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.
Resources to Help Prepare Your Annual Comprehensive Financial Report
GASB Changes Name of Report to "Annual Comprehensive Financial Report"
The Governmental Accounting Standards Board (GASB) issued a pronouncement that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report or ACFR. Until now, the name applied to those reports was the comprehensive annual financial report.
To read more about the name and acronym change, click here.
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