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CFO

As the accountable officer for controlling and accounting for governmental funds, the CFO must be well informed with the necessary tools to do more in less time.  This site offers solutions that meet the needs of any governmental CFO.

References

This section highlight usefull laws, regulations, and other critia that every CFO must know in order to meet his/her fiscal responsibilities.

Statements of Federal Financial Accounting Standards (SFFAS)

• SFFAS 1 - Accounting for Selected Assets and Liabilities
• SFFAS 2 - Accounting for Direct Loans and Loan Guarantees
• SFFAS 3 - Accounting for Inventory and Related Property
• SFFAS 4 - Managerial Cost Accounting Concepts and Standards
• SFFAS 5 - Accounting for Liabilities of the Federal Government
• SFFAS 6 - Accounting for Property, Plant, and Equipment
• SFFAS 7 - Accounting for Revenue and Other Financing Sources
• SFFAS 7 - Implementation Guide (April 2002) [amends June 1996 SFFAS 7 - Implementation Guide]
• SFFAS 7 - Implementation Guide (June 1996)
• SFFAS 8 - Supplementary Stewardship Reporting
• SFFAS 9 - Deferral of SFFAS 4 - Managerial Cost Accounting
• SFFAS 10 - Accounting for Internal Use Software (amends SFFAS 6)
• SFFAS 11 - Amendments to Accounting for PP&E: Definitions (amends SFFAS's 6 and 8)
• SFFAS 12 - Recognition of Contingent Liabilities from Litigation (amends SFFAS 5)
• SFFAS 13 - Deferral of Paragraph 65.2 - Material Revenue-Related Transactions (amends SFFAS 7)
• SFFAS 14 - Amendments to Deferred Maintenance Reporting (amends SFFAS's 6 and 8)
• SFFAS 15 - Management's Discussion and Analysis - Standards
• SFFAS 16 - Amendments to Accounting for PP&E: Multi-Use Heritage Assets (amends SFFAS's 6 and 8)
• SFFAS 17 - Accounting for Social Insurance
• SFFAS 18 - Amendments To Accounting Standards For Direct Loans and Loan Guarantees (amends SFFAS 2)
• SFFAS 19 - Technical Amendments to Accounting Standards For Direct Loans and Loan Guarantees (amends SFFAS 2)
• SFFAS No. 20 - Elimination of Certain Disclosures
• SFFAS No. 21-Reporting Corrections of Errors and Changes in Accounting Principles
• SFFAS No. 22- Change in Certain Requirements for Reconciling Obligations and Net Cost of Operations
• SFFAS No. 23- Eliminating the Category National Defense Property,Plant, and Equipment
• Staff Implementation Guidance 23.1
• SFFAS No. 24 - Selected Standards for the Consolidated Financial Report of the United States Government
• SFFAS No. 25 - Reclassification of Stewardship Responsibilities and Eliminating the Current Services Assessment
• SFFAS No. 26 - Presentation of Significant Assumptions for the Statement of Social Insurance: Amending SFFAS 25
• SFFAS 27 - Identifying and Reporting Earmarked Funds
• SFFAS 28 - Deferral of the Effective Date of Reclassification of the Statement of Social Insurance: Amending SFFAS 25 and 26
• SFFAS 29 - Heritage Assets and Stewardship Land
• SFFAS 30- Inter-Entity Cost Implementation Amending SFFAS 4, Managerial Cost Accounting Standards and Concepts
• SFFAS 31 - Accounting for Fiduciary Activities
• SFFAS 32 - Consolidated Financial Report of the United States Government Requirements

Federal Legislation

• Cash Management Improvement Act of 1990 (CMIA) (Pub. L. No. 101-453), extended by the Cash Management Improvement Act Amendments of 1992 (Pub. L. No. 102-589)
•  Chief Financial Officers Act of 1990 (Pub. L. No. 101-576)
• Clinger-Cohen Act of 1996 (Information Technology Management Reform Act, Division E of Pub. L. No. 104-106)
• Computer Security Act of 1987 (Pub. L. No. 100-235)
• Debt Collection Improvement Act of 1996 (Pub. L. No. 104-134)
• Defense Authorization Act for FY1991 (Pub. L. No. 101-510, § 1405(a)) amended 31 U.S.C. subtitle II, ch. 15, subch. IV, Closing Accounts, §§ 1551–1557,
• Federal Financial Management Improvement Act of 1996 (Pub. L. No. 104-208)
• Federal Managers’ Financial Integrity Act of 1982 (Pub. L. No. 97-255)
• Federal Records Act of 1950, as amended (Records Management by Federal Agencies, 44 U.S.C. § 3101 et seq.)
• Freedom of Information Act and Amendments of 1974 (Pub. L. No. 93-502) (5 U.S.C. § 552)
• Government Management Reform Act of 1994 (Pub. L. No. 103-356)
• Government Paperwork Elimination Act of 1998 (Pub. L. No. 105-277)
• Government Performance and Results Act of 1993 (Pub. L. No. 103-62)
• Omnibus Reconciliation Act of 1993 (Pub. L. No. 103-66)
• Paperwork Reduction Reauthorization Act of 1986 (Pub. L. No. 104-13)
• Prompt Payment Act of 1982 and Amendments of 1996 (Pub. L. No. 97-177)
• Rehabilitation Act Amendments of 1998 (Workforce Investment Act) (Pub. L. No. 106-246)
• Sarbanes-Oxley Act of 2002 (Pub. L. No. 107-204)
• Internal Revenue Service Restructuring and Reform Act of 1998 (IRS RRA) (Pub. L. No. 105-206)

U.S Code

• 5 U.S.C. § 552 contains provisions of the Freedom of Information Act.
• 31 U.S.C. § 1301(a) (the “Purpose Statute”) requires that monies be expended only for the purposes for which appropriations were made.
• 31 U.S.C. §§ 1341, 1342, 1349–51, and 1511–19 (jointly referred to as the “Anti deficiency Act”) prohibit obligating more money than an agency has or before it gets the money, accepting voluntary services or monies not specifically allowed by law, and obligating more money than has been appropriated or allotted in a time period.
• 31 U.S.C. § 1501 (the “Recording Statute”) requires that an obligation be recorded when, and only when, it is supported by written evidence of a binding agreement (an offer and its acceptance) for goods or services for a purpose authorized in the appropriation.
• 31 U.S.C. § 1502 (a) (the “Bona Fide Needs Statute”) requires that obligations against an appropriation be limited to a specific time period and that obligations be charged to the appropriation in force when the obligation is made.
• 31 U.S.C. §§1551–1557 (Closed Accounts subchapter) contains the M-year legislation which requires that all Federal agencies close fixed-year appropriation accounts and cancel any remaining balances by September 30th of the 5th year after the period of availability began.
• 31 U.S.C. § 3302 (b) (the “Miscellaneous Receipts (Deposit) Statute”) requires that, except for trust funds and revolving funds, collected monies from any source be deposited in the Treasury as soon as practicable without deduction for any charge or claim.
• 31 U.S.C. § 3512 requires the head of each executive agency to establish and maintain systems of accounting and internal control designed to provide effective control over, and accountability for, all assets for which the agency is responsible.
• 44 U.S.C. § 3101 addresses records management within Federal agencies.
• 5 CFR 1315 is the codification of former OMB Circular A-125, Prompt Payment.

Statements of Federal Financial Accounting Concepts (SFFAC) - not GAAP

• SFFAC 1, Objectives of Federal Financial Reporting (includes the qualitative characteristics of information in financial reports)
• SFFAC 2, Entity and Display
• SFFAC 3, Management’s Discussion and Analysis
• SFFAC 4, Intended Audience and Qualitative Characteristics for the Consolidated Financial Report of the United States Government
• SFFAC 5, Elements of Accrual-Basis Financial Statements and Basic Recognition Criteria.

Need More Information?

CFO Council

FASB Pronouncements

FASAB Pronouncements

FASB GAAP Codification