Since the enactment of key financial mgmt. (FM) reforms, the fed. gov¿t. has devoted significant resources to improving FM activities and practices. Yet continuing attention is needed to address persistent, long-standing accountability problems and to redefine success for fed. FM. Many gov¿t. agency FM systems do not produce the accurate, timely, and meaningful info. needed for mgmt. decision making. This forum brought together FM leaders from the fed. gov¿t., incl. the CFO, CIO, and IG communities, and other officials with extensive experience in FM from both the public and private sectors. The forum addressed: the future of fed. FM; applying lessons learned from fed. FM system implementations; and strategies for transforming fed. FM culture.

In 2005, there was testimony on the status of NASA¿s financial mgmt. reform efforts. NASA faces major financial mgmt. challenges that, if not addressed, will weaken its ability to manage its highly complex programs. NASA has been a high-risk agency since 1990 because of its failure to effectively oversee its contracts, due in part to the agency¿s lack of accurate and reliable info. on contract spending. This statement focuses on: NASA¿s key financial mgmt. challenges; how NASA¿s financial mgmt. challenges compare with other fed. agencies; an assessment of NASA¿s progress toward implementing recommendations aimed at improving its financial mgmt. system; and the steps NASA must take to reform its financial mgmt. organization. Charts.