Treasury and OMB Guidance Related to 

Financial Statements, Budgetary

Reporting, and USSGL

July 2021
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• Treasury and OMB update the following guidance on an 

annual basis:

– TFM 2-4700

– OMB Circular A-136

– OMB Circular A-11

– USSGL TFM Supplement

Guidance Within Scope
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• Updates are based on lessons learned from previous fiscal 

year:

– Monthly Governmentwide Treasury Account Symbol Adjusted Trial 

Balance System (GTAS) Reporting

– Agency Financial Statements

– Governmentwide Financial Statements

– President’s Budget and other legal budgetary reporting 

requirements

• Guidance is generally effective* on publication date, which 

gives agencies at most 3 months to implement for year-end

*In FY 2020, OMB and Treasury started to identify updates that were optional year 1 and required year 2.

Current Process and Targeted Timeframes

Agency Financial 

Statements

President's 

Budget

Financial Report of 

the U.S. 

Government

TFM 2-4700 OMB A-136 OMB A-11 USSGL TFM 

Supplement
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Challenges with the Current Timeline

• Inconsistent publication timeframes

• Agencies are not given enough time to implement for 

3rd quarter or even year-end

– Drafts of guidance are changing while agencies are trying to 

finalize their templates for the current fiscal year

– Guidance not given in time for 3rd quarter (June 30) financial 

statements

– Agency auditors do most testing on 3rd quarter
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Proposed Timeline and Process Changes

• Proposed new timeline gives agencies approximately 10 

months to implement before year-end

• Identify significant changes that either require system 

changes and/or are significant process changes and 

make them optional in year 1 and required in year 2

– Develop a template to help determine what constitutes a 

“significant change”
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Proposed New Timeline

• Identify all FY 2021 Lessons Learned – 02/2022

• Work with agencies and auditors to identify changes needed to 

TFM 2-4700 and OMB A-136 – 03/2022 to 06/2022

• Review periods/clearances of guidance for FY 2023 TFM 2-4700 

and OMB A-136 – 07/2022 to 09/2022

• Issue FY 2023 TFM 2-4700 – 11/16/2022

• USSGL Board Meeting and Issue USSGL TFM Supplement –

12/2022

• Issue FY 2023 OMB A-136 – Spring 2023

*The above dates are just used as an example for FY 2023 guidance as an example.

Agency Financial 

Statements

Financial Report of 

the U.S. Government

Identify 

Changes

Review/

Clearance TFM 2-4700

USSGL Board Meeting 

and USSGL TFM 

Supplement

OMB A-136
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Benefits of New Timeline

• New FY TFM 2-4700 guidance available the day after the 

prior FY financial statements are published

• USSGL crosswalks are published by the end of 1st

quarter

• New FY OMB A-136 guidance available in the spring 

• Agencies able to finalize current year financial statement 

templates in 2nd quarter

• 3rd quarter and year-end financial statements based on 

the same set of guidance

• Agency auditors should be able to do more audit work 

based on 3rd quarter
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• Approval of GTAS edit overrides for the 1st month, excluding 

period 12 and the following four critical edits:

– Edit 1: Fund Balance with Treasury

– Edit 2: Budgetary Resources = Status of Budgetary Resources

– Edit 14: SF 133 Proofing

– Edit 20: Outlay Reconciliation

• Provide additional reports/screen information on proposed 

analytical edits

• Hold agency specific topics at the end of the IRC meetings

• Hold GTAS discussions quarterly at the FMSC meetings

• Incorporate survey/polling questions into CRT and IRC 

meetings

Other Proposed Improvements
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Contact Information

9

Jaime M. Saling

Department of the Treasury

Bureau of the Fiscal Service

Jaime.Saling@fiscal.treasury.gov