Federal Financial Management Improvement Act of 1996

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The Federal Financial Management Improvement Act of 1996 is a U.S. law that requires federal agencies to implement and maintain financial management systems that comply with federal accounting standards and provide reliable, consistent financial information.

All labels observed (1)

How this entity was disambiguated

Statements (45)

Predicate Object
instanceOf United States federal law ⓘ
public law ⓘ
aimsTo enhance transparency of federal financial operations ⓘ
reduce errors and inconsistencies in federal financial data ⓘ
support better decision-making by federal managers ⓘ
appliesTo United States federal agencies ⓘ
complements federal financial statement audit requirements ⓘ
complianceEvaluatedBy agency inspectors general ⓘ
independent auditors ⓘ
country United States ⓘ
enactedBy United States Congress ⓘ
enactedIn 1996 ⓘ
establishes a framework for evaluating federal financial management systems ⓘ
focusesOn financial systems integration ⓘ
improvement of financial reporting quality ⓘ
standardization of federal financial data ⓘ
implementedBy federal agency chief financial officers ⓘ
jurisdiction United States federal government ⓘ
legalArea government accountability ⓘ
public finance law ⓘ
objective to strengthen internal controls over federal financial management ⓘ
to support reliable financial statements of federal agencies ⓘ
oversightBy Government Accountability Office ⓘ
Office of Management and Budget ⓘ
purpose to ensure compliance with federal accounting standards ⓘ
to improve federal financial management systems ⓘ
to provide reliable and consistent financial information ⓘ
relatedTo Chief Financial Officers Act of 1990 ⓘ
Federal Managers’ Financial Integrity Act of 1982 ⓘ
Government Management Reform Act of 1994 ⓘ
requires annual assessments of financial management systems ⓘ
auditors to report on agency compliance ⓘ
implementation of compliant financial management systems by federal agencies ⓘ
maintenance of compliant financial management systems by federal agencies ⓘ
remediation plans for noncompliant systems ⓘ
requiresComplianceWith United States Standard General Ledger ⓘ
federal accounting standards ⓘ
federal financial management system requirements ⓘ
federal financial reporting requirements ⓘ
requiresReportingTo Congress ⓘ
Director of the Office of Management and Budget ⓘ
scope all executive branch agencies required to prepare audited financial statements ⓘ
sector public sector financial management ⓘ
shortName FFMIA ⓘ
signedBy Bill Clinton ⓘ

How these facts were elicited

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Chief Financial Officers Act of 1990 → relatedTo → Federal Financial Management Improvement Act of 1996 ⓘ
Public Law 101-576 → relatedTo → Federal Financial Management Improvement Act of 1996 ⓘ