4.11. SR 03-20-1995 - Laserfiche WebLink

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GERTfFIGATE OF AGHIEVEMENT F~DR EXGELLENGE IN FtNANGIAL REPC3RTiNG Governmen# Finance Officers Association 1993 RESULTS The. Certificate of Achievement for Excellence in Finan- must include general purpose financial statements pre- vial Reporting is an award designed to recognize and en- sensed in conformity with GAAP. These reports are also courage excellence in financial reporting by state and required to have been audited in accordance with gener- local governments. ,;The attainment of a Certificate of ally accepted auditing standards, with the auditor taking Achievement represents a significant accomplishment at least "in relation to" responsibility for. combining, indi~ for agovemment and its management. vidual fund and account group presentations. To earn a Certificate of Achievement, a CAFR should give a clear The Certificate of Achievement for Frxcellence in Finan- and thorough view of the government's finances. cial Reporting Program (Certificate Program) was estab- Award-winning reports should enhance the reader's un- I, fished by the Government Finance Officers Association derstanding of the information required by GAAP for '~, (GFOA) in 1945. The GFOA instituted the program to fair presentation of the financial statements, be effi- I encourage all government units to prepare and publish ciently organized and adhere to certain generally ac- an easily readable and understandable comprehensive cepted terminology and formatting conventions. The annual financial report (CAFR) covering all funds and Certificate Program provides participants with extensive financial transactions of the government during the fiscal technical reference material on governmental accounting year:` The GFOA believes that governments have a spe- - and financial reporting theory. ;This material provides fi- - cial responsibility to provide the public with a fair pre- need to improve their nance officials. with the tools they sentation of their financial. affairs. CAFRs go beyond financial reporting techniques. the requirements of generally accepted accounting princi- pies (GAAP) to provide the many users of government To participate in the Certificate Program, government financial statements with a wide vanety of information units must complete an application form and submit four useful in evaluating the financial condition of a govern- copies of their CAFR, with the appr©priate fee, to the ment. GFOA for review by the Certificate Program's Special Review Committee. Applications can be obtained from To be eligible for a Certificate of Achievement, a report .the GFOA's Certificate Program staff in .Chicago must be the published CAFR of a unit of government or (312/977-9700). Submissions must be postmarked a public employee retirement system. Eligible CAFRs within six months of the government's fiscal year end. AWARD WINNERS FOR FLSCAL YEARS ENDED IN 1992 •