5.4. SR 01-23-1995 - Laserfiche WebLink

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e The .Certificate 0 chievement for Excellence m cial Reporting is an award designed to recoglrlzeand courage excellence in financial reporting by state and local. governments. The. attainment ofa Certificate 0 Achievementrepresents a significant accomplishmen for a government and its management. .. . . e "' ' ' -. -', The rtificate of AchieYemen~ f~r Excellence in man- .. cial Reporting Program (Certificate Program) was estab:" lished by the Government Finance Officers Association (GFOA) in 1945; The GFOA instituted the program to encourage all government units. to prepare and publish an easily readable and understandable comprehensive annual. financial report (CAFR) Covering all funds and ... . financial transactions of the government during the fisc year... The GFOA believes that governments have a spe cial responsibility to provide the public with a fair pre- sentation of their financial affairs. . CAFRs go beyond the requirements of generally accepted acco~ting pri pIes (GAAP) to provide the many users of government financial statements with a wide variety of information useful in evaluating the financial condition of a govem- ment. . mus include gene purpose nanCl statements pre- sented in Conformity \\lith GAAP. These reports are also required to have been audited in accordance with gener- any accepted auditing standards, with the auditor taking . at least "in relation to" responsibility for combining, indi-: .vidual fund and account group presentations. To earn a : Certificate of Achievement, a CAFR should give a clear . and thorough view of the government's finances. . Award-winning reports should enhance the reader's un- derstanding of the information required by GAAP for fair presentation of the financial statements, be effi- ~ciently organized and adhere to certain generally ac- . cepted terminology and formatting conventions; The ; ... Certificate Program provides participants with extensive . . echnical reference material on governmental accounting dfinancialreporting theory. This material provides fi- ance officials with the tools they need to improve their nancial reporting techniques... .; ! To be eligible for a Certificate of Achievement, a report must be the published CAFR of a unit of governmentor . a public employee retirement system. Eligible CAFRs...... ",.. .___ -":.'i _"P' ',\' _,0 "'- - -- .-' -,- o ;kticipate in the Certificat~ Program, government units must complete an application form and submit four copies of their CAFR, with the appropriate fee, to the GFOA for review by the Certificate Program's Special Review Committee. Applications can be obtained from the GFOA's Certificate Program staff in Chicago (312/977-9700). Submissions must be postmarkedL . within six months of the government's fiscalyearelld. AWARD WINNERS FOR FISCAL YEARS ENDED IN 1992 e