Winter Committee Meeting Update.

• Jurisdiction: United States
• Date: 01 April 2000

The GFOA held its annual Winter Standing Committee Meetings in February. Five of the six standing committees met in Washington, D.C., on February 15 and 16 to welcome new members and begin discussion and development of recommended practices and policies. The sixth committee, the Committee on Canadian Issues, met in Montreal, Quebec, on February 12.

At the D.C. meetings, committee members heard from a variety of speakers who addressed their committees. They also heard from Securities and Exchange Commission (SEC) Commissioner Laura Unger during the general session on February 16. Unger discussed regulatory issues such as insider trading of municipal bonds. The following is a summary of the business activities of each committee.

The Committee on Accounting, Auditing and Financial Reporting (CAAFR) reviewed a potential recommended practice on presenting budget to actual comparisons within the basic financial statements that was developed jointly with the Committee on Governmental Budgeting and Management. The CAAFR agreed to forward the recommended practice to GFOA's Executive Board for their consideration.

The CAAFR also considered what subjects should be considered for future recommended practices. The committee spent much of its meeting discussing what the content of a letter of transmittal in a comprehensive annual financial report (CAFR) should be given the requirement of GASB...