The Federal Budget and Financial System: A Management Perspective

The Federal Budget and Financial System: A Management Perspective

The Federal Budget and Financial System: A Management Perspective

The Federal Budget and Financial System: A Management Perspective

Synopsis

"Avoiding jargon and technical language, the authors present a practical and comprehensive description of the structure and process of the federal budget and financial system. Their intent is to present graphically combined federal financial statements for the government as a whole on a cash basis. The authors also cover in detail the budgeting cycle and the financial statement of a federal agency and present a case study of the complete budgeting, accounting, and reporting cycle of an agency. The authors are clearly authorities in this field and frequently suggest improvements in concepts and procedures in the federal government's financial policies and practices. The writing style is extremely lucid and is enhanced by numerous financial statements (23) and exhibits (55). However, the reader will have better grasp of the contents if they have some familiarity with the basic mechanics of accounting as the latter half of the book utilizes them to a great extent, and Appendix B contains the comptroller general's accounting principles and standards for federal agencies. A valuable book for general readers and lower-division students interested in gaining a comprehensive and clear understanding of the federal budgetary system from an accounting point of view." - Choice

Excerpt

Currently, our federal government must collect, invest, and pay nearly two trillion dollars each year. The federal budget and financial systems employed to account for and control those receipts and disbursements are complex and unique. Most federal agencies have their own financial systems and specialists, but the Department of the Treasury's Financial Management Service oversees the federal government's overall financial operations. It receives periodic financial reports from individual agencies and prepares consolidated financial summaries for the use of the Congress, the President, and the American people. The Office of Management and Budget (OMB) annually reviews, analyzes, and evaluates the agencies' budget requests and puts together the President's budget which is sent to the Congress. The General Accounting Office (GAO) formulates basic accounting principles and standards to be observed by the federal agencies. In such an environment, timely, accurate, and accessible information can be created and disseminated only by a combination of competent financial managers, coordination among directing authorities, and sophisticated budget and financial systems.

Much is being done to improve the present accounting systems and procedures used by the federal government. OMB has developed and is implementing several programs and has published relevant guidelines. Several departments and agencies are installing advanced accounting systems. Appendix B is a digest of the accounting principles and standards for federal agencies recently issued by the GAO. The authors hope that this book will play a small role in the overall process of improvement and understanding by providing the reader with an indepth analysis and explanation of the current process.

A follow-up of this effort is the work of the President's Private . . .

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