ACFR Boot Camp

This class* is designed to provide participants with hands-on working knowledge of key components of an Annual Comprehensive Financial Report (ACFR). Using GFOA’s illustrative ACFR and the Certificate of Achievement in Excellence of Financial Reporting Checklist, participants will benefit from topic presentations followed by exercises on crucial areas of the annual comprehensive financial statements. 

Exercises will focus on the following key areas: 

1. Management’s Discussion & Analysis
2. Conversion between Governmental Funds to Governmental Activities, including preparation of the reconciliations
3. Proprietary Fund Reporting
4. Internal Service Fund Allocations
5. Capital Asset note disclosure
6. Long-term liabilities note disclosure
7. Pension liabilities note disclosure
8. Statistical Section 

*Participants are required to bring a computer or tablet capable of accessing and running Adobe Acrobat (PDF format), Microsoft Word, and Excel for use during the exercises in this class. 

Those who successfully complete this series should gain a practical understanding of key ACFR components and how they fit into the overall preparation/presentation of an ACFR.

Those who successfully complete this seminar should also be able to: 

• Identify the three basic sections of a comprehensive report and the essential components of each,
• Differentiate basic financial statements, required supplementary information, and other supplementary information within an ACFR,
• Identify the appropriate elements of a letter of transmittal,
• Identify the appropriate elements of management’s discussion and analysis,
• Format each of the basic financial statements,
• Classify data in each of the basic financial statements,
• Properly apply commonly misunderstood note disclosure requirements,
• Prepare required supplementary information,
• Format combining and individual fund statements,
• Prepare required statistical presentations. 

This course is taught by GFOA Technical Services Center staff, finance officers and other industry experts.