Reportlng of performance measures for federal agencies: the initial impact of the chief financial officer act of 1990

The Chief Financial Officer Act of 1990 requires the preparation and audit of financial statements for many federal government programs and agencies. The first comprehensive set of financial statements prepared to meet the provisions of the CFO Act were for the fiscal year ended September 30, 1991 and were published in CFO Annual Reports due in August of 1992. This paper presents the results of a study of performance measurement in the fiscal year 1991 financial statements of the sixty-three reporting entities filed as part of the 1992 CFO Annual Reports. The purpose of the analysis of performance measures included in the fiscal year 1991 financial statements was to determine to what extent the financial statements of each of the reporting entities included the various types of performance measures identified in the framework developed for this project. The paper also includes an in-depth analysis of the performance measures reprted by the Social Security Administration and the Department of Labor.