GAAFRGovernmental Accounting, Auditing, and Financial Reporting
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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.
In 1979, the NCGA issued its first official pronouncement, Statement 1, to achieve greater harmony between GAAFR and the AICPA Guide.
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:
In addition to pie charts, the GAAFR MD&A illustration includes bar charts to reflect the relationship between program revenues and expenses.
During the intervening I 9 years, GFOA has provided close to $6 million of support by means of direct contributions ($1,266,000), profits from GFOA's GAAFR Review newsletter ($1,334,000), pass-through contributions from state associations ($218,000), and remittances from GFOA sales of GASB publications ($3,084,000).
In addition, the text of the 1968 GAAFR was supplemented by a number of appendices, including a glossary, a sample chart of accounts, and illustrative material for a comprehensive annual financial report (CAFR), although not a complete sample CAFR.