Federal Financial Management Reform Act of 1987

[AI summary unavailable — showing source text] Federal Financial Management Reform Act of 1987 - Provides for the appointment within the Department of the Treasury of an Under Secretary for Financial Management (Under Secretary). Requires the Under Secretary to be appointed by the President, by and with the advice and consent of the Senate. Sets forth the responsibilities of the Under Secretary, including: (1) developing and initiating a plan for an integrated financial management system for all executive agencies; (2) developing a methodology to define Federal agency assets and liabilities; (3) establishing an advisory Financial Management Improvement Council; and (4) reporting to the Congress annually on the development and implementation of the financial management plan. Authorizes appropriations for the employment of up to 30 persons who shall report to the Under Secretary. Requires the head of each agency to include with each appropriation request a statement as to whether and to what extent the amounts representing actual transactions and balances for the most recently completed fiscal year were derived from accounting systems which conform to the requirements prescribed by the Comptroller General and implemented by the U…