The Bureau of the Fiscal Service (BFS) 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.

Treasury Financial Manual (TFM), Guidance, and System Updates

Recent Additions

• Treasury released the draft Payment Verification Standards (Version 1.2) and requests agencies review the draft standards and give feedback by Monday, July 27, 2026. Please submit comments and questions to DoNotPay@fiscal.treasury.gov. 
• G-Invoicing Release 8.1 was deployed June 25, 2026. Key features include updates and corrections that advance G-Invoicing functionality and defect remediations. 
• The following TFM Bulletins were published in June 2026:
  • No. 2026-03 U.S. Standard General Ledger (USSGL) -- A Treasury Financial Manual (TFM) Supplement
  • No. 2026-04 2026 Year-end Closing
• The following TFM Chapters were published in June 2026:
  • TFM Volume I, Part 2, Chapter 4300: Responsibilities Relating to Government Investment Accounts and Investing in Government Account Series Securities
  • TFM Volume I, Part 2, Chapter 4700: Federal Entity Reporting Requirements for the Financial Report of the United States Government
  • TFM Volume I, Part 4A, Chapter 5000: Prompt Payment Act (PPA) Guidance for Heads of Government Departments, Agencies, and Others Concerned
• Treasury released the FY 2026 Mid-Year updates to the federal financial management (FFM) business standards on May 15, 2026. These updates can be found on the Financial Management Capability Framework (FMCF) website. The FY 2026 Mid-Year release provides information to the FFM community in advance that will take effect with the publication of the November 2026 release. Please contact FMLoB@fiscal.treasury.gov with any questions. 

More information is shown in the TFM Updates table below. Updates are listed in chronological order, starting with most recent. 

TFM Updates

#	TFM Updates	Resource Links
8	Bulletin No. 2026-04 Year-end Closing: This bulletin provides entities with guidance for preparing year-end closing reports and other financial reports.	Bulletin No. 2026-04
7	TFM Volume I, Part 4A, Chapter 5000 Prompt Payment Act (PPA) Guidance for Heads of Government Departments, Agencies, and Others Concerned: This is a new chapter published in June 2026. The chapter provides guidance on the Prompt Payment Act to federal agencies.	TFM Volume I, Part 4A, Chapter 5000
6	TFM Volume I, Part 2, Chapter 4700 Federal Entity Reporting Requirements for the Financial Report of the United States Government: This chapter was published in June 2026. Revisions include restoration of comparative financial statements for FY 2026, along with updates to general requirements and guidance in Appendices 1-12.	TFM Volume I, Part 2, Chapter 4700
5	TFM Volume I, Part 2, Chapter 4300 Responsibilities Relating to Government Investment Accounts and Investing in Government Account Series Securities: This chapter was published in June 2026. Several policies were updated and adjusted to increase clarity of the guidance.	TFM Volume I, Part 2, Chapter 4300
4	TFM Volume I, Part 4A, Chapter 6000 Financial Integrity: This chapter was published in March 2026. The chapter provides financial integrity requirements applicable to federal agencies, including agencies disbursing federal funds through the Bureau of the Fiscal Service. The chapter provides information on: Implementation of statutory and Executive Branch financial integrity requirements.  Do Not Pay requirements applicable to all federal agencies. Payment verification requirements for all federal agencies whose payments are disbursed by Fiscal Service.	TFM Volume I, Part 4A, Chapter 6000
3	TFM Volume I, Part 5, Chapter 4600 Treasury Lockbox Network: This chapter was published in December 2025. The chapter added language to align with Executive Order (EO) 14247.	TFM Volume I, Part 5, Chapter 4600
2	TFM Volume I, Part 5, Chapter 2000 Depositing Domestic Checks And Cash Received In Over The Counter (OTC) Collections: This chapter was published in December 2025. The chapter updated guidance pertaining to Executive Order (EO) 14247 with information on: All Electronic Collections Guidance (General) Exceptions and Waivers from Electronic Collections Requirements Exception/ Waiver Request Process Records of Checks Received	TFM Volume I, Part 5, Chapter 2000
1	U.S. Standard General Ledger (USSGL): The USSGL issues bulletins containing updates to federal accounting guidance through the TFM. The Fiscal Year (FY) 2026 June bulletin was issued June 10, 2026. An additional bulletin will be issued in September 2026.	USSGL Bulletins

Guidance Updates

#	Guidance Updates	Resource Links
5	Federal Accounting Standards Advisory Board: The Federal Accounting Standards Advisory Board (FASAB) released its FY 2025 annual report and accompanying three-year plan January 16, 2026, highlighting recent accomplishments and outlining current projects and timelines.	FASAB
4	Current Value of Funds Rate (CVFR): Treasury’s Bureau of the Fiscal Service updated and published the new CVFR for calendar year 2026 in the Federal Register on January 2, 2026.	CVFR Bulletin No. 2026-01
3	Governmentwide Spending Data Model (GSDM): The Governmentwide Spending Data Model (GSDM) v1.2 Annual Release deployed on December 19, 2025. Updates in this release include modified data elements about financial assistance type, alignment of the Interface Definition Document (IDD) with Federal Procurement Data System (FPDS) Data Dictionary updates, and alignment with Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS) validations.	GSDM
2	Do Not Pay: The Do Not Pay team provided updated Do Not Pay onboarding guidance to agencies to support compliance with the Payment Integrity Information Act of 2019 (PIIAA), Executive Order 14249 and OMB Memorandum M-25-32 in December 2025.	Do Not Pay DoNotPay@fiscal.treasury.gov
1	Financial Management Business Standards: Treasury released the FY 2026 updates to the financial management business standards on November 14, 2025. The relevant Financial Management Capability Framework (FMCF) components, guidance, templates, and other resources were updated accordingly and are available on the FM QSMO webpages. Other websites that refer to these materials may show the earlier version.	FMCF

System Updates

#	System Updates	Resource Links
5	Bureau of the Fiscal Service (BFS) File Transfer Modernization: BFS is consolidating, modernizing, and enhancing file and messaging exchange services for all external customers. This may impact the network path or end point agencies use and the client, certificate, and security configuration of these exchanges. This work is targeted to end in Q2 of FY2027. For more information, please contact the Fiscal CX email address.	FiscalCX@fiscal.treasury.gov
4	Central Accounting Reporting System (CARS): In February 2026, as part of Fiscal Service's system compliance requirements, the SAM Public Website was decommissioned. The Central Accounting Reporting System (CARS) - Agency Standards Report (ASR) module and Connect.gov provide TAS/BETC data.	Connect.gov
3	G-Invoicing: Release 8.0 was deployed on January 23, 2026.	G-Invoicing
2	Go.gov: The Initial Operating Capability (IOC) launch occurred on Tuesday, January 20, 2026.	GO.gov
1	Bureau of the Fiscal Service (BFS) System Re-platforming Initiative: BFS is migrating applications used by federal agencies to support reporting and transactional services to cloud platforms. We have engaged with agencies during this process, especially as testing windows approach. This work is targeted to conclude in late FY 2026.	FiscalCX@fiscal.treasury.gov

If your agency is interested in a comprehensive, agency-specific summary of BFS work under way that may impact financial systems and business processes, please contact FiscalCX@fiscal.treasury.gov.