Effective immediately, the Government Finance Officers Association (GFOA) is asking all government finance professionals and industry affiliates to stop using the common four-letter acronym most often associated with the Comprehensive Annual Financial Report. This acronym is pronounced the same as an offensive racial slur in South Africa and has a controversial meaning in Arabic. The report should be referred to by either its full name or a shortened format, such as “Annual Report,” that does not include the four-letter acronym.
The Governmental Accounting Standards Board (GASB) is considering renaming the Comprehensive Annual Financial Report and is currently collecting comments on the Exposure Draft through July 9, 2021.
Further information will be shared as it becomes available.
Please direction questions and comments to Stacey Lemos at sslemos@arizona.edu.