The Financial Reports Division (FRD) has the following oversight responsibilities: prepares and publishes the Financial Report of the United States Government (FR), provides a framework for Federal Program Agencies on governmentwide policies, tools and future initiatives for accounting, and reconciles intragovernmental transactions. In accordance to the Government Management Reform Act of 1994, the FR must be published no later than March 31 of the year following the fiscal yearend. The Office of Management and Budget represents the management of the U.S. Government for the FR, which is annually audited by the Government Accountability Office.
Additionally, FRD manages the following three internet applications: Governmentwide Financial Report System (GFRS), Federal Agencies' Centralized Trial Balance System I (FACTS I), and Intragovernmental Fiduciary Confirmation System (IFCS). FRD uses these three applications to collect and analyze data for the publication of the FR. To assist the agencies in their accounting and reconciliation of intragovernmental transactions and balances, FRD also maintains the Intragovernmental Reporting and Analysis System (IRAS), which provides Quarterly and Year-End Closing Package data.
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