The Accounting Standards Review Committee fosters individual professional growth and advances the government finance profession by actively participating in the preliminary stages of accounting standards development and educating membership with information on proposed changes in governmental accounting standards.
The committee’s objectives include the following:
- Encourage all OMFOA members to participate in the preliminary stages of accounting standards development and other emerging issues regarding government accounting, finance and best management practices.
- Meet regularly in person to review, evaluate and prepare responses to GASB exposure drafts.
- Provide OMFOA membership with information on accounting issues and developments.
- Assist OMFOA members with finding answers to accounting questions.
- Publish articles for the OMFOA newsletter regarding accounting standard developments.
- Coordinate efforts with the OMFOA Education Committee to facilitate involvement at training opportunities.
The committee’s goals include the following:
- Meet regularly to discuss current issues and developments related to accounting standards.
- Prepare timely responses to GASB exposure drafts which represent the membership and stakeholder interests.
- Partner with other professional associations like the Oregon Society of Certified Public Accountants (ORCPA) and/or American Institute of Certified Public Accountants (AICPA).
- Provide timely articles for the newsletter about issues and developments in accounting standards.
- Utilize the website to share information and resources.
- Provide support to the Education Committee to offer and organize training.
GASB (http://www.gasb.org/ - The GASB’s vision is greater accountability and well-informed decision making through excellence in public-sector financial reporting. The GASB’s mission is to establish and improve standards of state and local governmental accounting and financial reporting that will (1) result in useful information for users of financial reports, and (2) guide and educate the public, including issuers, auditors, and users of those financial reports. The mission is accomplished through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.
GFOA (http://www.gfoa.org/ ) - The GFOA’s mission is to enhance and promote the professional management of governmental financial resources by identifying, developing, and advancing fiscal strategies, policies, and practices for the public benefit.