Page:United States Statutes at Large Volume 102 Part 2.djvu/990

 102 STAT. 1994

PUBLIC LAW 100-456—SEPT. 29, 1988

on the activities of the Assistant Secretary during the preceding year. Each such report shall include a description and analysis of the status of Department of the Army financial management.". (3) The table of sections at the beginning of such chapter is amended by adding at the end the following new item: "3022. Financial management.".

10 USC 5016.

(b) DEPARTMENT OF THE NAVY.—Section 5016(b) of such title is amended by adding at the end the following new paragraph: "(3) One of the Assistant Secretaries shall be the Assistant Secretary of the Navy for Financial Management. The Assistant Secretary shall have as his principal responsibility the exercise of the comptroller functions of the Department of the Navy, including financial management functions. The Assistant Secretary shall be responsible for all financial management activities and operations of the Department of the Navy and shall advise the Secretary of the Navy on financial management.". (2) Chapter 503 of such title is amended by adding at the end the following new section:

10 USC 5025.

"§ 5025. Financial management "(a) The Secretary of the Navy shall provide that the Assistant Secretary of the Navy for Financial Management shall direct and manage financial management activities and operations of the Department of the Navy, including ensuring that financial management systems of the Department of the Navy comply with subsection (b). The authority of the Assistant Secretary for such direction and management shall include the authority to— "(1) supervise and direct the preparation of budget estimates of the Department of the Navy and otherwise carry out, with respect to the Department of the Navy, the functions specified for the Comptroller of the Department of Defense in section 137(c) of this title; "(2) approve and supervise any project to design or enhance a financial management system for the Department of the Navy; and "(3) approve the establishment and supervise the operation of any asset management system of the Department of the Navy, including— "(A) systems for cash management, credit management, and debt collection; and "(B) systems for the accounting for the quantity, location, and cost of property and inventory. "(b)(1) Financial management systems of the Department of the Navy (including accounting systems, internal control systems, and financial reporting systems) shall be established and maintained in conformance with— "(A) the accounting and financial reporting principles, standards, and requirements established by the Comptroller General under section 3511 of title 31; and "(B) the internal control standards established by the Comptroller General under section 3512 of title 31. "(2) Such systems shall provide for— "(A) complete, reliable, consistent, and timely information which is prepared on a uniform basis and which is responsive to the financisd information needs of department management; "(B) the development and reporting of cost information;

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