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Management Concepts

Federal Financial Management Overview

Available dates

Oct 30—Nov 1, 2019
3 days
Washington, District of Columbia, United States
USD 869
USD 289 per day
Nov 13—15, 2019
3 days
Dallas, Texas, United States
USD 869
USD 289 per day
Nov 25—27, 2019
3 days
Washington, District of Columbia, United States
USD 869
USD 289 per day
+20 more options


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About the course

Federal personnel, regardless of their roles, should have a working understanding of Federal financial management processes. You will align your work with your organization’s financial concerns and contribute to its effectiveness armed with this foundational knowledge of Federal laws. You will develop a solid understanding of budgeting, accounting, and performance management, as well as examine the relationships among these functions. Through critical thinking exercises, you will gain a better understanding of your agency’s financial management processes.

Learning Objectives

  • Define federal financial management terminology
  • Identify the legislative requirements for financial management in the federal government
  • Describe the federal budget process
  • Describe how to track and control budget execution
  • Explain how agencies prepare budgets
  • Identify financial management system requirements
  • Summarize the importance of internal control
  • Discuss the function of federal financial statements
  • Identify the audit and review process

Course Topics

The Federal Budget Process: Then and Now

  • Building Background
  • The Budget Process: Two Functions
  • History of the Federal Budget Process
  • Efforts to Reduce the Deficit
  • The Federal Budget
  • Trends in Revenue and Spending
  • Reforming Information Technology: Clinger-Cohen Act
  • Framework Document Organization

Budget Formulation: Integrating the Old and the New

  • Building Background
  • The Federal Budget Process
  • Evolution of Budgeting & Accounting Legislation
  • Key Executive Branch Players in the Federal Budget Process
  • Formulation of the President’s Budget
  • Annual Performance Plan
  • Budget Proposal
  • According to OMB Circular A-11...
  • Your Justification
  • The OMB Passback

Gaining Congressional Approval

  • Building Background
  • Congressional Action on the President’s Budget
  • Show Me the Money!
  • How Do Agencies Get Their Funds?
  • Budget Authority Versus Outlays

Executing and Controlling the Budget

  • Building Background
  • The Operating Plan
  • Executing the Budget
  • Doing the Work
  • Legal Control on the Use of Funds
  • The Antideficiency Act
  • Funds Control Procedures

Financial Operations

  • Building Background
  • Paying Bills and Collecting Money
  • Prompt Payment Act
  • 5 CFR Part 1315, Final Rule
  • Calculating the Payment Due Date
  • Debt Collection Improvement Act of 1996

Accounting for the Use of Funds

  • Building Background
  • The Accounting System
  • Objectives of Federal Financial Reporting
  • Statements of Federal Financial Accounting Concepts (SFFAC) and Standards (SFFAS)
  • Setting Federal Financial Management System Requirements
  • OMB Circular A-123, Appendix D
  • What is Managed in a Financial System?
  • The Federal Financial Management Improvement Act (FFMIA) of 1996
  • Governmental Accounting Systems
  • The Accounting Cycle

Internal Control

  • Building Background
  • Internal Control
  • GAO Standards for Internal Control in the Federal Government
  • OMB Circular A-123 Requirements
  • In Summary
  • Exercise: How Did He Carry Them? Case Study

Federal Financial Reporting

  • Building Background
  • Federal Financial Statement Laws
  • Financial Accountability and Accounting
  • Reports Consolidation Act of 2000
  • Agency Financial Report (AFR)
  • Required Supplementary Information (RSI) And Required Stewardship Information (RSSI)
  • Managerial Cost Accounting


  • Building Background
  • Purpose of Auditing
  • Key Players
  • Standards for Audits
  • Financial Audits
  • Attestation Engagements
  • Performance Audits
  • Who Processes Audit Reports?

Who should attend

This course is designed for individuals looking for a comprehensive overview of the range of Federal financial management disciplines. Both financial and nonfinancial personnel will benefit from learning how the components of financial management fit together in Federal agencies.

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