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This TFM announcement notifies Federal agencies that the Department of the Treasury (Treasury) will provide updated policy for all IGTs. In support of standardizing and requiring adequate controls, Treasury has established business rules and processes to properly record, report, and reconcile IGTs. IGTs result from business activities conducted between two Federal agencies. When preparing the Financial Report of the United States Government, these activities must be eliminated so that financial statement amounts are properly stated. When IGT activity between trading partners does not reconcile, it creates differences that result in the misstatement of financial balances. Collaboratively, the Federal financial community must engage this problem to ensure a Governmentwide successful solution. The updated guidance will include comprehensive instructions on the processes and accounting categories and subcategories to adequately account for and eliminate IGT activity and balances between Federal agencies.
In general, the revised IGT policy will:
Treasury will incorporate this new/updated policy into a future TFM release in early spring 2013.
Direct questions concerning this announcement to:
Intragovernmental Transformation Plan (IGTP) Program Manager
Financial Management Service
Department of the Treasury
3700 East-West Highway
Hyattsville, MD 20782