Accounting and Financial Reporting

Superpowers and Secret Agents

Image of Article from June 2021 GFR

GFOA’s superpowers—as they pertain to our x-ray insights about governmental financial reporting—are derived from our annual reviews of nearly 4,400 annual comprehensive financial reports (ACFRs).1 The technical services team members who review each of the ACFRs submitted to GFOA’s Certificate of Achievement for Excellence in Financial Reporting (COA) Award Program have the opportunity to see firsthand the great efforts made—and successes achieved—by the many state and local governments that are dedicated to financial transparency and accountability. We also see in high definition, so to speak, the difficulties governments sometimes face in implementing new pronouncements of the Governmental Accounting Standards Board (GASB). With great power comes great responsibility, and so we share the insights we gain to help improve ACFRs going forward.