Kluge sits on the advisory board for several “101 Best & Brightest To Work For” and on the Corp!, MFBA
and MBPA board of advisors.
Note that there normally will be no need to reconcile from the proprietary fund financial statements to the government-wide financial statements because 1) both are prepared using the same MFBA
and 2) internal service activities are reported in a manner that will significantly reduce the need for a reconciliation of these statements (as described below).
11, the GASB considered a variety of financial reporting model issues, including those that were deferred from the MFBA project.
10 says its effective date will be based on a future GASB standard on financial reporting, with the intention that it will be implemented simultaneously with standards resulting from the board's MFBA project under Statement no.
The Board has tentatively agreed to separate the issues of recognizing the compensated absences expenditure and measuring the liability from the MFBA project (and the revised ED) to allow sufficient time for more thorough deliberation.
This project is related to the MFBA project in the sense that it deals with the measurement of an expenditure/liability in government funds.
Starting in 1984, the Governmental Accounting Standards Board (GASB) undertook a major project to reexamine the current MFBA for governmental funds.
In response to the GASB's efforts, the GFOA Executive Board and membership adopted a formal policy statement on MFBA in May 1988.
11, various delays have made it appear increasingly less likely that the GASB could keep its commitment to the simultaneous implementation of the MFBA and the financial reporting project.
For this reason, at its November 1988 meeting the Board directed the MFBA
staff to research certain methods for display of long-term operating liabilities; this could lead to revision and reexposure of the MFBA
Therefore, many of these governments voiced strong objections to this original MFBA proposal.
The policy statement concluded that "the GASB must address these issues before the proposed MFBA will be acceptable to the government community."