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Strategic Objective
Improve the efficiency and transparency of federal financial management and government-wide accounting
Strategic Objective
Overview
Treasury operates and oversees the government’s central financial accounting and reporting system. This role is critical to help ensure the proper management of the nation’s finances, and public confidence in the U.S. government. In this role, Treasury collects, analyzes, and publishes government-wide financial information used by the federal government to establish fiscal and debt management policies. The public and private sectors also use this vital information to monitor the government’s financial status, which in turn informs their business decisions.
The federal government currently operates under multiple financial systems and accounting practices, leading in some cases to challenges in communication and coordination. Treasury has committed to working with federal agency partners over the next four years to transform government financial management through shared services, data transparency, and standardization, where practical.
Read Less...Progress Update
Tresury, in consultation with the Office of Management and Budget, has highlighted this objective as a focus area for improvement, due to anticipated work that will be done in FY 2016to implement the DATA Act and USAspending.gov improvements.
~~Treasury constantly seeks to lead the government in modernizing federal financial management. As a co-lead with OMB in implementing the Digital Accountability and Transparency Act of 2014 (DATA Act), Treasury engaged with communities that create and use federal financial data to make it more transparent and available to the American people. Once implemented, the DATA Act will make federal spending data more accessible, searchable, and reliable. In FY 2015, Treasury and OMB published new data standards based on public input that will help improve the quality of federal spending data and enable agencies to use common standards when reporting information. Treasury is also developing resources to support federal agencies in adopting the data standards and increasing spending transparency based on the DATA Act requirements. Treasury will continue to engage the public in the development of new online tools to support greater access to data and, by May 2017, further improve data accuracy on USAspending.gov.
