Federal Financial Management Improvement Act of 1996
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The Federal Financial Management Improvement Act of 1996 is a U.S. law that requires federal agencies to implement and maintain financial management systems that comply with federal accounting standards and provide reliable, consistent financial information.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Federal Financial Management Improvement Act of 1996 canonical | 1 |
Statements (45)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal law
ⓘ
public law ⓘ |
| aimsTo |
enhance transparency of federal financial operations
ⓘ
reduce errors and inconsistencies in federal financial data ⓘ support better decision-making by federal managers ⓘ |
| appliesTo | United States federal agencies NERFINISHED ⓘ |
| complements | federal financial statement audit requirements ⓘ |
| complianceEvaluatedBy |
agency inspectors general
ⓘ
independent auditors ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| enactedBy | United States Congress ⓘ |
| enactedIn | 1996 ⓘ |
| establishes | a framework for evaluating federal financial management systems ⓘ |
| focusesOn |
financial systems integration
ⓘ
improvement of financial reporting quality ⓘ standardization of federal financial data ⓘ |
| implementedBy | federal agency chief financial officers ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| legalArea |
government accountability
ⓘ
public finance law ⓘ |
| objective |
to strengthen internal controls over federal financial management
ⓘ
to support reliable financial statements of federal agencies ⓘ |
| oversightBy |
Government Accountability Office
NERFINISHED
ⓘ
Office of Management and Budget NERFINISHED ⓘ |
| purpose |
to ensure compliance with federal accounting standards
ⓘ
to improve federal financial management systems ⓘ to provide reliable and consistent financial information ⓘ |
| relatedTo |
Chief Financial Officers Act of 1990
NERFINISHED
ⓘ
Federal Managers’ Financial Integrity Act of 1982 NERFINISHED ⓘ Government Management Reform Act of 1994 NERFINISHED ⓘ |
| requires |
annual assessments of financial management systems
ⓘ
auditors to report on agency compliance ⓘ implementation of compliant financial management systems by federal agencies ⓘ maintenance of compliant financial management systems by federal agencies ⓘ remediation plans for noncompliant systems ⓘ |
| requiresComplianceWith |
United States Standard General Ledger
NERFINISHED
ⓘ
federal accounting standards ⓘ federal financial management system requirements ⓘ federal financial reporting requirements ⓘ |
| requiresReportingTo |
Congress
NERFINISHED
ⓘ
Director of the Office of Management and Budget NERFINISHED ⓘ |
| scope | all executive branch agencies required to prepare audited financial statements ⓘ |
| sector | public sector financial management ⓘ |
| shortName | FFMIA NERFINISHED ⓘ |
| signedBy | Bill Clinton ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
Chief Financial Officers Act of 1990
→
relatedTo
→
Federal Financial Management Improvement Act of 1996
ⓘ