PUBLIC LAW 101-576 —NOV. 15, 1990 104 STAT. 2849 (4) each of the agency Chief Financial Officers appointed under section 901 of title 31, United States Code, as amended by this Act. (b) FUNCTIONS.— The Chief Financial Officers Council shall meet periodically to advise and coordinate the activities of the agencies of its members on such matters as consolidation and modernization of financial systems, improved quality of financial information, financial data and information standards, internal controls, legislation affecting financial operations and organizations, and any other financial management matter. SEC. 303. FINANCIAL STATEMENTS OF AGENCIES. (a) PREPARATION OF FINANCIAL STATEMENTS. — (1) IN GENERAL. —Subchapter II of chapter 35 of title 31, United States Code, is amended by adding at the end the following: "§ 3515. Financial statements of agencies "(a) Not later than March 31 of 1992 and each year thereafter, the head of each executive agency identified in section 901(b) of this title shall prepare and submit to the Director of the Office of Management and Budget a financial statement for the preceding fiscal year, covering— "(1) each revolving fund and trust fund of the agency; and "(2) to the extent practicable, the accounts of each office, bureau, and activity of the agency which performed substantial commercial functions during the preceding fiscal year. "(b) Each financial statement of an executive agency under this section shall reflect— "(1) the overall financial position of the revolving funds, trust funds, offices, bureaus, and activities covered by the statement, including assets and liabilities thereof; "(2) results of operations of those revolving funds, trust funds, offices, bureaus, and activities; "(3) cash flows or changes in flnancial position of those revolving funds, trust funds, offices, bureaus, and activities; and "(4) a reconciliation to budget reports of the executive agency for those revolving fun<fe, trust funds, offices, bureaus, and activities. "(c) The Director of the Office of Management and Budget shall prescribe the form and content of the financial statements of executive agencies under this section, consistent with applicable accounting principles, standards, and requirements. (d) For purposes of this section, the term 'commercial functions' includes buying and leasing of real estate, providing insurance, making loans and loan guarantees, and other credit programs and any activity involving the provision of a service or thing of value for which a fee, royalty, rent, or other charge is imposed by an agency for services and things of value it provides. "(e) Not later than March 31 of each year, the head of each executive agency designated by the President may prepare and submit to the Director of the C)ffice of Management and Budget a financial statement for the preceding fiscal year, covering accounts of offices, bureaus, and activities of the agency in addition to those described in subsection (a).". (2) EFFECTIVE DATE OF SUBSECTION. —Subsection (e) of section 31 USC 3515 3515 of title 31, United States Code, as added by paragraph (1), "ote.
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