Truth in Government Efficiency Reform Act of 1989

Truth in Government Efficiency Reform Act of 1989 - Title I: General Provisions - Sets forth the findings and purposes of this Act with respect to inadequacies in financial management systems of the Federal Government.

Title II: Improving Federal Financial Management - Part A: Establishment of Office of Federal Financial Management - Establishes in the Department of the Treasury the Office of Federal Financial Management. Provides that such Office shall be headed by the Under Secretary of the Treasury for Federal Financial Management, who shall be the chief financial officer of the Federal Government. Requires the Under Secretary to be appointed by the President, by and with the advice and consent of the Senate, without regard to political affiliation and based solely on integrity and demonstrated ability. Sets forth the duties of the Under Secretary with respect to financial management systems and operations. Provides for the Comptroller General to review the activities of the Under Secretary.

Part B: Development of an Integrated Financial Management System - Revises current provisions of Federal law on accounting principles, standards, and requirements. Requires the Comptroller General to establish an Accounting and Financial Management Advisory Board.

Directs the Secretary of the Treasury to establish and oversee the implementation by each Federal agency of the Standard General Ledger and the Core Financial System Requirements.

Requires the Secretary of the Treasury to develop and maintain a Government-wide five-year financial management plan to improve the financial management of the Federal Government.

Part C: Financial Reporting and Audits - Requires the President to include in the budget any statement on accounting systems made by agencies in their appropriation requests on whether and to what extent amounts represented were derived from such accounting systems.

Directs the Secretary to report to the Congress regarding: (1) the form and composition of financial statements which would reflect the unique nature of the Government; (2) the usefulness of annually preparing and auditing such statements; and (3) methods by which the Secretary may perform financial analysis of assets and liabilities of executive agencies in evaluating their programs.

Requires the Comptroller General to audit the financial statements of Government corporations annually (currently, every three years). Requires such corporations to submit financial reports to the Congress no later than 180 days after the end of the corporation's fiscal year. (Replaces provisions of law requiring the Comptroller General to report the the Congress after each audit.)

Part D: Establishment of Agency Chief Financial Officers - Specifies the Federal agencies in which there shall be appointed an agency chief financial officer to be responsible for financial management activities.

Establishes the Federal Financial Management Council in the executive branch consisting of the Under Secretary and the agency chief financial officers. Directs the Council to: (1) assist the Secretary in financial management objectives and information requirements; (2) assist in the development of financial management plans; (3) comment on proposed major changes in financial management operations; and (4) prepare option papers and recommendations on selected issues which directly affect financial management operating activities.