Representatives from NAFOA and the Southern Ute Indian Tribe met with the United States accounting standard-setting organizations in a historical face-to-face discussion last Tuesday. The educational session marked the first time the Financial Accounting Foundation (FAF), the Governmental Accounting Standards Board (GASB), and the Financial Accounting Standards Board (FASB) met directly with a tribe and a tribal organization.
The mission was to educate these governing bodies of accounting standards on how federal Indian policy has shaped governance and resulted in a complex government framework that does not allow them to fit neatly into the existing accounting standards of state and local governments. The exchange also included a discussion on how the AICPA’s “dual audit opinion” has impacted tribal governments and how important it is to get all stakeholders involved to design a long-term solution.
The educational session in Norwalk, CT included the GASB board members and staff, the FAF president Teri Polley, and the chairman of the FASB, Russ Golden. Others in attendance included the Department of Treasury and the AICPA.
For questions or comments please contact Jennifer Parisien at Jennifer@nafoa.org or (202) 558-8040.
AICPA Technical Questions and Answers
NAFOA One-Pager on Tribal Government Financial Statements Issue
Financial Reporting and Information Guide for Tribal Governments and Enterprises