GASB Issues Pronouncement Renaming the Comprehensive Annual Financial Report
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). Until now, the name of the report was the comprehensive annual financial report.
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. The changes in the name and acronym were widely supported by individuals and stakeholder groups that responded to the April 2021 Exposure Draft proposing the changes. No other changes were made to the report’s structure or content.
The requirements of Statement 98 are effective for fiscal years ending after Dec. 15, 2021. Earlier application is encouraged.
Read the full Statement 98 on the GASB website.