4.9 GFOA Financial Reporting Recognition Programs
Annual Comprehensive Financial Report (ACFR)
4.9.10 Many state and local governments prepare an Annual Comprehensive Financial Report (ACFR) each year. The ACFR includes the required annual financial statements as well as additional information which is not required in preparation of basic financial statements which are not listed in the reporting part of the BARS Manual. The Government Finance Officers Association (GFOA) provides guidance on what to include in the ACFR in its publication, Governmental Accounting, Auditing, and Financial Reporting (GAAFR). This publication is commonly referred to as the Blue Book and can be found on the www.gfoa.org website by selecting publications.
4.9.20 One reason for preparing an ACFR is to satisfy the obligations that governments incur to provide on-going information about themselves to holders of their bonded debt. The Securities and Exchange Commission (SEC) has adopted its Rule 15c2-12 which requires issuers of municipal debt to provide current information to the bond markets. Many governments provide this information in the form of their ACFR. For more information on this subject, consult the attorneys who assist you with municipal debt matters.
4.9.30 Another reason may be to participate in the GFOA’s Certificate of Achievement for Excellence in Financial Reporting program. This optional program recognizes excellence in the format of annual financial reports through a peer review. The peer review results in helpful comments to improve your ACFR. Those who qualify for the award will receive a plaque and a reprintable award to be included in the following year’s ACFR and a press release sent by the GFOA.
For more information on this program access www.gfoa.org and select award programs.