Federal Financial Management Improvement Act (FFMIA)
The FFMIA of 1996 requires Federal agencies to implement and maintain financial management systems that comply substantially with Federal financial management systems requirements, applicable Federal accounting standards, and the USSGL at the transaction level. Under law, agency heads are required to assess and report on whether these systems comply with FFMIA on an annual basis.
In assessing compliance with FFMIA, GSA adheres to the revised FFMIA implementation guidance provided by OMB and considers the results of the GSA OIG and GAO audit reports, annual financial statement audits, Federal Information Security Management Act (FISMA)-related and other questionnaire results, FISMA compliance reviews, and other systems-related review and monitoring activities.
Based on all information assessed, GSA’s Administrator has determined that GSA’s financial management systems are in substantial compliance with FFMIA for FY 2007.