The Comprehensive Annual Financial Report is the audited financial statement for the County’s prior fiscal year. It is designed to fairly present the financial position as well as changes in the financial position of the County. The Governmental Accounting Standards Board (GASB) issued GASB Statement No. 98 “The Annual Comprehensive Financial Report” (GASB 98) on October 19, 2021. This Statement changes the name of the Comprehensive Annual Financial Report and its acronym to Annual Comprehensive Financial Report (ACFR).
The Statement was developed in response to concerns raised by stakeholders that the common pronunciation of the acronym for comprehensive annual financial report sounds like a profoundly objectionable racial slur. As such, the County has implemented the name change for its FY 2020-21 Financial Report, and has eliminated the use of the current acronym and continue to use the full title Comprehensive Annual Financial Report along with the new acronym, “ACFR”.
Every year the Auditor-Controller releases the ACFR for the prior fiscal year ending June 30. The document is prepared in accordance with Sections 25250 and 25253 of the Government Code of the State of California, and must be released no later than December 31. An outside auditing firm is retained to audit the report.