Accounting and Financial Reporting

Why GFOA is Rethinking Financial Reporting

Image of report cover.

This report presents GFOA’s vision for updating financial reporting. It critiques the current approach for not meeting the needs of its audiences, highlighting issues such as complexity and the time required to prepare the reports. The report also discusses the opportunity costs of financial reporting and outlines strategies to make financial reports more user-friendly, streamlined, and better aligned with users' needs.

  • Publication date: May 2024