GFRS/FACTS I/IFCS

Getting Started

GFRS

Governmentwide Financial Report System

Treasury and GAO recognized the need to resolve material weaknesses related to the consolidation process of the Financial Report of the United States Government (FR). GFRS was developed to eliminate material weaknesses and receive either an unqualified opinion or qualified opinion for the FR.

GFRS provides numerous benefits for agencies and FMS. For example, GFRS:

• Offers a direct link between agencies audited financial statements and government-wide consolidated statements.
• Provides a clear audit trial.
• Supports compliance with FASAB Standards.

FACTS I

Federal Agencies' Centralized Trial-Balance System I

Treasury recognized that FACTS I could be improved since GOALS (Government On-Line Accounting Link System) platform discontinued. FACTS I was developed in January 2000 and implemented in fall 2001 on GOALS II platform. FACTS I is the first Internet application for many of its customers. On GOALS II platform, Treasury redesigned FACTS I to improve and enhance the system.

FACTS I provide numerous benefits for agencies and FMS. For example, FACTS I:

• Internet based application.
• Faster response time.
• Task appropriate nature and user friendliness of ATB submission.
• Reduced FMS MAF Analysis process.
• Reduced call volume to FMS Help Desk and Goals Customer Support Staff.

IFCS

Intragovernmental Fiduciary Confirmation System

GAO, OMB, and Treasury recognized the need to resolve material weakness related to Intragovernmental Eliminations for the consolidation process of the Financial Report of the United States Government (FR). There was no fiduciary database for Federal Program Agencies (FPAs) to reconcile and provide adequate explanation for the differences on fiduciary activities between the trading partners. In 2003, Treasury assumed the oversight administrative responsibility for IFCS from GSA and recognized IFCS as the official confirmation system for FPAs that engage in fiduciary intragovernmental transactions.

IFCS provides numerous benefits for FPAs and FMS. For example, IFCS:

• Provides a clear audit trail.
• Warehouses a fiduciary reporting database.
• Offers a faster response time.