The bill modifies the governmentwide financial management plan to a 4-year cycle and updates related duties and reporting requirements.

The Improving Federal Financial Management Act updates the governmentwide financial management plan to a 4-year cycle, replacing the previous 5-year plan. It mandates that each agency Chief Financial Officer (CFO) oversee budget formulation, execution, planning, performance, risk management, internal controls, financial systems, and accounting. The bill also requires agencies to develop a 4-year plan to implement the governmentwide plan and achieve effective financial management.

The bill modifies the governmentwide financial management plan to a 4-year cycle and updates related duties and reporting requirements.

The Improving Federal Financial Management Act updates the governmentwide financial management plan to a 4-year cycle, replacing the previous 5-year plan. It mandates that each agency Chief Financial Officer (CFO) oversee budget formulation, execution, planning, performance, risk management, internal controls, financial systems, and accounting. The bill also requires agencies to develop a 4-year plan to implement the governmentwide plan and achieve effective financial management.