This revision of the Federal Financial Management System Requirements (FFMSR) implements the Office of Management and Budget (OMB) and the Department of the Treasury guidance to help achieve shorter-term, lower-cost, and more incremental financial management system modernization.
The revised requirements are:
- Focus on business outcomes rather than technology,
- Be neutral to how an agency achieves the financial management business outcomes (e.g., software, shared services),
- Emphasize financial management outcomes unique to the federal government (e.g., funds control), and
- Apply to both administrative systems and programmatic systems that support financial management business outcomes (that is, “mixed systems”).
Federal Financial Management System Functions
1.1.1 Defining GL Accounts and Attributes
1.1.3 Managing Financial Asset Information
1.1.4 Managing Financial Liability Information
1.1.5 Managing Revenues and Other Financing Sources
1.3.1 Providing GL Information
1.3.2 Making Federal Financial Information Accessible
1.4.1 Defining Federal Funding Attributes to Align FM Information With Performance Goals
2.1.1 Recording Budget Activity
2.1.2 Recording Budget Obligations and Outlays
2.1.3 Reporting Budgetary Resources and Budget Execution
2.2.4 Establishing Receivables
This page was last updated on December 20, 2022.