The Bureau of the Fiscal Service provides federal financial management (FFM) updates to agencies and industry providers throughout the year that support executing financial processes, reporting and other activities. We also communicate updates to policies, procedures, and instructions about financial management in the federal government.

We’re working to coordinate our communication of these updates to better enable you, our stakeholders, to disseminate this information in your organizations and plan any needed changes to processes or systems.

We'll continue to look for opportunities to streamline our practices to improve your experiences.

FY 2025 Guidance and System Updates

Recent Additions

• Payment Automation Manager (PAM) Standard Payment Request (SPR) is being updated.

  Webinars are scheduled for Thursday, July 24th from 1:00PM - 2:00PM EST and Tuesday, August 5th from 11:00AM - 12:00PM EST to review upcoming changes and agency testing options. Please register at https://fiscal.treasury.gov/training/pam-format-updates.html.

• The Office of Management and Budget (OMB) has updated OMB Circular A-136, Financial Reporting Requirements. This update clarifies and streamlines reporting requirements, references current federal generally accepted accounting principles (GAAP), and includes the single-year presentation format from OMB Memorandum M-25-30. A digital copy can be found at https://www.whitehouse.gov/omb/information-resources/guidance/circulars/.

• Proposed updates to the Financial Management Capability Framework (FMCF) for FY 2026, which include the Federal Financial Management (FFM) business and data standards, are posted on Regulations.gov and now open for review and comment. The comment period is open through August 15, 2025.

  As the standards lead for financial management, Treasury's Fiscal Service leads initiatives and activities to maintain and improve financial management standards based on new or changes to policy, guidance, or requirements. Your feedback is important as the FMCF is the set of standards and capabilities that define a federal baseline of capabilities for solutions and services in the FM QSMO Marketplace, including cloud-based core financial systems. Agencies can also use the FMCF to ensure their systems and business process remain aligned with applicable requirements. The FY 2026 FMCF updates are scheduled to be published in November 2025.

  Office Hours will be held on Tuesday, July 22 from 2:00PM - 3:00PM EST to review the key changes and updates, and answer questions. Please register at https://www.fiscal.treasury.gov/events/fmcf-agency-office-hours.html.

  Please email FMQSMO@fiscal.treasury.gov with any questions or to learn about interagency working groups that focus on emerging financial management issues and topics.

• Agencies should consistently monitor the Daily Treasury Account Symbol (TAS) Balance Report and are expected to review and correct negative Fund Balance with Treasury (FBwT) each business day. Please note that for any accounts remaining in a negative status for five consecutive days, the agency will be required to submit a justification within 24 hours to continue processing payments from those accounts. The 24-hour window starts after the fifth consecutive day the TAS was negative. The five-day aging process started on June 9, 2025.

  If a justification is not provided in this timeframe, disbursements from the negative account will be suspended until the balance is positive. Payment may continue as appropriate if a justification is submitted. The ability to disburse will be returned within 24-48 hours after Fiscal Service and Office of Management and Budget (OMB) evaluation.

  Justifications and supporting documentation can be emailed to dailytasbalancereport@fiscal.treasury.gov.

Updates are listed in chronological order, starting with most recent.

Guidance Updates

#	Guidance Updates	Resource Links
11	Fiscal Year (FY) 2025 Year-end Closing Bulletin: Treasury Financial Manual (TFM) Bulletin No. 2025-07 is published and provides entities with a comprehensive list of guidance to help prepare year-end closing reports and other financial reports.	2025 Year-end Closing Bulletin
10	U.S. Standard General Ledger (USSGL): The USSGL issues bulletins containing updates to federal accounting guidance at least once a quarter through the Treasury Financial Manual (TFM). Fiscal Year (FY) 2025 bulletins were issued in December 2024, March 2025, and June 2025. The next FY 2025 USSGL bulletin is expected to be published in September 2025.	USSGL Bulletins
9	Daily Treasury Account Symbol (TAS) Balance Report (DTBR): The Daily Treasury Account Symbol (TAS) Balance Report (DTBR) was released the week of April 14, 2025. This report enhances federal financial management by providing daily insights into TAS balances at the transaction level. Agencies will have greater visibility and more timely information to make informed decisions, improve operational efficiency, and strengthen fiscal accountability. The DTBR data is derived from the Central Accounting and Reporting System (CARS), as received from the payment and collection systems where transactions originate. The DTBR provides data impacting Fund Balance with Treasury (FBwT). The report will be accessible through Connect.gov by permission-based collaboration space.	dailytasbalancereport@fiscal.treasury.gov
8	Do Not Pay: Use of the Do Not Pay portal is being reviewed by agencies because of updated recent guidance.	Do Not Pay OPI.Outreach@fiscal.treasury.gov
7	Federal Accounting Standards Advisory Board (FASAB): FASAB’s Commitments Task Force held its first meeting in early May. Task force members support the Board to clearly define federal commitments and to develop reporting guidance for the benefit of federal financial statement users.	FASAB.gov
6	Governmentwide Spending Data Model (GSDM): The GSDM v1.1.1 is a maintenance update, released on April 25, 2025, that will not significantly change or impact agency submissions of Files A, B, C and FABS. This update focuses on these improvements:  •    Updating the Unique Award Key to use Agency Top-tier rather than Agency Sub-tier to reduce improperly linked awards on USAspending since FAIN is not unique governmentwide,  •    GTAS requirements about SF-133 updates for two new USSGL accounts 480210 and 497210 that will be added to the SF-133 in FY 2026, and  •    Migration of subaward reporting from (Federal Funding Accountability and Transparency Act (FFATA) Subaward Reporting System (FSRS) to SAM.gov.	GSDM
5	Grants Management Standards: The GREAT Act (Grant Reporting Efficiency and Agreements Transparency Act of 2019) is modernizing reporting by recipients of Federal grants and cooperative agreements by creating and imposing data standards for the information that those recipients are required by law to report to the Federal Government. Updates to the Grants Standards to accommodate reporting changes required by the GREAT Act will likely impact financial management systems.	GREAT Act of 2019
4	G-Invoicing: TFM Bulletin No. 2025-05 “G-Invoicing Implementation Update” was published on April 30, 2025, and included the following information: •    Incorporates new agency relief options (IPAC & G-Invoicing) •    Provides agencies with guidance on selecting the appropriate relief options  •    Removes GPO’s Print and Publishing from the list of agency business lines who’ve been granted exemptions to the 7600EZ $10,000 threshold  •    Reaffirms G-Invoicing as essential to fulfill a statutory purpose	G-Invoicing Bulletin No. 2025-05
3	TFM Volume 1, Part 2, Chapter 1500: TFM Volume 1, Part 2, Chapter 1500: New Account Establishment, Updating Accounts, and Description of Accounts Relating to Financial Operations was published in December 2024. The chapter includes information on: •    Setting Up New Treasury Appropriation Fund Symbols (TAFS) •    Other TAFS Requests •    Receipt Account Classification	TFM Volume 1, Part 2, Chapter 1500
2	Current Value of Funds Rate (CVFR): Treasury's Bureau of the Fiscal Service updated and published the new CVFR for calendar year 2025 in the Federal Register on November 5, 2024.	CVFR Bulletin No. 2025-03
1	Federal Entity Reporting Requirements: Volume 1, Part 2, Chapter 4700 of the Treasury Financial Manual (TFM) prescribes how federal entities provide data for the Financial Report of the U.S. Government using the Governmentwide Treasury Account Symbol Adjusted Trial Balance Systems along with more details from the audited entities’ financial statements.	TFM Volume 1, Part 2, Chapter 4700

System Updates

#	System Updates	Resource Links
13	Automated Standard Application for Payment (ASAP): Starting Monday, May 19, 2025, all payment requests submitted in ASAP.gov must include a justification for each payment.	ASAP Payment Justification Feature asaphelpdesk@fiscal.treasury.gov
12	Payment Automation Manager (PAM): On April 19, 2025, Treasury Account Symbol (TAS) and Business Event Type Code (BETC) information must be included at the payment detail level for validation. If any payment in the file does not meet this requirement, the full file will be rejected, and the agency will need to correct the file and resubmit for successful validation. PAM will be comparing the TAS-BETC in the Shared Accounting Module (SAM) to ensure the TAS and BETCs are valid.	production.support.section@fiscal.treasury.gov
11	Secure Payment System (SPS): On March 3, 2025, the Department of the Treasury's Bureau of the Fiscal Service started requiring agencies to include a payment justification for all Secure Payment System (SPS) Type A vendor/miscellaneous payments.	production.support.section@fiscal.treasury.gov
10	Central Accounting Reporting System (CARS): Fiscal Service plans to convert all Treasury Account Symbol reporting in CARS from String TAS Reporting to Component TAS Reporting through calendar year 2025. Online (UI) Classification Transactions and Accountability (CTA) String TAS Reporting will be unavailable starting June 2025 once CARS transitions to the Cloud. String TAS Reporting is scheduled to be removed entirely from the CTA module by December 2025.	CARS CAB.CARD.FA@fiscal.treasury.gov
9	Collections Information Repository (CIR): CIR’s Fedwire ISO 20022 implementation is scheduled for July 14, 2025. The implementation will include changes to support the new ISO 20022 standard for Fedwire transactions, which has enhanced intra-day reporting of Fedwire transactions before they are settled, and improves agencies’ visibility of transaction information. Also, the 5.0.3 XML Schema for CIR extracts was updated to include the new Fedwire ISO 20022 standard.	CIR
8	Common Approach to Identity Assurance (CAIA): Fiscal Service continues to implement enhancements to user authentication and login processes across systems and services with a focus on improving efficiency and security. In FY 2025 Q2, the Bureau collaborated with service providers to enable enhanced identity verification and fraud prevention techniques. This work also deployed other security event monitoring capabilities.
7	ETSNext: The ETSNext (E-Gov Travel Services Next) Program Management Office (PMO) is engaging with agencies on the upcoming conversion to the new government-wide travel system. The first wave of agencies will be onboarding in November 2025.	Connect.gov
6	File Transfer Technical Changes: Agencies that use Connect:Direct to send and get files with the following Fiscal Service systems must make configuration changes to ensure the continuity of payment and debt collection processes. The impacted systems are:  •    Payment Automation Manager (PAM) •    Treasury Offset Program (TOP) •    Cross-Servicing •    Do Not Pay (DNP-Portal) •    Centralized Receivables Service (CRS) Agencies were required to use the new windows Connect:Direct node starting May 25, 2025. If configuration changes are not deployed, file transfers to the Fiscal Service systems listed above will no longer work. Agencies may experience a delay in debt referral or processing payment files.	fiscal.connect-direct@fiscal.treasury.gov
5	Fiscal Service System Re-platforming Initiative: Fiscal Service is migrating applications used by federal agencies to support reporting and transactional services to cloud platforms. The following systems are targeted to migrate in FY 2025 and early FY 2026. Agencies will get more information from Fiscal Service as testing windows approach. FY 2025 – Q4 •    Intra-governmental Payment and Collection (IPAC) – Target: July 2025 •    Central Accounting Reporting System (CARS) – Target: July 2025 •    International Treasury Services (ITS) – Target: August 2025 •    Automated Standard Application for Payments (ASAP) – Target: August 2025 •    Collections Information Repository (CIR) – Target: September 2025 FY 2026 – Q1 •    Over-the-Counter Channel Application (OTCnet) – December 2025 •    Electronic Check Processing (ECP) – December 2025 •    Shared Accounting Module (SAM) – December 2025	fiscalcx@fiscal.treasury.gov
4	Federal Funding Accountability and Transparency Act (FFATA) Subaward Reporting System (FSRS): As of March 8, 2025, FSRS.gov was retired, and all subaward reporting data and functionality is now on SAM.gov.	SAM.gov
3	G-Invoicing: G-Invoicing Release 7.1 was deployed on April 2, 2025, and delivered the following: •    Cancelled Order Lines / Schedules Enhancements (including a new Order Cancellation Feature Flag) •    Mishandling of spaces as a valid character in G-Invoicing UI (Order and 7600EZ) •    User Experience Enhancements •    Performance Optimization to address the latency issues in Prod/QA •    Defect Remediations	G-Invoicing
2	Intra-governmental Payment and Collections (IPAC): Release 26.0 Cloud Go-Live will feature a modernized User Interface (UI) •    UI changes will likely impact BOTs and any automation processes that agencies have in place today  •    Agency testing window in the IPAC Cloud Staging Environment is targeted for May 2025 (Bulk File Automation - Users of Connect:Direct will be part of this testing work)  •    R26.0 deployment is planned for end of July 2025	IPAC
1	Over-the-Counter Channel Application (OTCnet): OTCnet issued Release 4.12 in March 2025 and introduced the following updates: •    Upgrade to OLB (OTCnet Local Bridge) 2.7.0.1 in OTCnet Offline •    Modify OTCnet Login Process •    Add Capability in Collections Information Repository (CIR) File Status Report to generate an Asynchronous Report •    Add Scheduled Report Generation •    Rename Historical Report Menu Option •    Update Audit Log Search Filter	OTCnet

If your agency is interested in a comprehensive, agency-specific view of the re-platforming schedule to assess impact, please contact fiscalcx@fiscal.treasury.gov.

Archives of previous fiscal year updates are available by request.  Please contact FMLoB@fiscal.treasury.gov.