The US Government’s Financial Report and some experiences for Vietnam

Abstract

The annual US Government’s Financial Report provides the public a comprehensive overview of the Government’s
current financial position, as well as critical insight into the long-term fiscal outlook. It is continually changing to
better serve the public finances of the nation. The process of making the Government’s Financial Report is a
complex and diverse activity. If the coordination between the budget management unit, the budget-using unit
or the report on utilization and budgeting unit is incomplete, unclear, dishonest and untimely, they will affect
the operation of the government. Understanding the budgetary and operating budgeting system of the US
government is necessary for the preparation of the Vietnam Government’s Financial Report in the coming years.
Although the Vietnamese Budgeting Law comes into force on January 1, 2017, the process of finalizing the
national Government’s Financial Report is still a long way ahead.