Background

Description of the Financial Reports Division

The Financial Reports Division (FRD) is a component under the Governmentwide Accounting area within the Financial Management Service; a bureau of the United States Department of the Treasury. FRD is responsible for preparing and publishing the Financial Report of the United States Government (FR), providing guidance for federal program agencies (FPAs) on governmentwide accounting reporting policies, and the reconciliation of intragovernmental transactions.

In accordance to Office of Management and Budget (OMB) Circular A-136, the FR must be issued no later than one month after the 45 day deadline for FPAs to submit their Performance and Accountability Reports to OMB and the Congress. FRD in consultation with OMB, issues the FR by the established due date. The FR provides the President, Congress, and the American People with a comprehensive view of the federal government's finances. The FR is audited by the Government Accountability Office (GAO) annually.

FRD manages three internet applications:

1. Governmentwide Financial Report System (GFRS);
2. Federal Agencies' Centralized Trial Balance System I (FACTS I); and
3. Intragovernmental Fiduciary Confirmation System (IFCS).

These applications are located on the GOALS II Information Access System https://fmsapps.treas.gov/ias platform. FRD uses the three applications to collect and analyze data for the publication of the FR.

The FRD routinely conducts and participates in seminars, conferences; administer training sessions and addresses agency requirements and concerns on their yearly submissions of financial reporting data. FRD works diligently with agencies to help improve the timeliness, accuracy, and consistency of their financial reporting.