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Updates to the Financial Management Line of Business (FMLoB) FM Standards

 

Updates to the Financial Management Line of Business (FMLoB) FM Standards were published this month on the FIT website. These updates were made as a collaborative effort between the Office of Financial Innovation and Transformation (FIT) at the Bureau of the Fiscal Service and the federal government’s financial management community.

 Based on insights from the Financial Management Standards Committee (FMSC), represented by the 24 Chief Financial Officer Act agencies, the following updates were made to the Standards:

  • FFMSR (27 changes) – Additions or removals of authoritative sources for the FFMSR. No changes were made to the system requirement statements.

  • Functions and Activities (21 changes) – Financial Management activity names and descriptions updated to improve clarity.

  • FM Data Elements – Published Data Elements list in final form, including a filterable version.


Additional information can be found on the FIT Press Release and FIT Standards Blog Post.

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