OMB POLICY STATEMENTS
OMB Clarifies Financial and Performance Reports
"The Office of Management and Budget clarified for agencies aspects of financial and performance reporting to make their information more comprehensive and transparent. OMB also provided guidance for next year’s Performance and Accounting Reports (PARs), which agencies must submit by Nov. 15. The OMB document updates requirements and spells out changes in how agencies should prepare their financial statements to improve their fiscal accountability. Agencies participating in the test will post financial reports on their Web sites by Nov. 15 and provide hard copies to OMB. They will also produce an Annual Performance Report and a Highlights document, which will contain performance and financial information in a brief, easy-to-use format."