Best Practices and Advisories Announcement
GFOA is creating two new categories of practice to help guide government finance practitioners: best practices and advisories. All existing recommended practices will be reclassified as either best practices or advisories. GFOA believes this new categorization will provide the most useful and practical guidance for governments.
GFOA best practices identify specific policies and procedures that contribute to improved government management. The aim of best practices is to promote and facilitate positive change rather than merely to codify current accepted practice. Partial implementation is encouraged as progress toward a recognized goal.
GFOA advisories identify specific policies and procedures that are essential to minimizing a government’s exposure to potential loss in connection with its financial management activities. Advisories are not to be interpreted as a sanctioning by the GFOA of the underlying activity that gives rise to the exposure. Advisories aim to assist governments to minimize risks when they decide to pursue a given financial management activity.
The promulgation by the GFOA of recommendations of policies and procedures in the functional areas of public finance dates to 1993 when GFOA Executive Board directed the association's staff to work with the GFOA standing committees to tap a collective wisdom from which the government finance profession can benefit. This effort represented a fundamental new direction for GFOA and one that continues to evolve.
You are encouraged to peruse the GFOA best practices and advisories. As well, you should always check with your own professionals about specific issues related to your own government.
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