Which is the outermost ring of the financial management system?

Which is the outermost ring of the financial management system?

The outermost ring contains the name of the three policies from which the initiative was derived; the Financial Administration Act, the Policy on the Stewardship of Financial management Systems, and the TBS Financial Management Policy Framework.

What are Oracle Business Intelligence reports for general ledger?

These reports assist in reviewing journals, accounts, and balances. You can use these reports as part of your reconciliation process. The Oracle Business Intelligence reports for the General Ledger include:

Why do we need a common financial management system?

This report addresses all departments and agencies as defined in section 2 of the Financial Administration Act ( FAA). By establishing common system requirements, standardization reduces the duplication of effort in each department and provides the means for agile government-wide response to change.

Which is the most powerful type of financial report?

An income statement, also known as a profit and loss, is one of the most powerful types of financial reports as it gives you a detailed snapshot of your companies financial performance and tells you how profitable your business was in a specific period of time.

Why is it important to standardize financial management system?

Standardization strengthens the quality of information in support of sound decision-making. As government-wide standardization in financial management is increased, efficiency, integrity and interoperability will be improved. The FM-SC requirements will be a vital tool in standardizing system improvements and replacements.

When was the stewardship of financial management system created?

The GC approved the Policy on the Stewardship of Financial Management Systems on January 1, 2010, which establishes clear deputy head accountability for the effective stewardship of their FMS. In accordance with this policy, deputy heads provide leadership and strategic direction for the departmental FMS.

What does the OCG do for financial management systems?

Under the Policy on the Stewardship of Financial Management Systems, the OCG provides government-wide functional direction for the stewardship of FMS and assists in the evaluation and approval of annual plans for FMS.