Treasury and OMB Guidance Related to Financial Statements, Budgetary

 Reporting, and USSGL 

July 2021

1

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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2

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

Nov. 15

January

February

June 30

June 30

June 30

June 30

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3

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

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.

Nov. 15

February

December

Mar - June

July - Sept

Nov. 16

Spring

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Agency Financial Statements

Financial Report of the U.S. Government

Identify Changes

TFM 2-4700

USSGL Board Meeting and USSGL TFM Supplement

OMB A-136

Review/

Clearance

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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Jaime M. Saling

	Department of the Treasury	Bureau of the Fiscal Service

	Jaime.Saling@fiscal.treasury.gov

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Contact Information

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