End the Acronym

End the Acronym

GFOA issues new guidance on the proper referencing of the Comprehensive Annual Financial Report

Effective immediately, GFOA is asking all industry affiliates to stop using the four-letter acronym commonly associated with the Comprehensive Annual Financial Report.

Instead, GFOA recommends immediately adopting the new name recently promulgated by GASB in Statement No. 98, Annual Comprehensive Financial Report, and using the acronym ACFR, which is generally being pronounced "AK-fer," with the first syllable rhyming with "back" and second sounding like "fur."

This recommendation is the result of increasing professional awareness that the old acronym, when pronounced aloud, sounds the same as a derogatory term historically used in other parts of the world. Most concerningly, South Africa where this term has ties to Apartheid and is used as a racial slur towards Black South Africans.

GFOA Code of Ethics

I commit to valuing diversity within my organization and within my community, recognizing my own biases, and calling out unfair discrimination of any kind.

View Code of Ethics

GFOA takes its commitment to diversity, equity, and inclusion seriously. With more than 21,000 members that serve diverse communities around the country and support strategic partners around the world (including the Chartered Institute of Government Finance Audit and Risk Officers in South Africa), GFOA has determined that the continued use of this acronym is in conflict with the organization’s core professional values.

Toolkit – Here are some resources that we have developed that can assist you in communicating this change in your own organization:

  • Frequently Asked Questions

    View frequently asked questions and responses related to GFOA's new policy statement.

    View FAQs

  • Fact Sheet

    Read the background behind this policy recommendation.

    Click Here

  • Policy Statement

    View full policy statement approved by GFOA Executive Board on March 5, 2021 and by GFOA membership on July 12, 2021.

    View

Michael A. Bryant, President-Elect, GFOA

“We must always be committed to right, and this is the right thing to do. We at GFOA have put great focus in establishing strong partnerships, particularly within underrepresented communities. Inclusion is an important value at our organization.  We must put that value into practice now.”

Marion M. Gee, President, GFOA

“It will be a difficult transition. However, there are no geographic boundaries on this issue. We are a global organization, and this change is simply necessary.”

Chris Morrill, Executive Director, GFOA

“I’m really proud of the organization. Not only the decision but the process we went through to get here. Now that this change has been made, I’m looking forward to seeing our many member leaders implement this in their communities.”

Additional Resources

Explainer Video

Renaming The Comprehensive Annual Financial Report

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