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Research by our federal government consultants is reviewed in a new white paper on the content and structure of the federally mandated fiscal year 2012 Schedules of Spending.

CLA Report Analyzes Fiscal Year 2012 Schedules of Spending

  • 4/18/2013

A new report on fiscal year 2012 Schedules of Spending (SOS) from the Chief Financial Officers (CFO) Act agencies is now available from CliftonLarsonAllen’s federal government assurance and advisory practice. The report offers a look at the content and structure of these initial filings, including best practices, suggested enhancements to the guidance for preparing the SOS, and further issues to be considered for improving the clarity and meaningfulness of the SOS.

Intended to more report how and where federal agencies are spending their resources, the SOS initiative was recommended by the Federal Accounting Standards Advisory Board (FASAB) in 2010. In August 2012, the Office of Management and Budget (OMB) issued an update to OMB Circular No. A-136, Financial Reporting Requirements, Revised, (A-136), which included a framework for preparing an SOS.

Following consultations with the Chief Financial Officers Council (CFO Council), OMB’s update established requirements for the 24 agencies subject to the CFO Act of 1990 to provide two initial sections of an SOS for inclusion as Other Accompany Information (OAI) in their Performance and Accountability Report (PAR) or Agency Financial Report (AFR) for the fiscal year ending September 30, 2012.

“We concluded that the key to determining the usefulness and clarity of the information was the line item captions that categorized how the money was spent,” says Denise Wu, a partner in the federal government practice. “Overall, the minimum format and presentation requirements for the SOS were achieved by 23 CFO Act agencies and the Government Accountability Office.”

“Even though compliance for 2012 was high among these agencies, our analysis of SOS documents leads us to believe that the guidance and illustrative SOS templates provided by OMB could be enhanced,” adds Wu.

Download the white paper to learn more about recommended enhancements, best practices, and other insights on the Schedule of Spending requirements.

How we can help

CliftonLarsonAllen’s team of federal government auditors and consultants has a deep understanding of the challenges facing the federal government financial reporting community, with particular insight into preparation of the Schedule of Spending. Our research and resources are available to those responsible for preparing Schedules of Spending for federal entities and others interested in improving government accounting.

Denise Wu, Federal Government Partner or 301-902-8586