GAAFRGovernmental Accounting, Auditing, and Financial Reporting
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The last edition of the GAAFR was released in 2005.
All the recent editions of the GAAFR have used a 8 1/2" x 11" format to accommodate the reproduction of a complete illustrative comprehensive annual financial report (CAFR).
In 2002, GFOA published GAAFR Update Supplement, which addressed the significant changes in governmental accounting, auditing, and financial reporting that occurred soon after the publication of the 2001 edition.
The preface of GAAFR 2005 includes the following summarization of the specific revisions and updates of the text of the 2001 edition:
Recently, GFOA's Committee on Accounting, Auditing, and Financial Reporting reviewed the recommendations in the 2001 GAAFR in the light of the experience gained by governments that have already implemented GASB Statement No.
The 2001 GAAFR proposed that the letter of transmittal contain four basic elements:
The graphs and charts in the GASB implementation guide and in the GAAFR demonstrate some ways that charts and graphs can be used to improve the MD&A.
These charts are similar to the ones used in the implementation guide and in the GAAFR.
Because the Blue Book is GFOA's oldest and most important single publication, the release of a new GAAFR is clearly an event in its own right.
The latest version of the GAAFR may be new, but the Blue Book itself most certainly is not.
The publication of the 1968 GAAFR was truly a watershed in the movement toward national standards of accounting and financial reporting for state and local governments.
GAAFR 2001--the new Blue Book--is a definitive guidance masterpiece.