GASB Changes Report Name in Response to Stakeholder Concerns
10/27/2021
With the issuance of Statement No. 98, The Annual Comprehensive Financial Report, on October 19, the Governmental Accounting Standards Board (GASB) has responded to stakeholder concerns that the acronym of its comprehensive annual financial report can sound extremely offensive when spoken. The official acronym for the newly titled report will be ACFR.
Statement No. 98 officially establishes ACFR as part of generally accepted accounting principles for governmental entities, such as public institutions, that follow GASB standards. GASB expects that few additional costs will be incurred, and although there is no direct financial reporting benefit, the new report name benefits all stakeholders. Consequently, the qualitative benefits justify the change.
The requirements to formally adopt the new report title are effective for fiscal years ending after December 15, 2021, or FY23 for most colleges, universities, and governments. Earlier application is encouraged.
