Federal Financial Management Improvement Act

The Federal Financial Management Improvement Act (FFMIA) aims to enhance the federal government's financial management practices. Enacted in 1996, it requires federal agencies to implement systems that produce accurate and timely financial information. The goal is to ensure accountability, improve decision-making, and effectively manage taxpayer dollars. By setting standards for financial management systems, the FFMIA helps ensure transparency and reliability in government financial reporting, thereby fostering public trust and ensuring that funds are used efficiently and effectively.