Summary: For more than 20 years, GAO has been urging the development of more timely, reliable, useful, and consistent information for managing and assessment the government's finances. During the past five years, progress has been made toward these goals, including passage of the Chief Financial Officers Act of 1990 and creation of the Federal Accounting Standards Advisory Board. During this period, many professionals in budgeting, accounting, and management reporting have sought to develop a vision for more effective and understandable financial management reporting for the federal government. This testimony discusses the kinds of information and reports that this vision will require. GAO also addresses how financial information and audited financial statements can contribute to the budgetary debate as well as help ensure accountability for achieving results and adequate stewardship over federal resources and assets. Finally, GAO discusses efforts to inform the American taxpayers of the government's financial condition.
