U.S. Government Standard General Ledger Issues Resolution Committee (IRC) Meeting Minutes
July 26, 2007
Judy Yuran (FMS) opened the meeting and introductions were made. She began by outlining some of the reasons the Financial Management Service (FMS) decided to implement the Financial Information and Reporting Standardization (FIRST) initiative. She noted that FMS needs a system that can better analyze agency data to help eliminate the out of balance problem in the Financial Report of the United States Government (FR). FMS plans to analyze agency trial balances and to compare this information to the information reported monthly by the agencies to the Department of the Treasury's (Treasury's) central accounting system.
Michele Crisman (FMS) continued the discussion from last week on split USSGL accounts on the "Draft, USSGL Accounts Crosswalked to Multiple Lines With Mark Up." This spreadsheet was designed to show how a series of proposed USSGL accounts will be reflected on the crosswalks to the standard external reports in the USSGL Treasury Financial Manual. Michele estimates that approximately 45 new USSGL accounts will be needed.
Leon Fleisher (SBA) asked if the agencies' Chief Financial Officers (CFOs) have been informed of the FIRST project. Judy responded that Don Hammond had discussed the subject in agency meetings. She suggested that agencies request FIRST be included on the agenda when FMS's Commissioner and the Financial Reports Division meet with agency CFOs to discuss issues related to the FR.Michele discussed the tie points from the handout titled: "Draft, USSGL by Fund Type," which includes the USSGL accounts for General Funds and Revolving Funds. Based on the discussions, some USSGL accounts will be deleted, and other accounts will be researched using the Federal Agencies' Centralized Trial-Balance System (FACTS) I and FACTS II data.
Leon Fleisher announced the Credit Reform Committee now has 12 members and asked if anyone else would like to join. Leon plans to schedule Credit Reform Committee meetings that immediately follow the IRC meetings. He will notify subcommittee members by e-mail in advance of the scheduled meetings.
Judy closed the meeting.
Michele Crisman, FMS