Foreign Reporting Requirements

Monthly Reporting Requirements

Foreign Currency Reporting Requirements

This section defines the reporting requirements for government entities as they relate to the purchase of foreign currency and non-purchase foreign currency X7000 accounts. Each entity should report foreign currency held by the United States on its Adjusted Trial-Balance by U.S. Standard General Ledger (USSGL) account for ultimate inclusion in the Financial Report of the United States.

Entities are required to report foreign currency balances as the Department of State is not responsible for maintaining balances for any X7000 account other than its own. The Department of State provides entities with SF 1221s that list transactions processed against X7000 accounts. As part of the SF 1221, the entity's USDO provides a detailed listing of transactions (processed vouchers and collection documents), sometimes called Voucher Audit Detail Reports (VADRs), or submits an SF 1167: Voucher and Schedule of Payments. Entities should add collections to or subtract disbursements from balances of foreign currency held. The amounts appearing in the U.S. dollar equivalent column of the SF 1221 are actually the foreign currency amounts, not the U.S. equivalent. Entities should record on their General Ledgers (GLs) collections and disbursements at the prevailing rate of exchange on the posting date during the month processed and this rate should be obtained from each entity's USDO.

Uniform Reporting

This sub-section establishes rules governing certain aspects of foreign currency reporting by entities to achieve comparability and consistency between reports with similar coverage. These procedures are not intended to place prohibitive limitations on the content of entity reports. Modification of prescribed reporting formats is permitted by means of special columns, explanatory notes, or other devices, provided the integrity of the basic data is maintained and the nature, extent, and purpose of departures from the procedures are fully disclosed. However, any material modification should be cleared by Treasury (see Contacts).

Monthly Statements of Accountable Officers

Statements of transactions and balances of foreign currencies held outside dollar accountability as recorded by the Accountable Officers will be submitted monthly. Amounts of foreign currency will be stated in foreign currency units at the level of individual X7000 accounts. Transactions will be classified or coded to provide for separate identification of receipts, disbursements, sales for dollars, transfers, conversions to third country currency, and other transaction classes if needed. Ordinarily, a copy of the regular monthly X7000 file prepared by Accountable Officers will meet this requirement. The file will be transmitted as soon as possible after the close of the reporting month, but not later than 20 calendar days thereafter to Treasury (see Contacts). For additional guidance, please see TFM Volume I, Part 4A, Chapter 3000 and TFM Volume I, Part 4A, Chapter 4000.

Reconciliation of Foreign Currency Accounts

Entities must perform, on a monthly basis, reconciliation of amounts posted to their GLs for foreign currency. Each entity should compare transactions reported by its USDO to internal records that support postings to its GL. Some tools that entities should use for reconciliation include the following:

Standard Form (SF) 1221: Statement of Accountability (According to Appropriations, Funds, and Receipt Accounts Foreign Service Account)—The Department of State provides a detailed SF 1221 to entities, on a monthly basis, that lists transactions posted to X7000 foreign currency accounts.

CARS Account Statement: Federal Program Agency’s (FPA) Fund Balance with Treasury—The information provided by the State Department also is provided to Treasury in summary and is available to entities on their CARS Account Statement. Contact the Funds Management Branch if there is a discrepancy (see Contacts).

Adjusted Trial-Balance (ATB)—Each entity should perform reconciliation of foreign currency balances reflected on its ATB to those reflected in its GL. Entities can obtain a copy of their ATBs through GTAS.

Foreign Currencies Held by the U.S. Government (FC Held)—Each entity also should perform reconciliation between the balances reflected in its GL and balances reported in Treasury's Foreign Currencies Held by the U.S. Government, published as of March 31 and September 30 of each fiscal year.

Federal Financial Management Standards

Functions and Activities

Treasury Reporting (FFM.110.010)

Prepare statements of accountability and foreign currency reports, Verify required financial reports can be traced to general ledger account balances; Includes, but is not limited to, Government-wide Treasury Account Symbol Adjusted Trial Balance (GTAS) reporting, transactional posting to the Central Accounting Reporting System (CARS), and financial assistance reporting to USAspending.

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 and are compiled in accordance with the USSGL Crosswalks; 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, reconciling SF-133 to the 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.

Financial Performance and Operational Reporting (FFM.110.040)

Provide general ledger information for agency-specific financial reports; Verify required financial reports can be traced to general ledger account balances; Includes providing financial performance and operational information to agency program offices.

Federal Financial Management System Requirements (FFMSR)

Providing GL Information (FFMSR 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.

Defining Federal Funding Attributes to Align Financial Management Information with Performance Goals (FFMSR 1.4.1)

Provide federal funding attributes (for example, program, activity, and cost object) that align funding requests, funding allocations, fund obligations, fund expenditures, and costs with agency performance goals, as required by the Chief Financial Officer (CFO Act) as well as the Government Performance and Results Act and consistent with the FASAB Handbook, OMB Circular No. A-11, and OMB Circular No. A-136.

Verifying Traceability (FFMSR 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