Federal Financial Management Improvement Act (FFMIA)

The Federal Financial Management Improvement Act (FFMIA) aims to enhance the financial management practices of U.S. federal agencies. Enacted in 1996, it requires federal agencies to ensure their financial systems comply with specific standards and guidelines. This promotes transparency, accountability, and accuracy in government financial reporting. By improving financial management, the FFMIA helps to ensure that taxpayer funds are used effectively and that agencies can provide accurate financial information to Congress and the public. Ultimately, it seeks to improve overall governance and the integrity of federal financial operations.