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Quarterly Reporting

Quarterly Foreign Reporting Requirements

Loans, Credits, And Contingent Liabilities Involving Foreigners

Introduction

This chapter outlines the submission of data to the Department of the Treasury (Treasury) relating to U.S. Government loans, credits, and contingent liabilities on loans, credits, and other payment scheduling agreements involving foreigners.

Section 4510—Scope and Applicability

The Secretary of the Treasury requires the information agencies provide to fulfill reporting responsibilities to the Congress. In addition, the reported information provides data for:

  • The annual "U.S. Government Foreign Credit Exposure" report,
  • Submissions to the Organization for Economic Co-operation and Development’s (OECD) Creditor Reporting System (CRS), and
  • Assistance to the Office of Management and Budget (OMB) in preparing budget estimates.

The provisions of this chapter apply to all departments and agencies of the executive branch of the U.S. Government, including Government corporations subject to the Government Corporation Control Act, that:

  • Authorize, commit, or have outstanding, loans or other transactions creating foreign indebtedness to the U.S. Government, and
  • Have contingent liabilities under agreements pertaining to loans, credits, or other payment scheduling agreements involving foreigners.

All reporting agencies must provide data to Treasury through the online Foreign Credit Reporting System (FCRS). 

Section 4515—Authority

Section 114 of the Budget and Accounting Procedures Act of 1950 (31 U.S.C. 3513) requires the Secretary of the Treasury to prepare reports to inform the President, the Congress, and the public on financial operations of the U.S. Government and provides that each executive agency must furnish the Secretary of the Treasury with information relating to the agency's financial condition and operations as the Secretary may require.

The following Congressional reports launched the Foreign Credit Reporting System and the annual Treasury publication, "U.S. Government Foreign Credit Exposure":

  • The House Committee Report on Foreign Operations Appropriations Bill 1992, (H.R. Conf. Rept. 102-238) and
  • The Conference Report 101-344 dated November 11, 1989.

Data collected also will provide information for the OECD's CRS, which has annual, semiannual, and quarterly reporting requirements.

Section 4525—Reporting Requirements

For information on reporting requirements, please refer to the FRCS User Guide. This guide is available at https://fcrs.treasury.gov/fcrs/s/. Upon login, the FRCS User Guide may be accessed for further information, including step-by-step instructions for uploading data into the FRCS system.

Contact Us: Office of International Debt Policy/Office of International Affairs

Detailed Contacts

Direct inquiries concerning this chapter to:

Office of Global Economics and Debt
Office of International Affairs
Department of the Treasury
1500 Pennsylvania Avenue, NW.
Washington, DC 20220

Please visit https://fcrs.treasury.gov/fcrs/s/

For assistance with FCRS, please contact fcrsadmin@treasury.gov

Foreign Currency Accounting and Reporting

Section 3225—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.

3225.10—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).

3225.20—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.

3225.30—Quarterly Reports of Accountable Officers

Within 45 calendar days after the close of each quarter, Accountable Officers will submit to Treasury (see Contacts) consolidated quarterly reports (commonly referred to as International Balance of Payments Report) stating the amounts (cumulative for the FY through the end of the reporting quarter) of foreign currencies purchased with dollars from sources outside the U.S. Government. The amounts reported will include acquisitions of currencies through accommodation exchange transactions as well as purchases from banks and other exchange dealers. The report will be in the form of a listing under the following headings: "Country of Currency," "Monetary Unit," "Number of Units Purchased," "Total Dollar Outlay," and "Memorandum Dollar Outlay for Accommodation Exchange."

Supplementary to the consolidated reports, Accountable Officers will also attach reports at the end of each quarter stating the balances of foreign currencies on hand under the dollar accountability, as well as reports of foreign currency received and credited directly to miscellaneous receipt accounts. These currencies are received for such things as fees and services and are immediately purchased with appropriated funds for entities' operating needs. Repayments to appropriations and receipts to foreign transaction X7000 accounts are excluded. Each report will be in the form of a listing under the following headings: "Country of Currency," "Monetary Unit," "Number of Units," "Dollar Equivalent," and "Exchange Rate."

A copy of all reports submitted to Treasury should also be submitted simultaneously to the Bureau of Economic Analysis/Balance of Payments Division, BE-58/4600 Silver Hill Road, Suitland, MD 20746.

 

3225.40—Semi-annual Statement of Balances

Treasury will compile from its central accounts a semi-annual report entitled "Foreign Currencies Held by the U.S. Government." This report shows foreign currency balances (in currency units and dollar equivalents) held by Accountable Officers for the report of entities excluding currencies held under dollar accountability. This statement will be prepared as of March 31 and September 30 each fiscal year. An electronic copy of the statement, or segment thereof, will be furnished to each entity for which balances are held.

Each entity will review the statement for agreement with its records. The initial review and return process should be accomplished within 10 working days following receipt from Treasury. If the balances presented in the report reconcile with entity balances for the time period represented, the entity will furnish to Treasury (see Contacts) a letter stating concurrence with the balance in question. If any discrepancies in the balances are identified by the entity during the review process, a letter of non-concurrence and a reconciliation of the balance held by the entity will be furnished to Treasury (see Contacts). Treasury will cooperate with each entity that has identified a discrepancy in balance(s) held and work to adjust balance(s) as necessary. As adjusted, it is a complete statement of the foreign currency balances held by Accountable Officers for the report of the entity and agrees with the records and reports of the entity.

3225.50—Semi-annual Report On Country Owned Currencies

Each entity which administers the United States interest in foreign country owned "counterpart" funds will submit a semi-annual report, as of September 30 and March 31, of the unexpended balances of such funds. The report will be stated by country, currency units, and dollar equivalents and will be submitted on or before the date of return of the adjusted statement described in Sub-section 3225.40.

Section 3445—Reconciling Cash and Investments Held Outside of the U.S. Treasury

Each entity must do the following:

  • Reconcile all transactions involving cash and investments held outside of the U.S. Treasury on a periodic basis, but no less frequently than monthly, and
  • Develop policies, systems, and operating procedures that ensure cash and investment activity reported on the entity's ATB and Statements of Transactions reported to Treasury, as applicable, reconcile with the entity's accounting records and related statements and reports received from financial institutions.

Fiscal Service will report to the Office of the Fiscal Assistant Secretary of Treasury all discrepancies disclosed from periodic reviews and analysis of entities' reported cash and investments held outside of the U.S. Treasury.

Contact Us

Detailed Contacts

Direct inquiries concerning this chapter to:

Funds Management Division 
Room 102 
Bureau of the Fiscal Service

PO Box 1328 
Parkersburg, WV 26106-1328


 

Direct inquiries concerning the ATB and GTAS to:

Financial Reports and Advisory Division 
Room 3602A 
Bureau of the Fiscal Service

PO Box 1328 
Parkersburg, WV 26106-1328

 
ATB and GTAS Contact List

 

Direct inquiries concerning USSGL reporting to:

Financial Reports and Advisory Division 
Room 3602A 
Bureau of the Fiscal Service

PO Box 1328
Parkersburg, WV 26106-1328


304-480-5129 
304-480-5176 
USSGL Contact Link