The 2021 TMRS Annual Comprehensive Financial Report (15 MB) For reprint and licensing requests for this article, Like what you see? 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. Certificate of Achievement for Excellence in Financial Reporting 14 . As an organization made up of 21,000 finance professionals that serve diverse communities across the country, and a growing list of important partners around the world, GFOA believes it is the responsibility of all government finance professionals to embrace change that moves us towards becoming more thoughtful, responsible, and inclusive global citizens. The Government Finance Officers Association (GFOA) recommends immediately adopting the new name recently promulgated by the Governmental Accounting Standards Board (GASB) in Statement No. 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. industry questions. GASB standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs. Annual Report: An annual report is a publication that public corporations must provide annually to shareholders to describe their operations and financial conditions. 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. The acronym for comprehensive annual financial report sounds like an ethnic slur that ranks among the most offensive terms in South African English. Audit & firms, CS Professional 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. The board agreed that education only would not fix the situation, as the acronym has been around for decades. Background: The acronym for the comprehensive annual financial report generally is pronounced KAFF-ur. If finalized, the name change would take effect to fiscal years beginning on or after December 15, 2021, with earlier application encouraged, the board agreed. customs, Benefits & No changes were made to the report's structure or content, according to the GASB. Statement No. The effective date should be fiscal years ending after December 15, 2021. Until now, the name applied to those reports was the comprehensive annual financial report. We are confident that as proven professionals they will help us lead on this issue. statement, 2019 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 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. To our knowledge, there are no other concerning words or phrases commonplace in the government finance profession. tax, Accounting & How is it different from a regular financial report or budget? A final statement with the change in slated for October this year, the discussions indicated. Email the Webmaster, TRIPS (Traveler Integrated Profile System), Compensation & Travel Report of Executive Positions, Available Balance in the Constitutional Budget Reserve Fund. Denise LugoEditor, Accounting and Compliance Alert. 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). Read the full Statement 98 on the GASB website. Separately, a similar pronunciation also has a deeply controversial meaning in Arabic for those who practice Islam. Questions related to this report can be directed to David Haecker at 512-936-8535. 1,Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide. The annual report does not need to include the separate financial statements of other entities, pro forma data, or schedules required by Articles 3, 8, 11 and 12 of Regulation S-X, or predecessor audit reports. industry questions. Subscribeto ourCheckpoint Daily Newsstandemail to get all the latest tax, accounting, and audit news delivered to your inbox each weekday. The Board tentatively decided the following: The comprehensive annual financial report should be renamed. . Proposed Statement establishes the term annual comprehensive financial report and its acronym ACFR. Audit & It's free! In 2022, the CFPB's fair lending work centered on the consumers and communities most affected by unlawful discrimination. While we are a U.S. GAAP standard setter, we touch international and international touches us were a global community at this point and particular stakeholders are as well, GASB Chairman Joel Black said during board discussions. The CAFR is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the GASB. With more than 21,000 members that serve diverse communities around the country and support strategic partners around the world (including the Chartered Institute of Government Finance Audit and Risk Officers in South Africa), GFOA has determined that the continued use of this acronym is in conflict with the organizations core professional values. While the term that GASB is seeking to rename may not evoke racist connotations as much in the U.S., it does sound like an ethnic slur that was often used in Africa, particularly in apartheid-era South Africa. 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. profession, TSCPA acts on behalf of its members and provides support, enabling its members to Instead, GFOA recommends immediately adopting the new name recently promulgated by GASB in Statement No. 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. 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.. Comprehensive What does it report? Try our solution finder tool for a tailored set to change the "comprehensive annual financial report" to the "annual comprehensive financial report" in its official standards and codification. management, Document The accounting profession needs new tools and new approaches to recruiting and retention. 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. The service posted a fact sheet Friday on tax credits for renewable energy projects under the Inflation Reduction Act. accounting firms, For View frequently asked questions and responses related to GFOA's new policy statement. organization for Much of the research, best practices, and programs that GFOA produces are relevant to, and recognized by, government finance officers around the world. accounts, Payment, 2022 Annual Comprehensive Financial Report Download the 2022 Annual Comprehensive Financial Report [PDF, 219.0MB] as a single document or choose report sections below. brands, Social 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. With more than 100 years of service to the accounting By using the site, you consent to the placement of these cookies. Next . From the taxpayer's viewpoint, what are the most important numbers in an ACFR? Skip to Content. 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. with the least change to present practice by transposing the first two words of the existing management, More for accounting The name of the report has been around since 1979. Auditor's Report 16 . For instance, the Annual Report would be acceptable, the four-letter acronym even pronounced by saying each letter individually would still not be acceptable. The Popular Report provides state government's financial highlights, including information on the sources of state revenues and how those revenues are spent, in a condensed and simplified format. The Governmental Accounting Standards Board (GASB) has taken immediate action to rename the GAAP comprehensive annual financial reports. We will continue to listen and learn from our employees, members, and communities, taking action as needed to ensure alignment between our collective values and professional standards. The Annual Comprehensive Financial Report is a detailed presentation of the state's financial condition. We believe our members and partners hold a commitment to diversity, equity and inclusion as deep as our own. 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. media, Press Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofAs editorial director. More for research, news, insight, productivity tools, and more. Organization Chart 13 . Connect with other professionals in a trusted, secure, And now the agency , The Public Company Accounting Oversight Board (PCAOB) on June 6, 2023, voted 3 to 2 to issue a proposal that , by Peter G. Pupke, Esq. Robotic process automation carries many rewards, but a recent study has identified a handful of key risks that professionals must account for. To change the text size you can use your web browser's settings. and accounting software suite that offers real-time At this time, GFOAs recommendation is to eliminate use of the acronym as it extends to any future written and verbal communications. A cloud-based tax 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. The Government Finance Officers Association (GFOA) recommends immediately adopting the new name recently promulgated by the Governmental Accounting Standards Board (GASB) in Statement No. And Tom Bill, research head at estate agent Knight Frank, expects a 10% decline in prices spread over 2023 and 2024. policy, Privacy GFOA established the Certificate of Achievement for Excellence in Financial Reporting Program (COA Program) in 1945 to encourage and assist state and local governments to go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual . All rights reserved. Corporate 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. 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. The work would eliminate the acronym CAFR, generally pronounced KAFF-ur, which sounds like "kaffir," a profoundly offensive term directed at Black South Africans. Through the years, GFOA has been a leading industry partner helping to build financial best practices in South Africas emerging democracy. 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. releases, Your GFOA takes its commitment to diversity, equity, and inclusion seriously. 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. To read more about the name and acronym . 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. When you pronounce the acronym, it is a highly offensive racial slur directed toward Black South Africans, GASB Chair Joel Black said in a media advisory. The Comprehensive Annual Financial Report of the City of Scottsdale, Arizona, (the City) for the fiscal year ended June 30, 2020, is submitted in accordance with City Charter and Arizona Revised Statutes. 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. Until now, the name of the report was the comprehensive annual financial report. shipping, and returns, Cookie Now, Nationwide has reported a 3.5% fall in annual house prices in June. Accountants typically accidentally fall into using the acronym as it is ingrained in the profession to use acronyms, board members said. Do they change often? 98, Annual Comprehensive Annual Report, officially changing the name comprehensive annual financial report to annual comprehensive financial report and the acronym to ACFR. services, Racial Slur Propels GASB to Mull Renaming Comprehensive Annual Financial Report, Stay on top of changes in the world of tax, accounting, audit, and employee benefits, U.S. Accounting Rulemakers Studying How Investors Use Artificial Intelligence to Consume Financial Data, Concerns Bubbling Up Over Implications of Financial Data Transparency Act for GASB, Much Talk, Little Action on Cryptocurrencies Among Cities and States, GASB Says, Companies Can Focus Solely on Climate-Related Disclosures at First Adoption Next Year, ESG Rulemaker Says, Kansas Issues Guidance Regarding Delivery Fees Charged by Retailers, For For many years GFOA has maintained a strong relationship with the Chartered Institute of Government Finance Audit and Risk Officers (CIGFARO) in South Africa. 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. 98, Annual Comprehensive Annual Report, officially changing the name comprehensive annual financial report to annual comprehensive financial report and the acronym to ACFR. The board plans to begin discussions during its January 12-13 meetings, focused on consideration of terminology change, a review of the first draft of the standards section of an exposure draft, and cost-benefit considerations, its meeting agenda states. These efforts included working with our federal and state partners to address redlining as well as confronting deep-seated discrimination in the home appraisal industry. In this way, when someone searches for the acronym they will find the notification referencing the new way forward. 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. With the pipeline problem on everyone's mind, here are the most important strategies and approaches firms need to take to remain competitive. This was brought to the attention to GFOA leadership by concerned members of our community. Subscribe to our Checkpoint Newsstand email to get the latest tax, accounting, audit, and employee benefits news delivered to your inbox each week. Aside from the name, no substantive changes will be made to the report as a result of the proposal. As per the GFOA policy statement on March 9, 2021, the Government Finance Officers Association (GFOA) has asked all industry affiliates to immediately stop using the common four-letter acronym (CAFR) most often associated with the Comprehensive Annual Financial Report. The word kaffir was adopted as a derogatory term after 1948 when the Apartheid system was established. 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. An Annual Comprehensive Financial Report, formerly called Comprehensive Annual Financial Report (CAFR)) [1] is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board . services, Tackle your most challenging audit needs anytime, anywhere with one audit solution, Stay on top of changes in the world of tax, accounting, audit, and employee benefits, Cornerstone Researchs Elaine Harwood on Trends in PCAOB, SEC Accounting and Auditing Enforcement Actions, SEC Delays Climate Change Disclosure Rulemaking, PCAOB Proposes Revised Audit Requirements for Non-Compliance with Laws and Regulations, Michigan Issues Guidance on New Law on Reporting Adjustments From Partnership Level Audits, House Democrat Presses Chinese Ambassador on PCAOB Audit Inspection Deal, Republican Bill Would Raise Tax on University Endowments, For It is a term that took on its derogatory meaning during Apartheid where it was used to degrade, undermine, and strip South Africans of their dignity and humanity. of products and services. It is the sister board to the FASB and is overseen by the same trustee organization, the Financial Accounting Foundation (FAF). Suite. I just dont think keeping the name the same and then just trying to educate as to why we dont want to use that acronym is going to be enough, GASB member Caroline Smith said. 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. While GFOA serves governments in the US and Canada, the organization has significant international partners, including in South Africa through the Chartered Institute of Government Finance, Audit and Risk Officers (CIGFARO). State Government Annual Financial Reports, Proceso de Quejas para el Acceso de Idioma, Controllers Office streamlined processes. 1410.2 Annual Report to Shareholders. The Introductory section orients and guides the . Suite. In October 2021, the Governmental Accounting Standards Board issued Statement No. Our favorite ideas, insights, strategies, tactics and best practices from the AICPA's Engage conference. The adoption of GASB Statement No. This site uses cookies to store information on your computer. environment open to Thomson Reuters customers only. The board discussed how to approach the topic, i.e., whether to just remove the acronym CAFR and hold educational sessions about why it is offensive or whether to actually change the name Comprehensive Annual Financial Report to ensure it was eliminated. The Comprehensive Annual Financial Report is a set of U.S. government financial statements comprising the financial report of a state, municipal, or other governmental entity that complies with the accounting requirements promulgated by the GASB. Both require the City to issue an annual report on its financial position and activity, and to have the report audited The Governmental Accounting Standards Board (GASB) issued a pronouncement that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report or ACFR. statement, 2019 Each year, we prepare the Annual Comprehensive Financial Report to present the City of Seattle's financial position, the results of its operations, the cash flows of its proprietary funds and changes in plan net assets of its pension and private-purpose trust funds for the previous year. management, Document GASB also serves as the oversight board to ensure compliance and communicate any new updates or . The GASB on January 12, 2021, agreed to draw up a proposal to change the name Comprehensive Annual Financial Report (CAFR) to Annual Comprehensive Financial Report (ACFR) efforts to eliminate the chords of an offensive slur directed at Black South Africans. A pre-ballot is a rough drawing of what will be proposed. 98 may result in changes to URL web links for reports published in previous fiscal years. It's free! Under this new policy, these names have officially changed to the Certificate of Achievement Program and the Accounting, Auditing and Financial Reporting Committee, respectively. All current PTINs will expire on December , by Ashleigh M. Paige The Kansas Department of Revenue has issued a notice regardingL. 2022, H2136, effective from and after . customs, Benefits & 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. The requirements of Statement 98 take effect for fiscal years ending after Dec. 15, 2021, although GASB is encouraging earlier application of the new term to discourage the use of the earlier terminology. collaboration. GASB staff said changing the name would be the better path because as long as the terminology remains in the standards, stakeholders will continue to use it because it has the sense of being official because it is in the standards.. financial reporting, Global trade & The acronym for the report, when pronounced aloud, sounds phonetically similar to a derogatory term. Corporate 98, Annual Comprehensive Financial Report, and using the acronym ACFR, which is generally pronounced it is being pronounced AK-fer,. 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 with significant member input that as influential community leaders with a shared commitment to inclusivity and global partnerships, there is a responsibility to act. Most browsers include functionality to let you increase or . It should be noted, however, that because the terminology is ingrained in the AICPAs auditing standards, the Blue Book, textbooks, and other professional literature, changing it would have a secondary impact as those publications are updated to reflect the change, the summary states. The discussions come as the FAF has been stepping up its pace to diversify the organization and the standard-setting boards. and services for tax and accounting professionals. 98. 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. The Taxpayer Advocate's mid-year report to Congress said the service had improved its performance during this year's tax season, though. accounts, Payment, Subscribe to our Checkpoint Newsstand email to get the latest tax, accounting, audit, and employee benefits news delivered to your inbox each week. Leases standard: Tackling implementation and beyond. Beginning with the report dated June 30, 2020, the State Controllers 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 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. Comprehensive corporations. Thank you to everyone who worked with us and shared their input.. GFOA staff was asked to stop using the acronym in their daily communications while membership, employees, and other stakeholders could be consulted. tax, Accounting & RE: Comprehensive Annual Financial Report (CAFR) Purpose: this document is intended to be uploaded to online databases so that those searching for materials related to the Comprehensive Annual Financial Report (CAFR) understand the intentional elimination of the acronym, effective March 9, 2021.
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