of Differences (Unclassified Transactions )
(in Millions)
$-
$50,000
$100,000
$150,000
$200,000
$250,000
2005 2004 2003 2002
$247,129
$162,848
$233,737
$100,000
Intragovernmental Out-of-Balance
ConditionAll Categories
(In Thousands)
9
Intragovernmental Out-of-Balance Condition
$0
$50,000
$100,000
$150,000
$200,000
$250,000
2005 2004 2003 2002
Net Out-of-BalanceCondition
Non-Fiduciary Categories
(In Thousands)
$239,808
$179,882
$216,202
$78,973
10
Intragovernmental Out-of-Balance Condition
($20,000)($15,000)($10,000)($5,000)
$0$5,000
$10,000$15,000$20,000$25,000
2005 2004 2003 2002
Net Out-of-BalanceCondition
Fiduciary Categories
(In Thousands)
$7,321
$(17,034)
$17,535
$20,622
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
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
May, 1973
Sept, 1975
Dec, 1975
Oct, 1976
July, 1977
FY 1994
&
13
History of FRFR Timeline
FY 1997 to FY 2003
**Published on March 31 for FY 97 & accelerated
thereafter
FY 2004 & FY 2005
**Published on December 15,
2004
**By Law, the publication date for the FR is March 31.
FY 1997
1st audited in FY 1997
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
2005
2004
2003
1820
18
(Out of 24 CFO agencies)
(FY 2004)
( FY 2003)
(FY 2005)
19
Challenges
At the FR level:Complete disclosures by each
agency in accordance with FASAB
Compilation Process
20
Contact Information
Accelerated ReportingArlene Johnson
[email protected] Beverly
FR and GFRS Faye McCreary
21
FMS website:
www.fms.treas.gov/fr/index.html
