The Island Government Finance Officers’ Association (IGFOA) has met at least annually every year since 1999 to participate in professional development and networking activities and to establish an agenda for financial management improvement. The conferences also provide a forum for participants to discuss common issues and strategies, and to develop a shared agenda for training, organizational development, and technical assistance.
During recent conferences, the IGFOA has focused on improving financial, accounting and budgeting practices. The current conference presented trainings on ethics and political transitions. Participants were also updated on new GASB accounting principles, especially those relating to unfunded pension liabilities, and exchanged best practices on improving finance office performance and single audits. Finally, the forum provided the opportunity to develop action plans to improve audit performance, finalize cash management plans, implement accounting standards updates, coordinate federal grants and review processes and procedures to ensure ethical implementation.
The IGFOA Executive Committee built the agenda for the conference based on input solicited from IGFOA members, feedback from previous conferences, and current issues facing government accounting. The goals of the December 2014 IGFOA conference were to:
- Present and discuss best practices in federal program coordination, finance office performance improvement, single audit improvement, and cash management
- Review new GASB accounting principles and standards and develop a plan for the implementation of these principles
- Provide training to IGFOA members on ethics and management
- Exchange information on the latest Performeter analysis
- Build government specific plans to implement new GASB standards, improve communication and fiscal capabilities with federal program managers, enhance finance office performance measures, develop cash management plans, and improve management skills and capabilities.
The 35 IGFOA participants represented nearly all of the insular areas; the Virgin Islands, currently in the midst of a political transition to a new administration were not able to send an official to the conference.