Final standards
The annual comprehensive financial report
On Oct. 19, 2021, the GASB issued Statement 98, “The Annual Comprehensive Financial Report,” changing the name of the comprehensive annual financial report to “annual comprehensive financial report (ACFR).”
The new term and acronym replace instances of “comprehensive annual financial report” and its acronym in generally accepted accounting principles for state and local governments. This statement was developed in response to concerns raised by stakeholders that the common pronunciation of the prior acronym for the report sounds like a racial slur. No changes were made to the structure or content of the report.
Effective date
The requirements of this statement are effective for fiscal years ending after Dec. 15, 2021. Earlier application is encouraged.