The Governmental Accounting Standards Board issued Statement No. 98, The Annual Comprehensive Financial Report, in October, 2021. Statement No. 98 replaces the term "comprehensive annual financial report" and its acronym with the new term "annual comprehensive financial report" and its acronym, ACFR. Statement No. 98 is effective for fiscal years beginning after December 15, 2021, with earlier implementation encouraged. The report checklists have been updated to reflect the new term and acronym. GFOA encourages governments to early implement the new term "annual comprehensive financial report" and its acronym, ACFR.