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GASB Issues The Annual Comprehensive Financial Report Exposure Draft

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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).
June 7, 2021

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.

 

Readers should not act upon information presented without individual professional consultation.

 

 


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