
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 10USC5025]

 
                         TITLE 10--ARMED FORCES
 
                    Subtitle C--Navy and Marine Corps
 
                          PART I--ORGANIZATION
 
                   CHAPTER 503--DEPARTMENT OF THE NAVY
 
Sec. 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 Under 
    Secretary of Defense (Comptroller) in section 135(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 
    financial information needs of department management;
        (B) the development and reporting of cost information;
        (C) the integration of accounting and budgeting information; and
        (D) the systematic measurement of performance.

    (c) The Assistant Secretary shall maintain a five-year plan 
describing the activities the Department of the Navy proposes to conduct 
over the next five fiscal years to improve financial management. Such 
plan shall be revised annually.
    (d) The Assistant Secretary of the Navy for Financial Management 
shall transmit to the Secretary of the Navy a report each year 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 Navy financial management.

(Added Pub. L. 100-456, div. A, title VII, Sec. 702(b)(2), Sept. 29, 
1988, 102 Stat. 1994; amended Pub. L. 103-337, div. A, title X, 
Sec. 1070(a)(15), Oct. 5, 1994, 108 Stat. 2856; Pub. L. 104-106, div. A, 
title XV, Sec. 1503(b)(1), Feb. 10, 1996, 110 Stat. 512.)


                               Amendments

    1996--Subsec. (a)(1). Pub. L. 104-106 substituted ``Under Secretary 
of Defense (Comptroller)'' for ``Comptroller of the Department of 
Defense''.
    1994--Subsec. (a)(1). Pub. L. 103-337 substituted ``135(c)'' for 
``137(c)''.


                             Effective Date

    Section effective Jan. 20, 1989, see section 702(e)(1) of Pub. L. 
100-456, set out as an Effective Date of 1988 Amendment note under 
section 3016 of this title.
