§ 802. FINDINGS AND PURPOSES.
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Findings .— The Congress finds the following: Much effort has been devoted to strengthening Federal internal accounting controls in the past. Although progress has been made in recent years, Federal accounting standards have not been uniformly implemented in financial management systems for agencies. Federal financial management continues to be seriously deficient, and Federal financial management and fiscal practices have failed to— identify costs fully; reflect the total liabilities of congressional actions; and accurately report the financial condition of the Federal Government.
Current Federal accounting practices do not accurately report financial results of the Federal Government or the full costs of programs and activities. The continued use of these practices undermines the Government’s ability to provide credible and reliable financial data and encourages already widespread Government waste, and will not assist in achieving a balanced budget. Waste and inefficiency in the Federal Government undermine the confidence of the American people in the government and reduce the federal Government’s ability to address vital public needs adequately.
To rebuild the accountability and credibility of the Federal Government, and restore public confidence in the Federal Government, agencies must incorporate accounting standards and reporting objectives established for the Federal Government into their financial management systems so that all the assets and liabilities, revenues, and expenditures or expenses, and the full costs of programs and activities of the Federal Government can be consistently and accurately recorded, monitored, and uniformly reported throughout the Federal Government.
Since its establishment in October 1990, the Federal Accounting Standards Advisory Board (hereinafter referred to as the ‘FASAB’) has made substantial progress toward developing and recommending a comprehensive set of accounting concepts and standards for the Federal Government. When the accounting concepts and standards developed by FASAB are incorporated into Federal financial management systems, agencies will be able to provide cost and financial information that will assist the Congress and financial managers to evaluate the cost and performance of Federal programs and activities, and will therefore provide important information that has been lacking, but is needed for improved decision making by financial managers and the Congress.
The development of financial management systems with the capacity to support these standards and concepts will, over the long term, improve Federal financial management. Purpose [.]—The purposes of this Act [title] are to— provide for consistency of accounting by an agency from one fiscal year to the next, and uniform accounting standards throughout the Federal Government; require Federal financial management systems to support full disclosure of Federal financial data, including the full costs of Federal programs and activities, to the citizens, the Congress, the President, and agency management, so that programs and activities can be considered based on their full costs and merits; increase the accountability and credibility of federal [sic] financial management; improve performance, productivity and efficiency of Federal Government financial management; establish financial management systems to support controlling the cost of Federal Government; build upon and complement the Chief Financial Officers Act of 1990 ( Public Law 101–576 ; 104 Stat 2838) [see Short Title of 1990 Amendment note set out under section 501 of this title ], the Government Performance and Results Act of 1993 ( Public Law 103–62 [;] 107 Stat. 285 ) [see Short Title of 1993 Amendment note set out under section 1101 of this title ] and the Government Management Reform Act of 1994 ( Public Law 103–356 ; 108 Stat. 3410 ) [see Short Title of 1994 Amendment note set out under section 3301 of this title ]; and increase the capability of agencies to monitor execution of the budget by more readily permitting reports that compare spending of resources to results of activities.
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6 references not yet in our index
- Pub. L. 101-576
- 104 Stat. 2838
- Pub. L. 103-62
- 107 Stat. 285
- Pub. L. 103-356
- 108 Stat. 3410
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§ 802
FINDINGS AND PURPOSES.
Stat.×1
Pub. L.Pub. L. 101-576
Stat.104 Stat. 2838
Pub. L.Pub. L. 103-62
Stat.107 Stat. 285
Pub. L.Pub. L. 103-356
Cites 6 · showing 5Cited by 1 across 1 source