What is the DoD financial management regulation?
The DoD FMR directs statutory and regulatory financial management requirements, systems, and functions for all appropriated and non-appropriated, working capital, revolving, and trust fund activities.
The DoD FMR is a critical regulation and guidance document for financial management and other acquisition personnel involved with managing or executing DoD's resources. The DoD FMR is owned/managed by the DoD Office of the Under Secretary of Defense (Comptroller).
The DoD Financial Management Regulation governs financial management by establishing and enforcing the requirements, principles, standards, systems, procedures, and practices necessary to comply with financial management statutory and regulatory requirements applicable to the Department of Defense.
This chapter establishes policy for the administrative control of funds and includes specific instruction for controlling available funds. The DoD Components are required to establish and maintain effective controls over appropriations and other funds in accordance with this chapter.
The Directorate for Financial Management Policy and Reporting (FMPR) is responsible for developing, promulgating, implementing, and interpreting DoD-wide accounting and finance policies; providing direct support to the USD(C)/CFO and DCFO on various interagency forums; advocating for the USD(C)/CFO on various ...
Financial regulation is part of ensuring the safety and soundness of the financial system and protecting consumers.
The Department of Defense (DoD) 7000.14-R, DoD Financial Management Regulation (FMR) is issued under the authority of DoD Instruction 7000.14, “DoD Financial Management Policy and Procedures.” The DoD FMR directs statutory and regulatory financial management requirements, systems, and functions for all appropriated and ...
The DoD FM Certification Program is based on courses and experience, not tests. To earn the certification, you must complete several courses and gain experience in a financial management career field as well as with the DoD to attain proficiency in the competencies required at your assigned level.
There are five (5) major Department of Defense appropriation categories that Congress has established: Research, Development, Test and Evaluation (RDT&E); Procurement; Operation and Maintenance (O&M); Military Personnel (MILPERS); and Military Construction (MILCON).
financial statements. The statements must fully disclose a federal entity's financial position, results of operations, and provide information on the effective allocation of resources which. Congress, Agency managers, the public, and others can assess management performance and. stewardship.
What are the major DoD appropriations categories?
DoD receives many appropriations, most of which can be grouped into the five major categories: Research, Development, Test and Evaluation (RDT&E); Procurement; Operation and Maintenance (O&M); Military Personnel (MILPERS); and Military Construction (MILCON).
DoD Standard Line of Accounting (SLOA) is used to identify the funding source associated with an organization's budget and to ensure accurate accounting transactions.
Two major exceptions to the full funding policy as it applies to Procurement appropriations are advance procurement and multiyear procurement.
CHIEF FINANCIAL OFFICER OF THE DEPARTMENT OF DEFENSE
The USD(C)/CFO is charged with the responsibility of developing and implementing DoD-wide financial management systems and overseeing financial management activities relating to the CFO programs and operations of the DoD.
Under the President, who is also Commander in Chief, the Secretary of Defense exercises authority, direction, and control over the Department, which includes the separately organized military departments of Army, Navy, and Air Force, the Joint Chiefs of Staff providing military advice, the combatant commands, and ...
Defense Finance Accounting Service (DFAS)
The main goal of financial regulation is to protect and maintain financial stability by preventing monopolies, ensuring that businesses accurately report their earnings and keeping prices fair.
Financial regulation and government guarantees, such as deposit insurance, are intended to protect consumers and investors and to ensure that the financial system remains stable and continues to make funding available for investments that support the economy.
The Government and the Financial Industry
The government plays the role of moderator between brokerage firms and consumers. Too much regulation can stifle innovation and drive up costs, while too little can lead to mismanagement, corruption, and collapse.
The DoD SLOA/Accounting Classification is a subset of SFIS data elements that is used to ensure accurate accounting transactions and interoperability between systems.
What does FMR stand for in the military?
Financial Management Regulation (DoD FMR) | Defense Security Cooperation Agency.
The general fiscal law rule is that OMA can only be used to pay for expenses, and OPA can only be used to pay for investment items.
Those interested in a career in governmental financial management may consider a CGFM certification worth the effort. While there are three exams to take for the CGFM certification, no additional courses are necessary. The designation has the potential to increase an individual's salary and promotion opportunities.
Chartered Financial Analyst (CFA®)
To obtain the CFA charter, candidates must successfully complete three difficult exams and gain at least three years of qualifying work experience, among other requirements.
LEVEL 3 REQUIREMENTS
At least 2 years of DoD FM experience. 40 CETs required every two years after achieving Certification Level. PL Proficiency Level of the FM Enterprise-wide Competencies CET Continuing Education and Training • At least 4 years of FM experience; 2 years must be DoD FM experience.
