Financial Management Standards Committee (FMSC)
The FMSC is a forum that provides federal agencies with the opportunity to collaborate on FM issues, share leading practices, and weigh in on changes to the FMLoB Financial Management Standard References. It functions as the FM community’s platform to discuss FM needs and develop standardized solutions that promote financial integrity and operational efficiency across government.
As the Managing Partner of the FMLoB, FIT’s role in sponsoring the FMSC and managing the FMLoB Financial Management Standard References is consistent with the authority granted to Treasury under the legislation and regulations listed below.
- Budget and Accounting Procedures Act of 1950: Assigns Treasury responsibility for preparing reports to inform the President, Congress, and the public about the financial operations of the federal government.
- Chief Financial Officers Act of 1990: Places Treasury in a standards-setting role for financial management.
- Federal Financial Management Improvement Act of 1996: Provides for the creation of a uniform set of financial systems, standards, and reporting.
- OMB Circular A-123, Appendix D: Establishes Treasury’s responsibility to develop and maintain the FFMSR and create a change advisory board to vet changes to the requirements.
- OMB M 16-11, Improving Administrative Functions through Shared Services: Charges the LOBs with developing and overseeing a change management process for commonly used systems and services, so the user community speaks with “one voice.”
To learn more about our initiative, download the FMSC Overview. Also, check out the Financial Management Standards Committee FAQs.
For more information, contact us at FIT@fiscal.treasury.gov.
Last modified 10/02/18