GFOA has approved the following best practice statements related to accounting.
- Policies and Procedures Documentation - GFOA recommends that every government should document its accounting policies and procedures.
- Capitalization Thresholds for Capital Assets - GFOA recommends that governments consider set guidelines in establishing capitalization thresholds. Guidelines are described in the best practice document.
- Control Over Items That Are Not Capitalized - GFOA recommends that every government undertake a systematic effort to identify all of its controlled capital-type items.
- Estimated Useful Lives of Capital Assets - The best source of relevant information on the estimated useful lives of a governments capital assets normally is its own past experience with similar assets.
- Inventories of Tangible Capital Assets - GFOA recommends that every state and local government periodically inventory its tangible capital assets so that all such assets are accounted for, at least on a test basis, no less often than once every five years.
- Modified Approach for Infrastructure Reporting GFOA recommends that governments consider the following factors in the process of deciding whether to use depreciation accounting or the modified approach for a given network or subsystem of infrastructure assets:Usefulness of data for managerial purposes, potential impact of prospective depreciation, Inherent capital bias, unmatched debt, reliance upon interested parties, and decreased comparability.
- Indirect Cost Allocation - GFOA encourages governments to allocate their indirect costs.
- Municipal Solid Waste Management and Full-Cost Accounting - In this best practice GFOA makes several recommendations concerning the application of full cost accounting (FCA) to municipal solid waste management activities.
- Full Cost Accounting for Government Services - GFOA recommends that governments calculate the full cost of the different services they provide.
- Disaster Recovery for Technology - GFOA recommends that every government formally establish written policies and procedures for minimizing disruptions resulting from failures in computers or other advanced technologies following a disaster. These written policies and procedures should be evaluated annually and updated periodically, no less than once every three years.
- Disaster Recovery Cost Documentation - GFOA urges state and local government financial managers to take all necessary steps to ensure that they will be able to collect and maintain adequate documentation on disaster-related costs to support maximum reimbursement from all levels of government that offer such assistance.
- Grants Administration - GFOA recommends that governments establish processes to promote awareness throughout the government that grants normally come with significant requirements.
- OMB Uniform Guidance - GFOA recommends that governments take steps to ensure they fully comply with the provisions of the OMBs Uniform Guidance.