FACTS I/OMB Form & Content Statements

Description:

This course provides a comprehensive examination of the FACTS I reporting system and the Office of Management and Budget (OMB) form and content statements. These reports form the basis for information presented in Treasury’s annual financial Report of the U.S. Government and for agency annual audited financial statements required by the Chief financial Office’ Act, Government Performance and Results Act and the Government Management and Reform Act. FACTS I system reporting requirements will be presented and discussed in depth. The OMB required basic financial statements will be outlined with content and display requirements. Course exercises are used to demonstrate the content, preparation and review of FACTS I and Form & Content reports.

Major topics include:

• Authoritative reporting guidance (OMB Circular A-34, Treasury financial Manual and OMB 97-01)
• FACTS I; the system, components, edits, structure, and system outputs
• Form & Content reports (Balance Sheet, Statements of Net Cost, Budgetary Resources, Financing, Changes of Net Position, and Custodial Activity)
• Relationship of the FACTS I to agency financial reports
• SGL Trial Balance information

Who should attend:

Personnel involved with the input or preparation of data for input to FACTS I and/or preparation of the Agency/Entity’s federal financial reports including accountants, analysts, budget personnel and auditors.

Prerequisites:

• Participants should have knowledge of the U.S. Standard General Ledger