GFOA blue book gets an update

The Government Finance Officers Association (or GFOA) is a professional association of state, provincial, and local government finance officers in the United States and Canada. They have recently published the Tenth Edition of Governmental Accounting, Auditing, and Financial Reporting (GAAFR or “Blue Book”) in July 2020. Don’t miss: Yellow book changes GFOA is an organization in …

Keep Reading

Who is the GFOA, and What Do They Do?

The Government Finance Officers Association (GFOA) as identified in their mission statement is an organization that was established to assist in the professional management of governments by developing and identifying financial policies and best practices through education, training, facilitation of member leadership and networking. The objectives of the GFOA are to offer expert knowledge, education, …

Keep Reading

Check Out GFOA’s Six New Best Practices that were Adopted in January 2012

In January 2012, the Government Finance Officers Association’s Executive Board adopted 2 new Best Practices and revised 4 Best Practices.  The 2 new Best Practices are as follows: Presentation of the Departmental Section in Operating Budget Document – This document provides guidance to governments on how to meet their programs and services objectives.  The departmental …

Keep Reading

What is the Appropriate Level of Cash Reserves?

That is a question that the management of many governmental entities asks. Governmental entities also have another layer of complexity in determining appropriate levels of cash reserves due to the fact that there are many different funds within a governmental entity. For example, a governmental entity may have General, Special Revenue, Debt Service, Capital Improvement …

Keep Reading

Improving the Financial Reporting Timeliness

The purpose of financial reports is to report an entities financial performance for a period and the financial status at a given point in time. In order for the information to be useful, it needs to reach the user in a timely manner. For many, the year process is a task that requires a lot of …

Keep Reading

GASB 54, the Devil is in the Details

As most readers of this blog know by now, governmental entities are now required to adopt “Governmental Accounting Standards Board Statement 54 (GASB 54) Fund Balance Reporting and Governmental Fund Type Definitions” for their Comprehensive Annual Financial Reports (CAFR) for the year ending June 30, 2011.  We at Henry & Horne are well into our …

Keep Reading