By Nicola M. White
The name of the financial statement states, cities, and other local governments have used for decades is due for a new, less offensive moniker.
The accounting rulemaker for state and local governments voted unanimously Tuesday to rename the comprehensive annual financial report, commonly referred to by its acronym, CAFR. The pronunciation of the acronym—”KAFF-ur”—sounds like the word “kaffir,” which is a pejorative for Black South Africans.
The Governmental Accounting Standards Board plans to float the idea of calling the report the annual comprehensive financial report (ACFR), which would be pronounced as “AK-fer.” A proposal would be …
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