Improving Federal Financial Management Act

This bill amends federal financial management requirements to improve government accountability and efficiency. It requires federal agencies to develop and update 4-year financial management plans (replacing the previous 5-year requirement) and establish performance-based metrics for assessing financial management. The bill mandates that agencies link performance and cost information to support better decision-making and requires the Office of Management and Budget to prepare a governmentwide 4-year financial management plan. Annual reports on financial management status must be submitted to Congress, including assessments of agency compliance with financial management standards and progress on implementing the governmentwide plan.