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 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: