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By Jeffrey Hoge, Governmentwide Accounting

Financial Information Reporting Standardization (FIRST) is an FMS Governmentwide Accounting (GWA) initiative to consolidate reporting systems and standardize the data agencies send for inclusion in various Treasury reports. In particular, it is focused on improving the Financial Report (FR) of the U.S. Government. FIRST consists of 3 parts: the U.S. Standard General Ledger (USSGL) Interactive Database (SID), which is currently in use with agencies conducting 5 to 6 thousand searches per month; the Governmentwide Financial Report System (GFRS), where agencies submit audited financial statement data for inclusion in the FR; and the Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS).

Currently, the FIRST initiative is building GTAS, which will collect USSGL-based trial balances for every Treasury Account Symbol each quarter, edit the incoming trial balances in great detail and present agencies with instant and actionable feedback. GTAS will be open 24/7, except for routine maintenance, and will be updated monthly so agencies can practice using the actual edits with current data from the central accounting system.

Also, GTAS will use an advanced database design concept to reduce future maintenance costs. FMS administrators in operating areas will be able to add columns to database tables without seeking the assistance of database professionals. It will not have an on-line entry: all reports will come in through bulk submissions. In order to avoid repetitive information, GTAS will replace FACTS I, FACTS II, inputs to Intragovernmental Reporting and Analysis System (IRAS) (GTAS will generate similar reports, but will use edited trial balance data as the source), and Intragovernmental Fiduciary Confirmation System (IFCS), the system that helps with certain types of elimination entries currently. This effort will help reduce the number of agency reports and standardize them.

Why FIRST? The most difficult challenge FMS faces in compiling the FR is to correct inconsistent data provided by agencies. FIRST will validate and edit every incoming trial balance using all tools available (USSGL rules, the central accounting system, Bureau of Public Debt data, etc.) and provide instant feedback. As USSGL is the common accounting language, the collection of USSGL-based trial balances will be the key to future success.

What are the benefits? FIRST will create streamlined reporting, which in turn will mean fewer reconciliations; faster classification to correct fund symbol, standardization and automation of the submission, metrics, and instant feedback. Long term, FIRST will create a foundation for constant incremental improvement under the FR.

What's the development schedule? FIRST is planned as a phased development and release design. Phase 1, which put the USSGL on a database, is now complete. Phase 2, which is building interfaces from GTAS to GFRS, OMB, and GWAMP, is currently in progress. Phase 3 will build GTAS (FACTS I/FACTS II replacement). Testing is slated for the summer of 2010, with a projected production release timeframe of mid 2011.

To learn more about FIRST, visit the GTAS website at http://fms.treas.gov/gtas.

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