Since 1980, Congress has placed considerable re-emphasis on the need for federal agencies to establish and support improved accounting standards and principles in an effort to provide uniform financial reporting within the federal government. Legislation has been enacted requiring agencies to have systems that integrate budget and financial information based on consistent accounting and systems standards. In addition, long-range financial planning, audited financial statements, and development of cost information are required. Legislation has also mandated more efficient collection of debts owed to the United States and calls for prompt payment of bills owed by the federal agencies. As a result of these still evolving laws and standards, federal financial management is in a state of change.
Efforts are underway to implement transaction-based, integrated financial systems.
Reporting requirements are changing and increasingly require linking of financial data to program performance measurements. New roles and responsibilities are being defined within agencies. It has become increasingly important that employees have the skills and training required to keep pace with changes in technology and the developments in federal financial management. The STRS appropriated funds are focused on infrastructural technologies such as measurements, standards, evaluated data, and test methods for use by industry in commerce. CRF funding is appropriated for safety and scientific functionality in existing laboratory space and construction and renovation of space.