Financial Policy Documents Changelog

Section	Revision	Office	Reason for Change	Effective Date
Various	Completed full policy review	OFP (047G)	To reflect current legislation and processes	November 2023
2103	Updated definitions	OFP (047G)	For consistency with other policy chapters and to align with SFFAS 12	November 2023
2104	Updated Roles and Responsibilities	OFP (047G)	To reflect current duties	November 2023
2105	Updated policy statements	OFP (047G)	Increase to unasserted claims reportable threshold to $10M and $100M individually and in the aggregate respectively	November 2023
Appendix A	Updated Memorandum Inquiry for Unasserted Claims	OFP (047G)	2023 Memo updated from previous 2018 memo disseminated to Administrations and Staff Offices	November 2023
Appendix B	Updated Memorandum for Management Representation Letter	OFP (047G)	2023 Memo updated from previous 2018 memo disseminated to OGC Management, Planning & Analysis	November 2023

Section	Revision	Office	Reason for Change	Effective Date
020503	Updated to include the various VA offices  that perform, review, approve, document, and record FBWT reconciliations	OFP (047G)	To update FBWT reconciliation duties	November 2023
0204	Updated to include OFR’s roles and responsibilities	OFP (047G)	To add roles and responsibilities for FBWT reconciliations	November 2023

Section	Revision	Office	Reason for Change	Effective Date
030501	Targeted change to provide guidance on designation for Authorization Official	OFP (047G)	Add requirement on the use of the form FS 2958 for Authorizing Official	November 2023
030516	Targeted change to provide guidance on internal controls related to agent cashier activities	OFP (047G)	Provide clarification to the reader	November 2023

• Various Sections – Full review of policy to ensure policy is current.
• Section 1003 – Updated definitions as needed to ensure definitions are correct.
• Section 1005 – Added 38 C.F.R. § 36.4527 as guidance for foreclosed property acquired related to NADLs to properly reflect guidance for VA’s foreclosed property acquired.

• Various Sections
  • Reformatted to new policy format and completed full review for a full update.
  • Updated office name of Veteran Readiness and Employment Service for office name change.
• Section 0705 Policies – Updated policy statements to properly reflect current loans receivable accounting and reporting requirements.

• Various Sections – Performed full review.
• Section 0103 Definitions – Added definition for IPAC, and updated other definitions as appropriate as part of full review.
• Section 060501 General Policies – Removed unrelated policy statements regarding Cash Management Improvement Act and the transfer of funds to state programs by EFT as part of full review.
• Section 060502 Treasury Collection Mechanisms – Added language regarding G-Invoicing collection mechanism used when collecting funds from Federal agencies and components as part of full review.

• Various Sections – Review of format, wording and reference links as part of the full update
• Section 0503 Definitions – Add Discounted Cash Flow Analysis and detail to Marketable Treasury Securities to add clarity
• Key Points and Section 050503 – Add reference to TFM Vol I, Part 2, Ch 4300 to support FSC action identified
• Sections 050502 and 050503 – Identify offices performing activities to add clarity

Section	Revision	Office	Reason for Change	Effective Date
0104	Clarified requirement for Certifying Officers and Certifying Officials to be Federal Government employees.	OFP (047G)	For clarification	June 2023
010501	Added language to clarify inherently governmental functions.	OFP (047G)	For clarification	June 2023

Section	Revision	Office	Reason for Change	Effective Date
Various	Reformatted to new policy format and completed a full review	OFP (047G)	Name change	June 2023
Policies	All Policies updated, reviewed, and confirmed validity in context with applicable legal laws and regulations.	OFP (047G)	Reviewed and updated throughout	June 2023
Appendices	Appendices updated and revised to provide relevant guidance	OFP (047G)	Moved procedural text to the appropriate appendix	June 2023

Section	Revision	Office	Reason for Change	Effective Date
Various	Performed full review of policy	OFP (047G)	Full review	April 2023
1101 Overview	1101 Overview	OFP (047G)	Full review	April 2023
1103 Definitions	Updated and revised definitions adding Human Resources Payroll Application Service (HR PAS).	OFP (047G)	Full review	April 2023
110502 Calculating Employees’ Accrued Salaries and Benefits	Clarified HR PAS automatically calculates accrued salary and benefits cost.	OFP (047G)	Full review	April 2023

Section	Revision	Office	Reason for Change	Effective Date
080501D, 080503A, 080505B and 0806	Add asbestos cleanup GAAP resources	OFP (047G)	FASAB Technical Release 21	April 2023
080503 and 0806	Remove provisions on pro-rata recognition over the life of the asset and related Treasury reference	OFA	FASAB SFFAS 6 supports the alternate practice.	April 2023
0806 Authorities and References	Consolidate FASAB items under one link; add detail for references	OFP (047G) & OGC	Full update review	April 2023

Section	Revision	Office	Reason for Change	Effective Date
010505	Changed section to address OGC opinion on seeking monetary relief for invalid or improper payments.	OFP (047G)	Updated to reflect VA OGC opinion	February 2023
Appendix A	Added appendix to address decision for seeking relief from liability for Certifying and Disbursing Officials.	OFP (047G)	Leadership Directed	February 2023
Appendix B	Added 2015 OGC Opinion on authority to compromise agent cashier debts.	OFP (047G)	Leadership Directed	February 2023

Section	Revision	Office	Reason for Change	Effective Date
Appendix B	Updated Memo to the current VBA Delegation of Authority from USB to Executive Director, Insurance Service	VBA	VBA 2 year signed renewal added to Appendix B	October 2022

• Various Sections – Full review to ensure guidance is current.
• Section 0204 – Updated roles and responsibilities to properly reflect current roles and responsibilities.
• Section 0205 – Updated policy statements to revise policy statements for intragovernmental and public liabilities accounting and reporting.
• Appendix A – Removed Appendix A to refer to Consolidated Balance Sheet in VA’s most recent AFR.

• Various Sections – Titles of reference documents are listed only once in text and again in section 1406; grammar edited to remove unnecessary duplication and comply with style guide changes.
• Section 1402 Revisions – Moved prior update items to App. A because prior detail is less helpful to readers.
• Section 1403  Definitions – Definitions are added for disclosure and classification categories for heritage assets for a full review; moving detail from policy to definitions.
• Section 1404  Roles and Responsibilities – Add CFM responsibility for History Office heritage asset reporting for new sub-office and assignment under CFM.
• Section 1405  Policies – Removed parentheses and “for more information” from references and several SFFAS references to simplify presentation.
• Section 140503E Presentation and Disclosure – Added reference to balance sheet note disclosure items from SFFAS 29 and 59 for clarity.
• Section 1406  Authorities and References – Removed references to SFFAC 6 and SFFAS 8,14,32, & 57; added SFFAS 59 for text updates and coverage changes.
• Appendix B – Update CAI data call memorandum for full update.

• Various Sections – Full review of chapter to ensure policy contains current guidance.
• Section 0103 Definitions – Updated for clarity and consistency with other financial policies to improve clarity of policy definitions.
• Section 0104 Roles and Responsibilities – Updated roles and responsibilities to ensure policy reflects current responsibilities regarding accounting and recognition of liabilities.
• Section 0105 Policies – Updated policy statements in accordance with OMB Circular A-136 to clarify policy statements and ensure they are current regarding accounting and recognition of liabilities.
• Section 0106 Authorities and References – Updated to include VA Financial Policy Volume VI, Chapter 21, Contingent Liabilities as a reference to provide additional references.

Section	Revision	Office	Reason for Change	Effective Date
Various	Completed comprehensive five-year review and update	OFP (047G)	Ensure policy is up to date with current laws and regulations and accurate	March 2022
0903 Definitions	Updated for clarity of understanding	OFP (047G)	Improve effectiveness and clarity of the policy	March 2022
0904 Roles and Responsibilities	Added roles	OFP (047G)	Properly reflect offices involved in the process	March 2022
0906 Authorities and References	Updated to include  Veterans’ 38 U.S.C. § 2106 Veterans’ Mortgage Life Insurance authority	OFP (047G)	Authorizes Veterans’ Mortgage Life Insurance benefits for disabled Veterans	March 2022
Appendix C	Added updated Standard Operating Procedures (SOP) for Monitoring of SGLI Contingency Reserve	OFP (047G)	Formal SOP policy for Contingency Reserve Monitoring	March 2022

Various Sections

• Reformatted to new policy template and completed five-year update to reorganize chapter layout
• Merged policy Volume VIII Chapter 5 Imprest Funds into this chapter to streamline policies and merging policies with similar purposes and content.

Section	Revision	Office	Reason for Change	Effective Date
Heading	Name of chapter has changed to reflect subject matter.	OFP (047G)	Leadership Directed	February 2022
Various	Reformatted to new policy format and completed five-year update.	OFP (047G)	Required full policy update/review	February 2022
Various	Removed all references to CCDM.	OFP (047G)	CCDM no longer exists	February 2022
Various	Updated and edited every section to reflect policies high level point of view.	OFP (047G)	Required for current OFP format	February 2022
Section 0104	Removed reference to OALC.	OFP (047G)	Not mentioned anywhere in policy	February 2022
Section 0105	Moved all procedures from Section 0105 to Appendix A.	OFP (047G)	Required for current OFP format	February 2022
Section 100501	Changed section name from Procedures to Activities.	OFP (047G)	Leadership Directed	February 2022
010504 Designating Certifiers	Inserted language about Comptroller General and relief of responsibility.	OFP (047G)	Leadership Directed	February 2022
Appendix A	Removed procedures from policy and incorporated into Appendix A.	OFP (047G)	Full review	February 2022

• Various Sections – Completed full review to ensure policy is current and relevant
• Section 0203 Definitions – Updated definitions to ensure consistency throughout VA Financial Policies and removed outdated terminology
• Section 0204 Roles and Responsibilities – Added additional detail on responsibilities of Assistant Secretaries, Under Secretaries, Other Key Officials, and Chief Financial Officers to provide clarification on roles and responsibilities of key officials
• Section 0205 Policies
  • Performed a significant update to all policy sections to enhance reader understanding and provide clarification on how to record and report on expense and reduce redundancy
  • Added Presentation and Disclosure of Expenses and Imputed Costs to enhance reader understanding and provide clarification on how to record and report on expense and reduce redundancy
  • Removed sections related to Program Costs and Operating Expenses, Depreciation, Amortization, Depletion and Accounting for Extraordinary Items to enhance reader understanding and provide clarification on how to record and report on expense and reduce redundancy
• Section 0206 Authorities and References
  • Added references to SFFAS Nos. 7 and 33 to update links to ensure the reader refers to current guidance
  • Added reference to FFMIA of 1996 to update links to ensure the reader refers to current guidance
  • Added reference to TFM Volume I, Part 2, Chapter 4700 to update links to ensure the reader refers to current guidance
  • Removed unnecessary links and corrected hyperlinks as needed to update links to ensure the reader refers to current guidance
• Section 0207 Rescissions – Rescinded policy dated March 2021 to rescind previous policy version

• Various Sections – Hyperlinks are moved to Authorities and References section only; master library link is substituted for individual FASAB document links. Master links identify most recent document updates and for policy formatting change.
• Section 140503D Presentation and Disclosure in the Financial Statement – Remove Required Supplementary Stewardship Information (RSSI) instruction due to FASAB treatment changing from RSSI to basic information with SFFAS 57.

• Various Sections – Reformatted to new policy format and completed five-year update to reorganize chapter layout
• Section 0801 Overview – Updated overview to new format to reorganize to policy chapter
• Section 0802 Revisions – Moved previous policy revisions to Appendix A as past revisions are lengthy
• Section 0803 Definitions – Updated definitions to add definitions and for clarity
• Section 0804 Roles and Responsibilities – Removed OFP role from previous version to update role titles for clarity

Section	Revision	Office	Reason for Change	Effective Date
Various	Updated references throughout.	OFP (047G)	OMB released revisions to Title 2 of the C.F.R. on Federal grants.	May 2021

Section	Revision	Office	Reason for Change	Effective Date
Various	Updated close-out requirements for grant programs.	OFP (047G)	OMB released revisions to Title 2 of the C.F.R. for Federal grants.	April 2021

Section 020503 – Targeted change adding Flexible Spending Account Administrative Fees to eliminate separate chapter coverage