The Government Finance Officers Association's debt committee is planning by January to reclassify its approximately 30 "recommended practices" documents into two categories: best practices or advisory statements.
The project comes at the request of the issuer group's executive board and applies to all GFOA committees.
Debt panel members said that a best practice would identify specific policies and procedures that would contribute to improved government management and promote and facilitate positive change rather than merely codify currently accepted practice.
An advisory would identify specific policies and procedures necessary to minimize a government's exposure to potential loss in connection with its financial management activities. It would not be meant to sanction the activity related to the advisory.
Policy statements would remain unchanged. They define a formal position on a matter of public policy involving legislative or regulatory matters before state or federal bodies.