Section 1.0 Major Legislation Affecting Accounting and Financial Management
.01 Governing Legislation
a. Chief Financial Officers Act of 1990 (P.L. 101-576) (31 U.S.C. Sec.
501, et. seq.)
This Act established a Deputy Director for Management of the United
States within the Office of Management and Budget (OMB) and a
CFO in each executive Department. This Act also established an
Office of Federal Financial Management (OFFM) headed by a
Controller within the OMB. The legislation requires the CFO to
develop and maintain an integrated agency accounting and financial
management system, including financial reporting and internal
controls which provides for the following:
(i) complete, reliable, consistent, and timely information prepared
on a uniform basis and responsive to the financial information
needs of the agency management;
(ii) the development and reporting of cost information;
(iii) the integration of accounting and budgeting information; and
(iv) the systematic measurement of performance.