Well done, you may now continue with the lesson.
\n \n\n Welcome to GFEBS and External Reporting Systems\n
\n\n Welcome to GFEBS and External Reporting Systems module. In\n this module, we will discuss:\n
\n\n- \n
- Key Terms \n
- Overview \n
- Standardize Reporting \n
- Department of Defense (DoD) Reporting Standards \n
- Department of the Treasury Reporting Standards \n
- \n Summary of External Reporting Data Flows Module Checkpoint\n \n
Lesson Objectives
\nAfter completing this lesson, you will be able to:
\n- \n
- Define SFIS. \n
- Explain the purpose of SFIS. \n\n
- Describe how GFEBS achieves SFIS compliance. \n
- Define DDRS. \n
- Explain why GFEBS must use DDRS. \n\n
- Define BEIS. \n
- \n Explain the relationship between BEIS, DDRS, and GFEBS.\n \n
- Define FACTS. \n
- Explain the importance of FACTS I and II to GFEBS. \n
- Define the GFRS. \n
- \n Explain the purpose of GFRS and how it is associated with\n GFEBS.\n \n
Key Terms
\nOverview
\n\n Congress, Treasury, and DoD all have reporting requirements\n and standards to which GFEBS must comply.\n
\nThis lesson will discuss:
\n- \n
- \n Reporting standards imposed by DoD, the Treasury, and\n Congress\n \n
- How GFEBS meets those standards \n
- \n External systems that require specific report formatting\n to enable GFEBS to transport data automatically\n \n
Standardize Reporting
\n\n Standardizing reporting practices throughout DoD and\n Treasury has several benefits. The following benefits\n support transparency and affords organization.\n
\n- \n
- \n Enables decision-makers to efficiently compare similar\n programs and activities throughout DoD.\n \n
- \n Provides decision-makers the level of detail they require\n to retrieve information and perform audits.\n \n
- \n Improves the efficiency of maintaining business systems,\n which reduces the costly maintenance and translation of\n nonstandard data.\n \n
- \n Links program management to its budgetary resources and\n its actual financial information, which consequently\n improves performance.\n \n
\n Department of Defense (DoD) Reporting Standards\n
\n\n Standard Financial Information Structure (SFIS)\n
\n Standard Financial Information Structure (SFIS) is a\n standard for categorizing financial information to support\n financial management and reporting functions. It provides a\n common foundation to track, process, and report DoD business\n transactions. It also plays a key role in helping achieve\n and sustain an unqualified audit opinion on consolidated DoD\n financial statements. SFIS supports requirements for\n budgeting, performance-based management, and the generation\n of financial statements.\n
SFIS Standards (1 of 2)
\n\n Who maintains the SFIS standards?\n
\n\n BEIS is the organization established by DoD responsible for\n maintaining SFIS and running the DDRS.\n
\nBEIS performs the following specific functions:
\n- \n
- \n Collects financial transactions from throughout DoD,\n through DDRS.\n \n
- Provides the authoritative source for SFIS values. \n
- Ensures that data is compliant with SFIS standards. \n
- \n Provides security-defined, enterprise-level access to\n information for ad-hoc management queries.\n \n
- \n Produces external financial management reports/statements\n based on standardized data.\n \n
SFIS Standards (2 of 2)
\n\n\n At the end of each period, GFEBS sends its Trial Balance to\n the DDRS, which requires GFEBS to format its Trial Balance\n according to SFIS standards.\n
\n- \n
- \n The GFEBS Trial Balance includes the Defense Reporting\n Elements (DRE), a subset of SFIS.\n \n
- \n Each point account in GFEBS links to the appropriate SFIS\n attribute and to the DoD reporting Chart of Accounts\n number.\n \n
- \n DDRS uses the GFEBS Trial Balance to produce all budget\n and execution reports and financial statements for the\n Army:\n \n
- DDRS-B produces budgetary reports \n
- DDRS-AFS produces financial statements \n
- \n DDRS consolidates this with the trial balances from all\n other DoD organizations to produce a unified DoD Trial\n Balance for Congress, the Treasury, and the public.\n \n
- \n
\n Department of the Treasury Reporting Standards\n
\n\n The Federal Agencies' Centralized Trial Balance System\n (FACTS) is administered and maintained by the Department of\n the Treasury's Financial Management Service (FMS) to prepare\n the Financial Report of the United States Government at\n year-end. FACTS I collects proprietary USSGL account balance\n information at the end of each fiscal year.\n
\n\n FACTS II is also administered by Treasury FMS. It collects\n budget execution data at the end of each fiscal quarter.\n FACTS I and FACTS II exist simultaneously and run\n independently of each other.\n
\n\n To enable DoD to compile a Trial Balance that meets Treasury\n Standards, the Trial Balance that GFEBS sends to DDRS\n complies with FACTS I and II reporting standards. To achieve\n this, GFEBS maintains an association between its Chart of\n Accounts and the attribute values used by FACTS I and FACTS\n II.\n
\nGFRS
\n\n Government-Wide Financial Reporting System (GFRS)\n
\n\n GFEBS also maintains an association between its Chart of\n Accounts and attribute values used by GFRS. GFRS is\n maintained by Treasury.\n
\n\n It captures each Federal agency's closing information and\n links the agencies' audited and consolidated\n department-level financial statements to the Financial\n Report of the United States Government. GFRS resolves any\n deficiencies identified by the Government Accountability\n Office (GAO). Although DoD sends the consolidated financial\n statement to GFRS, GFEBS formats its Trial Balance according\n to GFRS so that DoD does not need to restructure data to\n make it GFRS-compatible.\n
\nExternal Data Flows (1 of 2)
\n\n External Reporting Data Flows\n
\n\n GFEBS\n
\n GFEBS starts with consolidated financial data for the\n previous fiscal period, as posted to the G/L.\n
\n GFEBS\n
\n FI runs the DDRS Trial Balance and sends it to the DDRS. The\n Trial Balance Data Structure complies with SFIS, FACTS I,\n FACTS II, and GFRS reporting requirements.\n
\n DDRS\n
\n DDRS, a system managed by DoD's BEIS produces the financial\n statements for the Army. DDRS then consolidates all DoD\n financial statements and produces the official DoD Financial\n Statement.\n
External Data Flows (2 of 2)
\n\n External Reporting Data Flows\n
\n\n US Treasury\n
\n The U.S. Treasury uses FACTS I, FACTS II, and GFRS to\n produce the Financial Report for the United States\n Government.\n
\n Office of Management and Budget (OMB)\n
\n The OMB receives the DoD Financial Statement, which helps it\n hold the DoD accountable for its financial activities.\n
\n \n U.S. Congress | Government Accountability Office (GAO) |\n American Public\n \n
\n The financial statements from the DoD and other Federal\n agencies, the U.S. Treasury's Financial Report, and reports\n from the OMB are provided to the U.S. Congress, the GAO, and\n to the public. The availability and visibility of financial\n activities promotes more fiscal responsibility within each\n Federal agency.\n
\n
Learning Checkpoint
\n\n The following exercise consists of 6 questions to test your\n comprehension of the previous information presented.\n
\nSummary
\nIn this module you have learned to:
\n\n- \n
- Define SFIS and explain its purpose. \n
- Describe how GFEBS achieves SFIS compliance. \n
- Define DDRS and explain why GFEBS must use it. \n
- \n Define BEIS and explain its relationship to DDRS and\n GFEBS.\n \n
- \n Explain the importance of FACTS I and FACT II to GFEBS.\n \n
- \n Define GFRS, explain its purpose, and how it is associated\n with GFEBS.\n \n