Improving Federal Financial Management Act

This bill requires federal agencies to replace their 5-year financial management plans with 4-year plans and mandates each agency's Chief Financial Officer to develop a specific implementation plan within 90 days. The plan must include performance metrics for assessing financial management and be submitted to agency leaders, the Office of Management and Budget, and Congress. The bill also updates annual reporting requirements to include assessments of internal controls over financial reporting and links performance data with cost information. These changes aim to improve efficiency, transparency, and accountability in federal financial management across all executive agencies.