The price and progress of compliance with Federal Financial Management reporting requirements in Department of the Navy Property, Plant, and Equipment nonfinancial feeder systems
Burks, Michael S.
Moses, O. Douglas
Mutty, John E.
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The federal government holds an inherent responsibility to report on its financial management operations and consequent outcomes. The passage of the Chief Financial Officers Act of 1990 and subsequent fiscal reform legislation set forth a mandate for financial accountability through implementation of an integrated financial management system, preparation and audit of consolidated federal financial statements, and institution of government-wide strategic planning and performance measurement. The Department of Defense (DOD) remains the predominant noncompliant agency, and in 1999 acknowledged that archaic data feeder systems never intended to comply with accounting standards or integrate with financial management systems were the major obstacles to conformity. DOD estimates that 80 percent of relevant financial management data comes from these critical non financial feeder systems. This thesis estimates the cost and progress of Property, Plant, and Equipment (PP&E) non financial feeder system compliance within the Department of the Navy (DoN), which controls approximately SO percent of DOD PP&E assets. Objective assessments of Real and Personal Property initiatives set a framework for examination of alternative strategies to overcome pervasive National Defense Asset reporting deficiencies. This thesis proposes a DoN strategic initiative to define, account for, and report National Defense PP&E in the absence of relevant federal accounting standards.
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