Governmentwide Financial Reporting System - FIRST

Description:

As time proceeds, Agency Accounting Division will be developing, scheduling, and delivering financial education courses and consulting for U.S.G. clients that correspond with the Financial Management Services's Governmentwide Accounting new initiatives.

New GWA 'To Be' Model

A new financial education course and consulting will be developed entitled the GWA 'To Be' Model which addresses the forth coming holistic government-wide solution to many of the current financial reporting issues being addressed by U.S. Government agencies. Governmentwide financial reporting will improve with the implementation of GWA Modernization Systems, FIRST, and GFRS. Using the U.S. SGL as the standard and the foundation for all financial reporting systems will ensure data consistency and integrity. These three systems and processes with appropriation integration will vastly enhance the integrity, control, and timeliness auditability of all government-wide financial data and reporting.

The vision will have one transaction system and one reporting system with the ability to account for the movement of funds by Treasury Account Symbol at the time of the original transaction, thereby eliminating the SF 224 and other fund account reporting for day-to-day transactions. The system will incorporate all collections, payments and intra-governmental transaction systems with the Account Statement allowing one Governmentwide report for agencies to reconcile and adjust their FBWT reporting.

FIRST

FIRST will be the one agency financial reporting system, combining and streamlining the current reporting systems