Quiz 14: Financial Reporting by the Federal Government

Business

The federal government has passed the Chief Financial Officers' Act in 1990, for improving the financial management system of the federal government agencies, which are handled by the Office of Federal Financial Management under the Office of Management and Budget. The Office of Management and Budget, the Government Accountability Office and the Department of the Treasury are in-charge of the financial management for federal government agencies. The annual financial reporting of an agency or other organization under the Chief Financial Officers' Act is handled by the federal accounting standards advisory board. For the annual financial reporting of a federal agency, the financial statements which are required are as follows: 1. Balance sheet, 2. Statement of net cost, 3. Statement of changes in net position, 4. Statement of budgetary resources, 5. Statement of custodian activity (if required), 6. Statement of social insurance (if required).

The federal government has passed the Chief Financial Officers' Act in 1990, for improving the financial management system of the federal government agencies, which are handled by the Office of Federal Financial Management under the Office of Management and Budget. The Office of Management and Budget, the Government Accountability Office and the Department of the Treasury are in-charge of the financial management for federal government agencies. The annual financial reporting of an agency or other organization under the Chief Financial Officers' Act is handled by the federal accounting standards advisory board. The Department of the Treasury prepares the U.S. government's annual financial statements and the Government Accountability Office audits their annual financial reports. For the annual financial reporting of a U.S. government, the financial statements which are required are as follows: 1. Balance sheet, 2. Statement of net cost, 3. Statement of changes in Cash balance from unified budget and other activities, 4. Statement of operations and changes in net position, 5. Statement of net operating coat and unified budget deficit, 6. Statement of social insurance. And 7. Notes to the financial statements.

The federal government has passed the Chief Financial Officers' Act in 1990, for improving the financial management system of the federal government agencies, which are handled by the Office of Federal Financial Management under the Office of Management and Budget. The Office of Management and Budget, the Government Accountability Office and the Department of the Treasury are in-charge of the financial management for federal government agencies. The annual financial reporting of an agency or other organization under the Chief Financial Officers' Act is handled by the federal accounting standards advisory board. The Department of the Treasury prepares the U.S. government's annual financial statements and the Government Accountability Office audits their annual financial reports. The major governing body which is responsible for the development and issue of the accounting standard of the federal governmental and its agencies is the Federal Accounting Standards Advisory Board (FASAB), which comprises of ten members, two members from the executive branch, two members from the legislative and six non-employee members. This is an advisory board which was established by the Treasury, Office of Management and Budget and the Government Accountability Office, which approves the accounting standards developed by the FASAB.