[Federal Register Volume 66, Number 117 (Monday, June 18, 2001)]
[Notices]
[Page 32823]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-15256]



[[Page 32823]]

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GENERAL ACCOUNTING OFFICE

[Document Nos. JFMIP-SR-01-2]


Joint Financial Management Improvement Program (JFMIP)--Federal 
Financial Management System Requirements (FFMSR)

June 11, 2001.
AGENCY: Joint Financial Management Improvement Program (JFMIP).

ACTION: Notice of document availability.

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SUMMARY: The JFMIP is seeking public comment on exposure draft titled 
JFMIP Core Financial System Requirements ``JFMIP-SR-01-02'', dated June 
11, 2001. The exposure draft is being issued to update the February 
1999 `` Core Financial System Requirements.'' The exposure draft 
incorporates new JFMIP requirements for Core Financial Systems. They 
are designed to provide financial managers with governmentwide 
mandatory requirements for financial systems in order to process and 
record financial events effectively and efficiently, and to provide 
complete, timely, reliable, and consistent information for decision-
makers and the public.

DATES: Comments are due August 20, 2001.

ADDRESSES: Copies of the Core Financial System Requirements exposure 
draft have been mailed to Agency Senior Financial Officials and are 
available on the JFMIP website http://www.jfmip.gov. Comments should be 
addressed to JFMIP, 1990 K Street NW, Suite 430, Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Stephen R. Balsam, (202) 219-0531, 
[email protected], regarding the Core Financial System 
Requirements.

SUPPLEMENTAL INFORMATION: The Federal Financial Management Improvement 
Act of 1996, (FFMIA), mandated that agencies implement and maintain 
systems that comply substantially with Federal financial management 
systems requirements, applicable Federal accounting standards, and the 
U.S. Government Standard General Ledger at the transaction level. The 
FFMIA statute codified the JFMIP financial systems requirements 
documents as a key benchmark that agency systems must meet in order to 
be substantially in compliance with systems requirements provisions 
under FFMIA. To support the requirements outlined in FFMIA, we are 
updating requirements documents that are obsolete and publishing 
additional requirements documents.
    The Core Financial System Requirements document establishes 
standard requirements for the backbone modules of an agency's 
integrated financial management system. The major functions supported 
by a Core Financial System are: Core Financial System Management, 
General Ledger Management, Funds Management, Payment Management, 
Receipt Management, Cost Management, Technical and Reporting. These 
eight functions provide common processing routines, support common data 
for critical financial management functions affecting the entire 
agency, and maintain the required financial data integrity control over 
financial transactions, resource balances and other financial 
management systems.
    This update reflects the most recent changes in laws and 
regulations, such as FACTS II, and clarifies previous requirements. 
JFMIP's Knowledgebase website can be used to obtain an electronic copy 
of the changes that have been made to the Core Financial System 
Requirements document. The Knowledgebase can be accessed through the 
JFMIP website http://www.jfmip.gov. The exposure draft contains only 
mandatory requirements on which the vendor software certification test 
will be based and value-added requirements for optional functionality.
    Comments received will be reviewed and the exposure draft will be 
revised as necessary. Publication of the final requirements will be 
mailed to agency senior financial officials and will be available on 
the JFMIP website.

Karen Cleary Alderman,
Executive Director, Joint Financial Management Improvement Program.
[FR Doc. 01-15256 Filed 6-15-01; 8:45 am]
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