TFM Bulletin Page
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This Treasury Financial Manual (TFM) bulletin notifies agencies of the revised IGT policy for fiscal 2013 reporting and provides agencies with updated guidance on the processes and accounting categories and subcategories to adequately account for and eliminate IGT activity and balances between Federal agencies.
Attachment 1: Procedures for Intragovernmental Transactions (IGTs)—Prescribes yearend Chief Financial Officer’s procedures for intragovernmental transactions/balances and intragovernmental requirements.
Attachment 2: Intragovernmental Transaction (IGT) Guide—Assists agencies in the accounting, reporting, and reconciliation of IGT activity with their trading partners.
In support of standardizing and requiring adequate controls, the Department of the Treasury (Treasury) has established business rules and processes to properly record, report, and reconcile IGTs. IGTs result from business activities conducted between two Federal agencies. When preparing the Financial Report of the United States Government, these activities must be eliminated so that financial statement amounts are properly stated. When IGT activity between trading partners does not reconcile, it creates differences that result in the misstatement of financial balances. Collaboratively, the Federal financial community must engage this problem to ensure a Governmentwide successful solution.
In general, the revised IGT policy will:
Treasury will incorporate this new/updated policy into a future TFM chapter.
This bulletin is effective immediately.
Direct questions concerning this bulletin to:
Intragovernmental Transformation Plan (IGTP) Program Manager
Financial Management Service
Department of the Treasury
3700 East-West Highway
Hyattsville, MD 20782
David A. Lebryk
Date: January 10, 2013
The attachments are available only in the PDF version.