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Financial Management Standards Committee

Financial Management Standards

Working with partner agencies, Fiscal Service has developed many resources to help agencies improve how they manage federal finances. These include:

  • a self-assessment tool and maturity model
  • standards and resources for meeting the standards

At the end of this page, we also give you links to other Treasury standards you need for financial management.

As a Chief Financial Officer (CFO), you must always look for ways to improve how your agency manages finances.

An important first step is to identify what is working well and not so well so that you can select the most meaningful ways for your agency to become more efficient and effective.

To help you and your staff, we have developed a Federal Financial Management Maturity Model. The model has five levels for each of five areas. We explain every area at each level in detail, so you can place your agency in the model.

To find out how your agency is doing, use our Federal Financial Management Self-Assessment.

Standards are critical. With standards, we all save time and money, improve accuracy, and reduce rework.

Currently, we have four resources for our standards, all of which are aligned with similar parts of the Federal Integrated Business Framework:

Federal Financial Management Functions and Activities

Common financial management functions and activities serve as the basis for understanding what services agencies need and solutions that should be offered. This list of 11 functions and 54 activities provides a common understanding of what agencies do in financial management.

Federal Financial Management Business Use Cases

These agency “stories” document the key activities, inputs, outputs and other intersections to describe how the Federal government operates. They are organized into 11 end-to-end business processes that have a federal financial management impact

Federal Financial Management Business Data Elements

This minimum set of business data elements reflects what is required to support the inputs and outputs identified in the business use cases, capabilities, business information exchanges and business reports.

Federal Financial Management Business Capabilities (FFMSRs)

FFM Business Capabilities reflect the federal financial management system requirements (FFMSRs) that agency financial management systems must substantially comply with. These outcome-based business needs are mapped to Federal Government authoritative references, forms, and data standards.

Other Treasury resources you may need

Treasury Financial Manual

FM QSMO Financial Management Capability Framework (FMCF)

Get a Glimpse of the new TFX Website

Treasury Service Systems Access
(contact information and system requirements for many Fiscal Service programs)

Last modified 10/30/23