In March 1979, the NCGA issued Statement 1, Governmental Accounting and Financial Reporting Principles, which was a restatement of the 1968 GAAFR issued by the NComGA [NCGA, 1980].
GPFS were an answer to critics of the 1968 GAAFR who complained that the focus on individual fund statements did not permit the wide distribution of sufficiently condensed financial statements.
Nevertheless, the GAAFR unofficially became GAAP for government bodies.
The Guide established that GAAFR's principles, as modified by the Guide, constituted GAAP for governmental entities.
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).
According to Governmental Accounting, Auditing, and Financial Reporting (GAAFR
), "While GAAP require only that this budgetary comparison be presented as required supplementary information (RSI), governments are specifically permitted to include this presentation as an integral part of the basic financial statements for their governmental funds.
He reviewed materials for publication in the 2002 GAAFR
Update Supplement and is a reviewer for the Certificate of Achievement for Excellence in Financial Reporting and the Popular Annual Financial Reporting programs.
Coupled with a complimentary CD-ROM containing all 19 chapters of the book and newly updated companion materials, GAAFR
2005 is the ultimate training tool and technical resource on state and local government accounting.
The publication of the new GAAFR
is a timely reminder of the crucial role GFOA has played in improving accounting and financial reporting for state and local governments since its inception almost 100 years ago.
9 Internet Training--Making the Most of the 2005 GAAFR
9 Internet Training-- Making the Most of the 2005 GAAFR