Additionally, the acronym has the same pronunciation as the Arabic word that means unbeliever which is often applied in a derogatory manner. Governmental entities should not incur any notable costs in making the change as most material is published online and can be easily tweaked, the discussions indicated. of products and services. The Governmental Accounting Standards Board (GASB) recently issued a pronouncement, Statement 98, that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report (ACFR). The acronym for "comprehensive annual financial report" sounds like an ethnic slur that ranks among the most offensive terms in South African English. State Government Annual Financial Reports, Proceso de Quejas para el Acceso de Idioma, Controllers Office streamlined processes. We are proud of the diverse make-up of our internal staff from the board, to every employee. NCGA Statement 1 subsequently was carried over in force in 1984 by GASB Statement(GASBS) No. While doing so, GFOA and its partners can demonstrate our values in action, become more intentionally inclusive, and create safer spaces for the important work that we conduct at home and abroad. Annual Comprehensive Financial Reports (ACFR) For the Fiscal Years Ended June 30, 2022 and 2021 In accordance with New York City Charter 93 (l), the Annual Comprehensive Financial Report (ACFR) is published within four months after the close of each fiscal year. shipping, and returns, Cookie Try our solution finder tool for a tailored set Integrated software Financial Reports including Comprehensive Annual Financial Reports by year. The termComprehensive Annual Financial Reportwas established in GAAP in 1979 by the National Council on Governmental Accounting (NCGA) Statement 1,Governmental Accounting and Financial Reporting Principals. The Governmental Accounting Standards Board (GASB) has taken immediate action to rename the GAAP comprehensive annual financial reports. The Governmental Accounting Standards Board and the Governmental Finance Officers Association have recommended that states and other industry affiliates stop using the four-letter acronym commonly associated with the Annual Comprehensive Financial Report. Until now, the name applied to those reports was the comprehensive annual financial report. In 2019, we amended the code of ethics to include a specific commitment to diversity and inclusion, an important step in making public our responsibility and the responsibility of our members to these initiatives. In October 2021, the Governmental Accounting Standards Board issued Statement No. accounting, Firm & workflow GASB published an exposure draft in support of renaming the acronym on April 13, 2021, and they are accepting comments through July 9, 2021. tax, Accounting & It is acceptable for localities to post the available Statement of Name Change Document to the database or website alerting interested stakeholders to the name change and the effective date. In a matter of weeks, our organization held more than 12 focus groups and solicited the input and counsel of diverse contributors both inside and outside our organization. Effective Immediately, no end-date identified. Suite. environment open to Thomson Reuters customers only. View frequently asked questions and responses related to GFOA's new policy statement. No changes were made to the report's structure or content, according to the GASB. The Government Finance Officers Association (GFOA) recommends immediately adopting the new name recently promulgated by the Governmental Accounting Standards Board (GASB) in Statement No. It is the sister board to the FASB and is overseen by the same trustee organization, the Financial Accounting Foundation (FAF). The Governmental Accounting Standards Board (GASB) recently issued a pronouncement, Statement 98, that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report (ACFR). Itsfree! The GASB standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs. It now ranks as perhaps the most offensive term in South African English. statement, 2019 A pre-ballot draft of the issue will be discussed in February, and in April the board will vote on the issuance of an exposure draft to get views on the matter from the public, according to the discussions. This was brought to the attention to GFOA leadership by concerned members of our community. releases, Your Comprehensive The effective date should be fiscal years ending after December 15, 2021. These learnings cemented our desire to move swiftly and decisively to encourage elimination of the acronym. Financial reports prepared in accordance with GAAP are required to contain basic financial statements (including notes to financial statements) and certain required supplementary information (such as managements discussion and analysis). Our organization is currently undergoing an internal transformation as we look critically at our own internal workplace policies, the interactions and support we provide to our members, and the way in which we engage with partners. This recommendation is the result of increasing professional awareness that the old acronym, when pronounced aloud, sounds the same as a derogatory term historically used in other parts of the world. The Journal of Accountancy is now completely digital. accounting, Firm & workflow The offensive version of this term is most often associated with the atrocities of the apartheid regime. 2022 Annual Comprehensive Financial Report Download the 2022 Annual Comprehensive Financial Report [PDF, 219.0MB] as a single document or choose report sections below. Table of Contents Introductory section Letter of Transmittal Statewide Elected Officials as of June 30, 2022 2022 State Organization Chart Financial section corporations, For Now, Nationwide has reported a 3.5% fall in annual house prices in June. consulting, Governmental Accounting and Financial Reporting Principals, Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide, Products & Audit & We believe that this action is in full alignment with our professional code of ethics. Organization Chart 13 . While doing so, GFOA and our partners can demonstrate our values in action, become more inclusive, and create safer spaces for the important work that we conduct. The GASB added a project this month to its agenda to consider renaming the Comprehensive Annual Financial Report (CAFR), and if so, with what name, according to a December 18, 2020 update of its technical agenda. More for We are confident that as proven professionals they will help us lead on this issue. 98, Annual Comprehensive Annual Report, officially changing the name comprehensive annual financial report to annual comprehensive financial report and the acronym to ACFR. The Governmental Accounting Standards Board is changing the term "Comprehensive Annual Financial Report" to "Annual Comprehensive Financial Report" because the abbreviation is often pronounced the same way as a derogatory term. management, More for accounting Its never been easier to collaborate and save time on even the most complex audit engagements. brands, Corporate income All rights reserved. Subscribeto ourCheckpoint Daily Newsstandemail to get all the latest tax, accounting, and audit news delivered to your inbox each weekday. 2023 Government Finance Officers Association of the United States and Canada, Alliance for Excellence in School Budgeting, Accounting, Auditing, & Financial Reporting, Employment Resources for Finance Officers, Imposed Fee and Fine Use by Local Governments, Accounting, Auditing and Financial Reporting, Intergovernmental Relations and Federal Fiscal Policy, Public Employee Pension and Benefits Administration, Tax-Exempt Financing and the Municipal Bond Market, Proper Referencing of the Comprehensive Annual Financial Report - An Inclusivity Concern, Media partners, especially those covering government and financial news and analysis, The broader national bond management and government finance community. 98, Annual Comprehensive Financial Report, and using the acronym ACFR, which is generally pronounced it is being pronounced "AK-fer," 2. The name of the report has been around since 1979. Instead, GFOA recommends immediately adopting the new name recently promulgated by GASB in Statement No. The purpose of this policy is to outline an intentional change in the professional standards and expectations of government finance professionals and their industry affiliates as it relates to the formal and day-to-day discussion of Comprehensive Annual Financial Reports. collaboration. This quick guide walks you through the process of adding the Journal of Accountancy as a favorite news source in the News app from Apple. A cloud-based tax The more you buy, the more you save with our quantity Try our solution finder tool for a tailored set While GFOA recognizes that the spellings of the South African slur, the Arabic term, and the acronym are different as are the contexts in which they are used the organization has determined that as influential community leaders with a shared commitment to diversity, equity, and inclusion, there is a responsibility to act. The immediate adoption and usage of the new name and acronym is encouraged by GASB, and would be in accordance with this policy statement. GASB issued an exposure draft, The Annual Comprehensive Financial Report, to explain the proposed change. Discuss ballot draft of a final Statement and consider for approval. 98, The Annual Comprehensive Financial Report, establishes the Annual Comprehensive Financial Report and ACFR in GAAP for state and local governments and gets rid of the previous report name and offensive acronym. GASB issued an exposure draft, The Annual Comprehensive Financial Report, to explain the proposed change. Robotic process automation carries many rewards, but a recent study has identified a handful of key risks that professionals must account for. Itsfree! Recently it came to the attention of GFOA leadership that this four-letter acronym, frequently leveraged in the government financial accounting industry to shorten the name of the Comprehensive Annual Financial Report, is pronounced the same way as a profoundly offensive racial slur in South Africa. From the taxpayer's viewpoint, what are the most important numbers in an ACFR? The work would eliminate the acronym CAFR, generally pronouncedKAFF-ur, which sounds like kaffir, a profoundly offensive term directed at Black South Africans. Your online resource to get answers to your product and In this way, when someone searches for the acronym they will find the notification referencing the new way forward. Added to current technical agenda: December 2020. A final statement with the change in slated for October this year, the discussions indicated. The FASB and the GASB are actively monitoring the evolution of electronic financial reporting, including how investors use Artificial Intelligence , The GASB is monitoring the process of the Financial Data Transparency Act of 2022 that was floated by Congress earlier , GASB research on cryptocurrencies so far dug up much talk by states backed with little action, making standard-setting largely moot , The International Sustainability Standards Board (ISSB) voted on April 4, 2023, to grant companies the option to only report on , Tax professionals can now renew their Preparers Tax Identification Number (PTIN) for 2023. GFOA staff was asked to stop using the acronym in their daily communications while membership, employees, and other stakeholders could be consulted. The acronym for comprehensive annual financial report sounds like an ethnic slur that ranks among the most offensive terms in South African English. GASB issued a pronouncement Tuesday to change the term after some of its stakeholders raised concerns that the acronym of the prior name of the report sounds like an offensive term for Black South Africans when spoken. Suite. [Rule 14a-3 (b) (1)] 1410.3 Royalty Trusts. Please see Memorandum [PDF] issued by State of Alaska State Accountant regarding the Name Change for the Comprehensive Annual Financial Report effective March 9, 2021.. 98, Annual Comprehensive Annual Report, officially changing the name comprehensive annual financial report to annual comprehensive financial report and the acronym to ACFR. corporations. Email the Webmaster, TRIPS (Traveler Integrated Profile System), Compensation & Travel Report of Executive Positions, Available Balance in the Constitutional Budget Reserve Fund. Comprehensive 2021 Comprehensive Annual Financial Report . The Taxpayer Advocate's mid-year report to Congress said the service had improved its performance during this year's tax season, though. Replacing the term would have no impact on the effort required to prepare, audit, or use GAAP-based financial statements, the board said in a summary of the project. Subscribe to our Checkpoint Newsstand email to get the latest tax, accounting, audit, and employee benefits news delivered to your inbox each week. industry questions. financial reporting, Global trade & Make sure you're getting it all, New guidance on tax credits for clean energy projects, Deadline for MP Elite 2023 submissions extended, Recruit, retain, repeat: Top tips for talent, On the move: Nathan Wechsler names next managing director. Denise LugoEditor, Accounting and Compliance Alert. policy, Privacy We are proud to present the 2022 Annual Comprehensive Financial Report (ACFR) as well as the 2022 Financial Highlights or the "Popular Report". Thomson Reuters/Tax & Accounting. In the world of governmental accounting, the comprehensive annual financial report is highly valuable in helping residents, public officials, investors, analysts, taxpayer organizations,. Management's Discussion and Analysis 19 accounting firms, For For reprint and licensing requests for this article, Like what you see? governments, Business valuation & Replacing the name would have no impact on the effort required to prepare, audit, or use GAAP-based financial statements. We are working hard to find new opportunities to demonstrate our commitment to diversity, equity, and inclusion. Explore all An offensive-sounding acronym led to GASBs proposal Tuesday to change the name of the comprehensive annual financial report to the annual comprehensive financial report.. Once this issue came to our attention, it was clear that working with our stakeholders to rename this important document was simply the right thing to do, said GASB Chair Joel Black in a statement Tuesday. The Governmental Accounting Standards Board is changing the term "Comprehensive Annual Financial Report" to "Annual Comprehensive Financial Report" because the abbreviation is often pronounced the same way as a derogatory term. Most concerningly, South Africa where this term has ties to Apartheid and is used as a racial slur towards Black South Africans. The next generation of online research gives you practical insight and expertise on accounting topics that are complex, undergoing changes, or challenging to apply. The GASB added a project this month to its agenda to consider renaming the Comprehensive Annual Financial Report (CAFR), and if so, with what name, according to a December 18, 2020 update of its technical agenda. . Table of Contents Introductory section Letter of Transmittal Certificate of Achievement for Excellence in Financial Reporting Statewide Elected Officials as of June 30, 2020 2020 State Organization Chart Financial section The acronym for the report, when pronounced aloud, sounds phonetically similar to a derogatory term. GASB also serves as the oversight board to ensure compliance and communicate any new updates or . The GASB is the nations main accounting rulemaking body that establishes accounting and financial reporting standards for U.S. state and local governments that follow GAAP. Connect with other professionals in a trusted, secure, Beginning with the report dated June 30, 2020, the State Controller's Office (SCO) changed the name of the "Comprehensive Annual Financial Report" to "Annual Comprehensive Financial Report," in compliance with Governmental Accounting Standards Board (GASB) Statement No. The adoption of GASB Statement No. The discussions come as the FAF has been stepping up its pace to diversify the organization and the standard-setting boards. management, Document media, Press Norwalk, CT, October 19, 2021 The Governmental Accounting Standards Board (GASB) today issued a pronouncement that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report or ACFR. Information on individual funds and discretely presented component units. GASB consulted with various groups and added the project to its agenda in December of last year. 98, Annual Comprehensive Financial Report, and using the acronym ACFR, which is generally being pronounced "AK-fer," with the first syllable rhyming with "back" and second sounding like "fur.". The board holds ongoing dialogues with the International Public Sector Accounting Standards Board (IPSASB), including earlier this month, which informs its work. tax, Accounting & Auditor's Report 16 . Moreover, there would not be any direct benefit to entities in terms of making decisions or assessing accountability, but it can be asserted that demonstrating a willingness to make the effort necessary to avoid inadvertently giving offense would be beneficial in other ways to the GASB and its stakeholders.. Until now, the name of the report was the comprehensive annual financial report. The Government Finance Officers Association (GFOA) recommends immediately adopting the new name recently promulgated by the Governmental Accounting Standards Board (GASB) in Statement No. technology solutions for global tax compliance and decision Thomson Reuters/Tax & Accounting. making. Who sets the rules for ACFRs? The GASB is the nations main accounting rulemaking body that establishes accounting and financial reporting standards for U.S. state and local governments that follow GAAP. Ive been at the beginnings of GASBs conversations of this and even now when I still see the name as it is, I still say it and then I try to correct myself, and Im very conscious about the sensitivities of the name and the hurt that it has caused, she said. Oct 28, 2022 Annual Comprehensive Financial Reports (ACFR) Jan 30, 2023 Annual Summary Contracts Report for the City of New York Nov 21, 2022 Popular Annual Financial Report (PAFR) Mar 1, 2023 Report to the Mayor and . FINANCIAL SECTION . So what is an ACFR? of products and services. (SeeRacial Slur Propels GASB to Mull Renaming Comprehensive Annual Financial Reportin the December 30, 2020, edition ofAccounting & Compliance Alert.). collaboration. Background: The acronym for the comprehensive annual financial report generally is pronounced KAFF-ur. That new term and acronym replace instances of comprehensive annual financial report and its acronym in generally accepted accounting principles for state and local governments. management, Document As a member of GFOA, PRISM has complied with its policy statement will henceforth refer to the report as the Annual Comprehensive Financial Report (ACFR), the name proposed by GASB. Some are essential to make our site work; others help us improve the user experience. GFOA takes its commitment to diversity, equity, and inclusion seriously. Thank you to everyone who worked with us and shared their input.. The Introductory section orients and guides the . The name change was prompted by GASB stakeholders raising concerns that the acronym of the prior name of the report sounds like a profoundly offensive term when spoken. Subscribe to our Checkpoint Newsstand email to get the latest tax, accounting, audit, and employee benefits news delivered to your inbox each week. Until now, the name applied to those reports was the comprehensive annual financial report. To change the text size you can use your web browser's settings. Instead, GFOA recommends immediately adopting the new name recently promulgated by GASB in Statement No. Upon learning of the challenges associated with a term common across the industry, GFOAs leadership team quickly agreed that this issue needed to be further evaluated. GFOA takes its commitment to diversity, equity, and inclusion seriously. It now ranks as perhaps the most offensive term in South African English. 98. 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