OMB’s 2007 federal financial management improvement report sets 2011 as a target for migrating the majority of agencies to shared service providers and implementing elements of the financial management lines of business initiative.
The initiative is designed to cut down on the redundancy and disparity of financial systems while standardizing data, and to date OMB has issued an early version of migration planning guidance, published competition guidance for companies and agencies to bid on the work, and released an exposure draft for a common government-wide accounting code.
It listed as priority actions for fiscal 2007 defining standard interfaces to core financial systems, defining additional standard business processes, finalizing IT measures and pilot collection, and addressing FMLoB policy questions.
The report stated as interim objectives updating migration-planning guidance, implementing common performance metrics, defining and implementing a common accounting code, and defining and implementing standard business processes.
