Fiscal Service Publishes Updates to Financial Management Standards

August 10, 2018

Washington, D.C. – The Office of Financial Innovation and Transformation (FIT) at the Bureau of the Fiscal Service, in conjunction with the federal government’s financial management community, published updates to the Financial Management Standards which support financial management performance, productivity, and efficiency in federal financial management activities and solutions.

“The periodic review and update of the Financial Management Standards is continuing to add long-needed clarity on the meaning of the standards,” stated Adam Goldberg, Executive Architect of FIT. Also, FIT published the completed list of use cases and standard data definitions and provided updates to the federal financial management system requirements based on public comments and insights from the 24 Chief Financial Officer Act agencies.

FIT, as the government’s managing partner of the financial management line of business, is responsible for the development and maintenance of the Financial Management Standards. “It is exciting to see this material revisited and improved each year; they are extremely important to agencies looking to increase productivity and help manage financial performance,” added Goldberg.  To find out more about the Office of Financial Innovation and Transformation, visit fiscal.treasury.gov/FIT and be sure to follow the FIT blog to stay up to date on their work.

FIT is a part of the U.S. Department of Treasury's Bureau of the Fiscal Service, whose mission is to promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services. To find out more about the Fiscal Service, visit fiscal.treasury.gov.