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Understanding the Chief Financial Officers Council [CFO Council] and Its Importance
Definition & Meaning
The Chief Financial Officers Council, commonly referred to as the CFO Council, is a group established under the Chief Financial Officers Act of 1990. Its primary purpose is to provide guidance and coordinate financial management activities among its member agencies. The Council focuses on modernizing financial systems, establishing standards for financial data, enhancing internal controls, and improving the quality of financial information across U.S. government agencies.
Table of content
Legal Use & context
The CFO Council plays a significant role in the legal and regulatory framework of federal financial management. It is involved in various legal areas, including budget management, accountability, and compliance with financial reporting standards. Agencies may utilize forms and procedures related to financial management that are influenced by the Council's recommendations, which can be managed through resources like US Legal Forms.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
For instance, the CFO Council may recommend a new financial reporting system to improve transparency and accountability in federal agencies. This could lead to better financial oversight and more efficient use of taxpayer dollars. (Hypothetical example)
Relevant laws & statutes
The primary statute governing the CFO Council is the Chief Financial Officers Act of 1990, which established the Council and outlined its responsibilities. Other relevant legislation includes the Government Performance and Results Act, which emphasizes performance accountability in federal agencies.
Comparison with related terms
Term
Definition
Difference
Chief Financial Officers Act
Legislation establishing the CFO Council.
The Act is the legal foundation, while the Council is the body created by the Act.
Government Accountability Office (GAO)
A government agency that provides auditing and evaluation services.
GAO is an independent agency, while the CFO Council is a collaborative group of financial officers.
Common misunderstandings
What to do if this term applies to you
If you are involved in financial management within a federal agency, familiarize yourself with the resources and recommendations of the CFO Council. Consider utilizing US Legal Forms for templates and forms that can assist in compliance with financial regulations. If you encounter complex issues, consulting a legal professional may be necessary.
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Membership: Key financial officers from federal agencies
Related Legislation: CFO Act, Government Performance and Results Act
Key takeaways
Frequently asked questions
The main purpose is to advise and coordinate financial management activities among federal agencies.
Members include key financial officers from major federal agencies, as well as representatives from the Office of Management and Budget and the Treasury.
The Council provides recommendations that help agencies improve their financial management systems and accountability.