GFOA established the Canadian Award for Excellence in Financial Reporting Program (CAnFR Program) in 1986 to encourage and assist Canadian local governments to go beyond the minimum requirements of generally accepted accounting principles, as set by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants, to prepare annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.

Must be received within 90 days of the date when the budget was approved/adopted.

Any type of Canadian local government (general-purpose or special-purpose) that makes available to the general public an annual financial report in either an electronic (web site, CD) or hardcopy format

1. Conform to generally accepted accounting principles (GAAP) as set by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountant

2. Have received an unqualified opinion from the independent auditor. In addition, governments that submitted their report to the program the preceding year must provide a formal written response to the prior year’s comments