How often must federal agencies submit their financial statements?

Federal agencies are required to submit their financial statements annually. This requirement aligns with the government's aim for transparency and accountability in public financial management. The Government Management Reform Act mandates that federal agencies prepare and submit annual financial statements that reflect their financial position and results of operations. This annual submission consolidates the agency's financial activities over the fiscal year, ensuring that stakeholders have a comprehensive overview of financial performance and resource allocation.

The annual requirement supports timely reporting for budgetary decisions, financial oversight, and compliance purposes. Moreover, it facilitates the preparation of the government-wide financial statements by the Department of the Treasury, which are crucial for assessing the overall financial health of the federal government.

While certain reporting might be required on a more frequent basis, such as internal performance management or specific project-related financial data, the official submission of financial statements as per federal regulations is done on an annual basis.