Intermediate Governmental Accounting Seminar - Maryland Government Finance Officers AssociationMagazine article Government Finance Review. By examining the history of GFOA's Blue Book on accounting, auditing, and financial reporting, this article provides an overview of the background behind governmental accounting organizations, guidelines, and principles. One of the hallmarks of GFOA for 65 of those years has been its well-known "Blue Book" on governmental accounting, auditing, and financial reporting. The recent release of the latest version of Governmental Accounting, Auditing, and Financial Reporting, offers an excellent opportunity to review the history of the Blue Book and the unique role it has played in accounting and financial reporting for state and local governments. Accounting and financial reporting provide the informational infrastructure needed to support the public finance function. Consequently, sound accounting, auditing, and financial reporting are vital to the credibility and effectiveness of government finance officers. Given this fact, it is not surprising that one of MFOA's original objectives was to improve the quality of accounting and financial reporting for municipal governments.
GOVERNMENT FINANCIAL REPORTING
GFOA is headquartered in downtown Chicago. By the late s, it was apparent that the NCGA couldn't fully do its job, due to part-time members and limited resources. The Research and Consulting Center also is nationally recognized for its objective and practitioner focused consulting services for state and local governments. GFOA's technology consulting practice was formed in to respond to GFOA members need for objective, independent guidance on procurement and implementation of enterprise resource planning ERP systems in advance of Y2K. As a non-profit membership organization, GFOA has no affiliation with any software or hardware vendors, and serves as an independent source of information for local governments. Over the past 15 years, GFOA's technology consulting practice has become the market leader in assisting local governments through the process of assessing current systems, understanding the vendor marketplace, facilitating procurement of new systems, and providing detailed analysis and contract negotiation assistance to protect the best interests of governments with the purpose of reducing implementation risk. GFOA has assisted over cities, counties, school districts, and special district governments with system selection, contract negotiation, and implementation readiness for ERP and other administrative systems.
Government Financial Reporting
Government financial reporting is the process whereby governments report their financial position and activities to the public at large. These reports are the standard that citizens, oversight bodies, and other stakeholders use to judge their government's efficiency, effectiveness, and overall financial condition. This article examines government financial reporting from a historical perspective and will discuss this contemporary issue at the federal level.
Scott began his career in public accounting, ultimately serving as an audit manager with responsibility for a large number of governmental clients. While in public accounting, he was designated by his firm as a specialist in state and local government and served a two-year practice fellowship with the Governmental Accounting Standards Board. Scott has extensive experience in accounting and financial reporting issues having recently served on the review committee for both GASB? Governmental Accounting, Auditing, and Financial Reporting? Blue Book? He also has a great interest and personal experience in improving organizational performance. Scott is an active lecturer for the Government Finance Officers Association, the American Institute of Certified Public Accountants and the Southwest School of Governmental Finance, and has also co-authored several professional journal articles.