GASB renames the comprehensive annual financial report

Oct 24, 2021
Audit State & local government Financial reporting

The Governmental Accounting Standards Board (GASB) recently issued Statement No. 98, The Annual Comprehensive Financial Report, which changes the term “comprehensive annual financial report” to “annual comprehensive financial report.” The name change was made because the acronym for the prior name of the report, when spoken, sounds like a profoundly objectionable racial slur. The new standard replaces the term and its acronym in the GASB’s standards, but makes no changes to the structure or content of the report. The standard is effective for fiscal years ending after December 15, 2021 with earlier application encouraged.