Welcome to the wonderful world of Accounting Standards!

The goal for this committee is to provide accountants in Washington State quick and easy access to accounting standards that affect state and local governments. This committee does not have regularly scheduled meetings and most of the correspondence will be through email.

Current Topics for the Professional Standards Committee:

• The WFOA Board voted during the Summer Board meeting on July 19th to send a letter to the Governmental Accounting Standards Board stating that we would: Suspend financial support; Encourage our constituents and other like minded professional organizations to do the same; and engage the Washington State Auditor in a dialogue regarding future accounting and reporting requirements within the State.  The WFOA board is very concerned about the direction of GASB and we feel it is necessary to start researching alternative reporting requirements.  If you would like to view the actual letter Click Here.

• The select Committee on Pension Policy has requested funding for the Office of the State Actuary's budget to perform an actuarial study of local government liabilities for LEOFF 1 post retirement medical benefits.  If you would like to support this ammendment contact your legislative representative or the Office of the State Actuary @ (360) 486-6140.  Matt Smith is our State Actuary.  If you are interested in the letter WFOA board sent to the Actuary click here. 

• Interested in some of the responses to the current: Invitation to Comment (ITC) on Fund Balance Reporting and Governmental Fund type Definitions; or the Exposure Draft on Pension Disclosures?  I have linked responses issued from the Washington Society of Certified Public Accountants further on down within the Professional Standards Website. 

• A copy of the exposure draft or ITC can be viewed through the link to GASB.

If you are interested in getting involved in the Professional Standards Committee please contact me at nearym@co.thurston.wa.us.