Financial Statement Guidance Structure and Timeline FY 2023 Updates
Learn about the new structure and timeline for the financial statement guidance in the fiscal year 2023, including reasons for the changes, benefits, and contact information for further inquiries.
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Presentation Transcript
Financial Statement Guidance Structure and Timeline for FY 2023 May 2022
Why is there a new structure and timeline? More Time to Implement Changes System changes 3rd quarter (June 30) financial statements Increase Collaboration Identify issues collectively Determine the resolution in a collaborative way No surprises to guidance updates 2 L E A D T R A N S F O R M D E L I V E R
New FY 2023 Timeline Identify all FY 2021 Lessons Learned 02/2022 Work with agencies and auditors to identify changes needed to TFM 2-4700 and OMB A-136 03/2022 to 06/2022 Review periods/clearances of guidance for FY 2023 TFM 2- 4700 and OMB A-136 07/2022 to 09/2022 Issue FY 2023 TFM 2-4700 11/16/2022 USSGL Board Meeting and Issue USSGL TFM Supplement 12/2022 Issue FY 2023 OMB A-136 Spring 2023 USSGL Board Meeting and USSGL TFM Supplement Review/ Identify Changes Financial Report of the U.S. Government Agency Financial Statements OMB A-136 TFM 2-4700 Clearance 3 L E A D T R A N S F O R M D E L I V E R
Benefits of New Timeline New FY TFM 2-4700 guidance available the day after the prior FY financial statements are published USSGL crosswalks are published by the end of 1st quarter New FY OMB A-136 guidance available in the spring Agencies able to finalize current year financial statement templates in 2nd quarter 3rd quarter and year-end financial statements based on the same set of guidance Agency auditors should be able to do more audit work based on 3rd quarter 4 L E A D T R A N S F O R M D E L I V E R
Contact Information Jaime M. Saling Department of the Treasury Bureau of the Fiscal Service Jaime.Saling@fiscal.treasury.gov 5 L E A D T R A N S F O R M D E L I V E R
