Exam 1: Acronym Definitions

Artificial Intelligence (AI)

a field of computer science dedicated to building software and systems that can perform tasks that would normally require human intelligence

Annual Comprehensive Financial Report (ACFR)

financial report with an MD&A, basic financial statements, footnotes, and other supplementary information

Agency Financial Report (AFR)

document published annually that provides citizens with information on spending public funds, overall financial position, and compliance with financial laws

American Institute of Certified Public Accountants (AICPA)

establishes financial audit standards for non-publicly traded companies and not-for-profit entities

Certification of Excellence in Accountability Reporting (CEAR)

AGA program that helps federal agencies produce effective, high-quality Performance and Accountability Reports (PAR) and Agency Financial Reports (AFRs)

Chief Financial Officer (CFO)

position required by 1990 CFO Act for federal government agencies

Chief Information Officer (CIO)

aligns agency’s technology infrastructure and agency-wide security programs required by FISMA to meet strategic, operational, and financial goals

heads E-Gov office

Certified Government Financial Manager (CGFM)

professional certification awarded by AGA for professional working in federal, state, or local government finance

Digital Accountability and Transparency Act (DATA Act)

Expanded FFATA to promote direct federal agency expenditure disclosure and linking federal contract, loan, and grant spending to federal agency programs.

Enterprise Resource Planning (ERP)

computer system used to simplify, streamline, and integrate financial management operations by linking many functions and departments together

Federal Accounting Standards Advisory Board (FASAB)

defines GAAP for federal government entities

Financial Accounting Standards Board (FASB)

defines GAAP for private sector entities

Generally Accepted Accounting Principles (GAAP)

sets standards for financial preparation and presentation

Generally Accepted Auditing Standards (GAAS)

standards set by AICPA for financial audits of non-publicly traded companies and not-for-profit entities

Generally Accepted Government Auditing Standards (GAGAS)

issued by Government Accountability Office (GOA) to define expected levels of performance for an audit of a government organization, program, activity, or function

Government Accountability Office (GAO)

sets GAGAS standards for auditing government entities

Government Auditing Standards (GAS)

publication for GAGAS issued by Government Accountability Office (GOA) to define expected levels of performance for an audit of a government organization, program, activity, or function

Governmental Accounting Standards Board (GASB)

defines GAAP for state and local government entities

Government Finance Officers Association (GFOA)

published guide for best budgeting practices and strategic planning process

Government Performance and Results Act (GPRA)

requires federal agencies to create long-term strategic plans. Strategic plans followed by annual performance budgets and annual performance reports

Government Performance and Results Act Modernization Act (GPRAMA)

law that built on GPRA that requires cross-agency priority goals, quarterly data-driven reviews for goal progress, and appointing a COO, performance improvement officer, goal leaders and a Performance Improvement Council

Management's Discussion and Analysis (MD&A)

citizen-friendly portion of external financial reports that provides basic information on the structure of government the budgetary process required by GAAP

National Institute of Standards and Technology (NIST)

develops standards and policies for data security of systems, applications and networks required under the Federal Information Modernization Act

Office of Management and Budget (OMB)

responsible for dispersal of budgetary authority (apportionment) to approved programs at the national level

parent office for E-Gov headed by federal governments CIO

Other Post-Employment Benefits (OPEB)

benefits other than pension plans that the government provides to employees after they retiree such as health insurance and life insurance

recorded as a liability for benefits earned that have not yet been funded

Performance and Accountability Report (PAR)

single report required for federal executive agencies that combines financial and performance results

Service Efforts and Accomplishments (SEA)

program reporting that shows the inputs and outputs for government programs and the outcome achieved

Summary of Performance and Financial Information (SPFI)

concise, user-friendly companion document for AFR and APR to enhance transparency and accountability for financials and performance goals for general public

Federal Information Security Modernization Act (FISMA)

provides framework of guidelines and security standards for CIOs to protect government information and operations