GASB to Rename the Annual Financial Report
The pronunciation of the acronym for the Comprehensive Annual Financial Report sounds like a profoundly objectional racial slur for South Africans. On April 6, 2021, GASB approved an exposure draft that would change the name to the Annual Comprehensive Financial Report. GASB felt that using the standard-setting process—versus an education campaign—would be the most direct and definitive method to communicate that the existing acronym is no longer appropriate. The change would be effective for fiscal years ending after December 15, 2021. Comments on this change are requested by July 9, 2021.
If approved, a final statement is expected by October 2021.
BKD will continue to follow development on this topic. If you have questions about these changes, contact your BKD Trusted Advisor™ today.