The GASB has issued an Exposure Draft that proposes to replace the previously used term and acronym for the comprehensive annual financial report with a new term and acronym, Annual Comprehensive Financial Report (ACFR). The change addresses concerns that the previous acronym sounded similar to a profoundly offensive term directed at Black South Africans.

Written comments may be submitted by July 9, 2021 addressed to the Director of Research and Technical Activities, Project No. 3-42, and emailed to director@gasb.org.

The proposed Statement would be effective for fiscal years ending after December 15, 2021. Earlier application would be encouraged

The full text of the Exposure Draft is available here.

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