Office of Finance

VA is in the midst of a multi-year finance and acquisition system modernization project (iFAMS) which will replace VA’s core financial management system (FMS) and standardize many business practices. OFP is working closely with stakeholders during implementation to prioritize policy chapter updates and ensure that policy is aligned with system and business process changes

OFP provides high-level guidance that aligns with statutory and regulatory requirements, as well as requirements issued by control agencies and standard setting bodies. Department level financial policy sets the parameters for decision making throughout VA, policy is not intended to provide detailed operating procedures or specific instructions for processing transactions.

Due to the substantial volume of financial policies and the time necessary for planning, preparation and stakeholder participation, there will be an interim period where the financial policies may not be updated for the new system. During this interim period, organizations using the new system should continue to rely on the existing policy even if the current financial policy may reference legacy systems. In the event of such policy gaps, fiscal offices should consider the intent of the policy, and guide actions toward those most likely to achieve the desired outcome. Please notify OFP of gaps to help inform the prioritization process and ensure timely resolution.