The Department of Defense has made it clear that it is committed to having fully auditable financial statements by the end of September 2017. This was the deadline that was established by Congress in the National Defense Authorization Act of 2010.
Since 2005, when the Financial Improvement and Audit Readiness (FIAR) Plan was first issued much has been accomplished to improve financial management. All branches of the US Department of Defense have been working diligently on the FIAR directorate in a quest to become audit-ready by September 2017. This department-wide endeavor requires military contractors and program managers to report the entirety of their assets by this date.
The FIAR Plan has evolved and matured over the years; but, the bottom line is that the DoD needs to capture and account for all serialized assets and inventory. This is a massive undertaking as there is currently an estimated 32 million assets in the IUID Registry to date and another 100 million that are unregistered.
As the September deadline quickly approaches, military personnel and contractors are scrambling to comply with FIAR regulations in light of the scarcity of time and resources required to accurately report their assets while meeting military asset identification and reporting requirements. Asset identification policies like the Item Unique Identification (IUID) have been created to simplify and streamline the process of accounting for assets. Furthermore, iRAPT and the IUID Registry have become the DoD e-Commerce system gateways to reporting assets to all branches of the military.
In our latest whitepaper, we explain exactly what FIAR means for the Department of Defense, the Defense contracting community and, as a result, what this means for your branch of the services or business. You’ll learn how and why IUID and RFID technologies have become the modern, sustainable approach to asset management, and how your organization will benefit beyond just meeting FIAR standards.