Comments sought on accounting software standards

The Joint Financial Management Improvement Program (JFMIP), a panel associated with the federal Chief Financial Officers Council, is seeking comments on updates of a document that explains the federal government's specifications for accounting software. JFMIP recently issued a new version of its Core Financial Systems Requirements document, which outlines the basic functionality that core financial systems must have in order to support agency missions and comply with laws and regulations. Core financial systems support management of the general ledger, funds, payments, receipts, costs and reporting. All must be designed under JFMIP standards to support the preparation of agency budgets and annual financial statements as well as support management decision-making and reporting with timely, complete, reliable and consistent information. Agencies are expected to use the guidelines when reviewing new accounting systems or updating old ones. The new document updates one released in February 1999. JFMIP is specifically seeking input on 10 proposed changes to the document, including changes that make certain system requirements mandatory. JFMIP certifies software packages for federal use. Commercial software is tested against requirements laid out in the core requirements document. Results of the tests are published in JFMIP's Knowledgebase Web site.