Financial Management Standards

Treasury's strategy is to maximize the efficiency of the financial management operations so that agency CFOs can refocus their attention from transaction processing to program performance management.  Standardization leads to consolidation. Consolidation leads to automation. Automation leads to cost savings, improved service, and agency focus.

Financial Innovation & Transformation (FIT) is responsible for developing and maintaining the Financial Management Line of Business (FMLoB) Financial Management Standards. To do this, we work closely with our FMLoB partners and with the Financial Management Standards Committee (FMSC).

Currently, we have four resources for our standards, all of which are aligned with similar parts of the Federal Integrated Business Framework.

Federal Financial Management Business Use Cases

A set of agency "stories" that document how the federal government works - key activities inputs, outputs, and more.

Federal Financial Management Functions & Activities

11 functions and 54 activities to give us all a common understanding of what agencies do in financial management. We need this to know what our innovations must support.

Federal Financial Management System Requirements

The relevant chapter of the Treasury Financial Manual. The requirements focus on outcomes, giving agencies options for how to achieve those outcomes

Federal Financial Management Standard Data Elements

The data elements needed to support the inputs and outputs in the use cases.