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Financial Management Standards Committee

Financial Management Standards

Working with partner agencies, the Financial Innovation & Transformation (FIT) team 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.

See our blog post and video:

Why are we so focused on Standards?

FIT is responsible for developing and maintaining the Financial Management Line of Business (FMLoB) Financial Management Standards. To do this, we work closely with our FMLoB partners and with the Financial Management Standards Committee (FMSC).

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

Financial Management Functions and Activities

A list of 11 functions and 54 activities to give us all a common understanding of what agencies do in financial management. We need this to know what our innovations must support.

Federal Financial Management Use Cases

A set of agency "stories" that document how the federal government works - key activities, inputs, outputs, and more.

Federal Financial Management Standard Data Elements

The data elements needed to support the inputs and outputs in the use cases.

Federal Financial Management System Requirements

The relevant chapter of the Treasury Financial Manual. The requirements focus on outcomes, giving agencies options for how to achieve those outcomes.

Other Treasury resources you may need

Treasury Financial Manual

Get a Glimpse of the new TFX Website

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

Last modified 09/17/20