Question

Why is Service Efforts and Accomplishments reporting especially important for local governmental and not-for-profit entities? Identify the primary functions of the following entities as they relate to financial reporting by the federal government:

Office of Management and Budget

Department of Treasury

Government Accountability Office

Answer 1

Answer:

Service Efforts and Accomplishments Reporting was include in 1994. Government financial statements, notes and required supplementary information meet many of the needs of citizens, creditors, and oversight authorities. Similarly, the financial statements of private not-for-profits are useful to donors ,government regulators, and creditors. However neither governmental nor not-for-profit financial statements are particularly effective in measuring organizational effectiveness. The fundamental problem is that government and not-for-profit effectiveness cannot be expressed solely in financial terms Effectiveness in non business organisations must be measured in terms of the quality of the service provided or the extent to which an organization fulfills its mission. For this reason, many governments and not-for-profits report non financial information in addition to their financial statements. the framework for the combining financial and non financial information to more effectively communicate organizational effectiveness is termed Service Efforts and Accomplishments Reporting.

Primary function of the following entities are given below:

Office of Management and Budget: The office of management and budget is the largest office within the executive office of the president of U.S the main function is to produce the president budget but also measures the quality of agency programs, policies, and procedures to see if they comply with the president policies and coordinates inter-agency policy initiatives.

Department of Treasury: The Department of treasury maintain a strong economic and job opportunities by promoting the conditions that enable economic growth and stability at home and abroad strengthen National Security by combating threats and protecting the integrity of the financial system and manage the U.S Government finances and resources effectively. The basic function of department of Treasury is following:

• Managing Federal finances.
• Collecting taxes duties and monies paid to and due to the U.S and playing all bills of the U.S.
• Currency and Coinage.
• Enforcing Federal finance and tax laws.

Government Accountability Office: The Government Accountability Office is a U.S legislative agency that monitors and audits government spending and operations. The Government Accountability Office tracks how the legislative and executive branches of the government use taxpayer dollars and then providers results directly to Congress The Comptroller General Serves as head of the Government Accountability Office.

The Government Accountability Office audit of federal government agencies to ensure that funds are allocated properly and not misappropriated. For example, it conducts audits and reviews of the pentagon including U.S military spending on personnel and weapons systems. The Government Accountability Office reviews government programs and policies to determine if the established goals are properly aligned with their original purpose and are being satisfied This office also investigates of illegal activities with in the government and issues legal determinations on proposed rules regarding other government agencies.