BEST PRACTICES IN SCHOOL DISTRICT FINANCIAL REPORTING
For more than 50 years, ASBO International has recommended that
- School districts should go beyond the minimums in financial reporting and prepare their annual financial statements in accordance with generally accepted accounting principles (GAAP),
- Issue an Annual Comprehensive Financial Report (ACFR), and
- Submit their Annual Comprehensive Financial Report (ACFR) for evaluation in the Certificate of Excellence in Financial Reporting (COE) program.
Apply for the COE
Resources to Help Prepare Your ACFR
Benefits
Submitting an ACFR for the COE award program provides valuable benefits to a school district.
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Enhanced Credibility and Transparency: Receiving the COE award demonstrates a commitment to high standards in financial reporting, which can enhance the district's credibility with stakeholders, including taxpayers, staff, and the community.
- Improved Financial Practices: The process of preparing an ACFR and submitting it for the COE award encourages districts to adopt best practices in financial reporting and management, leading to more accurate and comprehensive financial statements.
- Positive Recognition: Achieving the COE award provides positive recognition for the district's finance team, showcasing their dedication and expertise in financial management.