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United States · Bill · S

S. 1130 (104th)

Federal Financial Management Improvement Act of 1996

referredUnited States· United States Congress· EN

Introduced

8 August 1995

Last action

—

Status

Referred to the Subcommittee on Government Management, Information and Technology.

Sponsors

—

Subjects

Discovery layer

Source updated

23 March 2026

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Summary

Accounting Standardization Act of 1995 - Directs the President, beginning with FY 1997, to require the heads of agencies to implement and maintain a uniform Federal accounting system established in accordance with this Act and other applicable law. Requires: (1) the Secretary of the Treasury, the Director of the Office of Management and Budget (OMB), and the Comptroller General to agree on proposed Federal accounting standards and interpretations recommended by the Federal Account Standards Advisory Board (FASAB), in accordance with the Memorandum of Understanding dated October 10, 1990, between the Department of the Treasury, OMB, and the General Accounting Office (GAO); and (2) the Comptroller General and the Director to publish such standards. Mandates that the Federal accounting system satisfy existing and future Federal accounting standards as recommended by the FASAB and approved by the Department of the Treasury, OMB, and GAO. Sets forth provisions regarding: (1) interim principles; (2) authority to modify or amend a standard; and (3) consistency of such system with the U.S. Government Standard General Ledger and with Federal management systems requirements. Authorizes: (1) the FASAB to recommend to the Secretary, Director, and Comptroller General the application of Federal accounting standards and Federal financial management systems requirements to specified corporations, agencies, or instrumentalities, or a federally chartered corporation or instrumentality (such entities); and (2) the Secretary, Director, and Comptroller General, upon FASAB recommendation, to require such entities to comply with all or part of such a standard or requirement. Requires each Federal agency to implement and maintain a uniform Federal accounting system in accordance with the requirements, and giving priority in funding and sufficient resources to implementation, of this Act. Permits each Federal agency to implement this Act by utilizing the assistance of private sector firms to develop basic systems, subject to the requirements specified in this Act. Sets forth provisions regarding: (1) audit compliance reporting; (2) penalties for violations; (3) enforcement; and (4) anti-deficiency violation penalties.

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Documents

10 official files

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