The use of financial information to measure, operate and predict the effectiveness and efficiency of an entity's activities in relation to its objectives. The ability to obtain and use such information is usually characterized by having in place policies, practices, standards, and a system of controls that reliably capture and report activity in a consistent manner.
- Reporting and Information
Reporting and Information includes providing financial information, reporting and analysis of financial transactions.
Accounting entails accounting for assets, liabilities, fund balances, revenues and expenses associated with the maintenance of Federal funds and expenditure of Federal appropriations (Salaries and Expenses, Operation and Maintenance, Procurement, Working Capital, Trust Funds, etc.), in accordance with applicable Federal standards (FASAB, Treasury, OMB, GAO, etc.)
Payments include disbursements of Federal funds, via a variety of mechanisms, to Federal and private individuals, Federal agencies, state, local and international Governments, and the private sector, to effect payment for goods and services, or distribute entitlements, benefits, grants, subsidies, loans, or claims.
- Collections and Receivables
Collections and Receivables includes- deposits, fund transfers, and receipts for sales or service.
- Budget and Finance
Budget and Finance includes the management of the Federal budget process including the development of plans and programs, budgets, and performance outputs and outcomes as well as financing Federal programs and operations through appropriation and apportionment of direct and reimbursable spending authority, fund transfers, investments and other financing mechanisms.
- Asset and Liability Management
Assets and Liability Management provide accounting support for the management of assets and liabilities of the Federal government.