Governmentwide Financial Report System (GFRS)
GFRS is an application used to collect closing package information from Federal Program Agencies (FPAs). The Closing Package is a set of prescribed financial statements of an agency's department-level comparative, audited, financial data.
The primary purpose of this process is to present a comprehensive report on the government's financial position as well as defining a mechanism that assists with resolving material deficiencies identified by the Government Accountability Office (GAO).
GFRS replaces Federal Agencies' Centralized Trial-Balance System (FACTS I) and Intragovernmental Fiduciary Confirmation System (IFCS). Both systems were decommissioned in FY 2014.
Who is responsible for a Closing Package?
The Chief Financial Officer (CFO) or designee must prepare and submit a Closing Package each year.
The inspector general (IG) of the agency must approve the Closing Package data. CFOs and IGs must ensure that they collaborate on the Closing Package submission.
Who else works with GFRS?
In GFRS, different parts of the system are available to different "user roles." Your user role determines which parts of the system you have permission to use.
What does Treasury do with the Closing Packages?
Treasury uses the Closing Package information to prepare the Financial Report of the United States.
How do agencies submit Closing Packages?
Agencies use the Governmentwide Financial Reporting System (GFRS) to submit their Closing Packages.