2014JFMIP.docxVIP

2014 JFMIP FASAB--Ideas for the Ideal Model Wendy Payne, CPA, CGFM 1 Tuesday, May 20, 2014 3:50 – 5:00 PM Disclaimer Views expressed are those of the speaker. The Board expresses its views in official publications. 2 OVERVIEW NAPA Study Ideal Model Research to date Task force ideas Members’ ideas My thoughts General Update 3 NAPA Study - Key Findings Data generally are highly accurate and granular: challenges in analyzing and transforming data into?actionable information especially the linking of budget, costs, and performance. 4 NAPA Study - Key Findings Financial data can be used more?effectively if: leadership instills a culture that pays attention to costs and?performance by creating structures and incentives that encourage employees to?carefully examine these issues. 5 NAPA Study - Key Findings CFO organizations increasingly need: to offer?valuable decision-making support to evolve to a more modern approach that features sophisticated cost and?performance analysis 6 NAPA Study - Recommendations Strengthen the CFO staff’s knowledge?of program operations in order to increase their ability to act as business partners?to agency program leadership. Emphasize development of the CFO?staff skillsets to ensure that traditional accounting is augmented by data analytics. In order to connect financial and cost information to program?outcomes, federal agencies should link budgeted resources to costs, outputs, and?performance. 7 NAPA Study - Recommendations Develop?financial and programmatic dashboards specifically tailored to the decision-making?requirements of executives. Enhance existing reporting systems?to integrate financial, operational, and HR-related information. Congress and OMB should create specific legislative and?regulatory catalysts to focus agency attention on developing clear cost and?outcome data. 8 Ideal Model 9 Research to Date Accrual information is useful and needed. Integration of budget, cost and non-financial performance is nee