Implementation of the Federal Chief Financial Officers Act

The Chief Financial Officers (CFO) Act of 1990 proposes to rationalize the many financial practices and systems of the federal financial establishment. Due to the significant number and magnitude of the changes required by the Act, those involved in implementing the Act are encountering unanticipated practical problems and issues. This article addresses some of the surfacing difficulties, including, the qualifications of CFO's; implementation costs, standards, and authority; content of financial statements; and the scope of audits including performance measurement.