Financial Statement Preparation

General Financial Preparation Information

Financial Statement Accounting and Disclosure Requirements for Judgement Fund Receivables

Fiscal Service reports receivables arising from payments under the Contract Disputes Act, No FEAR Act, and includes them in the appropriate disclosures in accordance with OMB Circular No. A-136, Financial Reporting Requirements. The receivables are presented on the balance sheet at their net realizable value. They are reported in the asset section under intragovernmental receivables.

Accounting and Reporting Procedures

For financial statement purposes, Fiscal Service reports on the gold held by the FRBs. Through reporting by the U.S. Mint and the Fiscal Service, the portion of gold and gold certificate balances equivalent to the gold held by the U.S. Mint and the FRBs are included in the annual publication of the Department of the Treasury's Financial Report as well as the Financial Report of the United States Government.

For more information visit TFX Interagency Agreements or TFM Volume I, Part 6, Chapter 3100; Certifying Payments and Recording Corresponding Intragovernmental Receivables in the Federal Government's Judgment Fund.

Federal Entity Reports for the Financial Report of the United States Government

Introduction

This Treasury Financial Manual (TFM) chapter prescribes how federal entities provide data for the Financial Report of the United States Government (FR) using the Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS) along with additional details from the audited department-level financial statements. This chapter also includes the federal entities included in the FR, Intragovernmental Transactions (IGT) process, and requirements for submitting pre-closing GTAS Adjusted Trial-Balance (ATB). Please refer to Office of Management and Budget (OMB) Circular No. A-136 for the reporting requirements for federal entities' audited financial statements.

This TFM chapter does not include all reporting requirements for GTAS. Additional information can be found on the GTAS website.

Scope and Applicability

All federal entities must provide Fiscal Service with the required fiscal year-end data that is used to prepare the FR. All federal entities (Significant or Other) must submit GTAS ATB data and manual adjustments to reconcile to the federal entity’s audited department-level financial statements and the reclassified financial statements, which provides the connection to the data in the FR.

The Chief Financial Officer (CFO) or CFO’s designee of each Significant Entity must review the approval of manual adjustments in GTAS, journal vouchers processed at the governmentwide level on the federal entities audited data, and intragovernmental certifications. Fiscal Service will send a data call to the 40 Significant Entities, and select Other Entities, requesting that the CFO of each federal entity designate the certifying officials for various required year-end functions. The CFO certifications form, which lists each designee from the data call, must be signed by the federal entity’s CFO. Significant Entities with a year-end other than September 30 are subject to alternate audit procedures as outlined below in subsection 4705.25.

Federal entities must submit pre-closing GTAS ATB via the GTAS application. Federal entities must submit a GTAS ATB for each Treasury Account Symbol (TAS) level using proprietary and budgetary USSGL accounts (see the USSGL website for fiscal year (FY) 2019 reporting).

Fiscal Service compiles the information from the GTAS submissions for all federal entities into a set of reclassified financial statements (reclassified Balance Sheet, reclassified Statement of Net Cost, and reclassified Statement of Changes in Net Position) that are included in the consolidated FR. Please refer to subsection 4705.20d of this chapter and OMB Circular A-136 for supplemental information on sustainability financial statements.

Reporting requirements in this chapter are grouped as follows:

Section 4705 includes FR data requirements,

Section 4706 includes intragovernmental requirements, and

Section 4707 includes GTAS requirements.

For more information visit TFM Volume I, Part 2, Chapter 4700; Federal Entity Reporting Requirements for the Financial Report of the United States Government

Federal Financial Management Standards

Functions and Activities

Financial Statement Preparation (FFM.110.020)

Prepare financial statements and footnotes required by OMB Circular A-136; Verify financial statements and other required financial reports can be traced to general ledger account balances;

Determine and record eliminations required to generate consolidated financial statements;

Includes generating variance analyses for timely submissions, balance sheet, statement of net cost, statement of changes in net position, statement of budgetary resources, statement of custodial activity, statement of social insurance, statement of changes in social insurance amounts, required supplementary information, and required supplementary stewardship information, as applicable.

Federal Financial Management System Requirements

Providing GL Information (1.3.1)

Provide GL information for consolidated government-wide reporting as specified in the TFM and consistent with guidelines in the FASAB Handbook as well as OMB Circular No. A-136.

Provide GL information for agency-specific financial reports consistent with OMB Circular No. A-136 and FASAB Handbook.

Reporting on Payments (2.2.3)

Agencies for which Treasury does not disburse: Provide disbursement summary and detail data as specified in the TFM.

Agencies for which Treasury disburses: Provide payment transaction information at the required account classification level (for example, appropriation, fund, and receipt) and subclass code as specified in the TFM.

Provide improper payment information as specified in OMB Circular No. A-123 and the TFM.

Verifying Traceability (2.3.2)

Verify that GL account balances can be traced to aggregated or discrete transactions in agency programmatic systems and that the aggregated or discrete transactions can be traced to the point of entry and source documents consistent with the TFM.

Verify that financial statements and other required financial and budget reports can be traced to GL account balances as required by OMB Circular No. A-123 and as specified in the TFM.

Use Cases

Record to Report

Procure to Pay

Treasury Financial Manual (TFM)

TFM Volume I, Part 2, Chapter 4700; Federal Entity Reporting Requirements for the Financial Report of the United States Government

TFM Volume I, Part 6, Chapter 3100; Certifying Payments and Recording Corresponding Intragovernmental Receivables in the Federal Government's Judgment Fund.

Contact Information

Contact Details

Direct inquiries regarding Federal Entity Reporting Requirements to the United States Report to:

Jaime Saling, Director
Financial Reports and Advisory Division
Fiscal Accounting
Bureau of the Fiscal Service

PO Box 1328
Parkersburg, WV 26106-1328

304-480-6485

Fax: 304-480-5176

Direct inquiries regarding the accounting for the Judgment Fund to:

Bureau of the Fiscal Service
Judgment Fund Branch, Mail Stop T5-A

PO Box 1328
Parkersburg, WV 26106-1328

Toll free: 866-277-1046

Toll free: 202-874-6664

Website: Judgment Fund

Forms: Judgment Fund Forms

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Payment Reporting

This page was last updated on May 11, 2021.