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

• The Office of Management and Budget (OMB) published M-25-32, Preventing Improper Payments and Protecting Privacy Through Do Not Pay on August 20, 2025.

• Payment Automation Manager (PAM) will be validating more payment types for accuracy of the Treasury Account Symbol (TAS) - Business Event Type Code (BETC) record. Please contact CAB.CARD.FA@fiscal.treasury.gov for questions about valid TAS and BETCs.

• Controller Alert CA-25-02 entitled "All Federal agencies are required to adopt GO.gov (formerly ETSNext) as the governmentwide travel management system as soon as possible" was released on July 31, 2025.

• 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/.

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	G-Invoicing: •    Release 8.0 deployment is tentatively targeted for Production by Q1 CY 2026. •    Release 7.1 was deployed on April 2, 2025.	G-Invoicing
12	Intra-governmental Payment and Collections (IPAC): Release 26.0 was deployed on July 25, 2025 •    Features a modernized User Interface (UI) and user experience consistent with other Fiscal Accounting applications. •    Decommissioned the TRACS Module in the IPAC UI	IPAC
11	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
10	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
9	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
8	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
7	Collections Information Repository (CIR): CIR’s Fedwire ISO 20022 was implemented in July, 2025. The implementation included 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
6	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.
5	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
4	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
3	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 •    Central Accounting Reporting System (CARS) – Target: July 2025 •    International Treasury Services (ITS) – Target: August 2025 •    Automated Standard Application for Payments (ASAP) – Target: September 2025 •    Collections Information Repository (CIR) – Target: September 2025 FY 2026 – Q1 •    Over-the-Counter Channel Application (OTCnet) – Target: December 2025 •    Electronic Check Processing (ECP) – Target: December 2025	fiscalcx@fiscal.treasury.gov
2	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
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.