Annual Comprehensive Financial Reporting (ACFR)
CERTIFICATE OF EXCELLENCE IN FINANCIAL REPORTING
Annual Comprehensive Financial Report (ACFR)
For over 40 years, the Association of School Business Officials International has honored school districts with the Certificate of Excellence in Financial Reporting (COE) for transparency, fiscal accountability, and best practices in financial reporting. The Matanuska-Susitna Borough School District has been a recipient of this award since Fiscal Year 2009.
What is an ACFR?
The Annual Comprehensive Financial Report (ACFR) is a set of financial statements that provide a thorough and detailed presentation of a school district's financial condition and goes beyond the minimum information necessary for fair presentation in conformity with generally accepted accounting principles (GAAP).
At a minimum, the Annual Comprehensive Financial Report contains three sections: 1) introductory, 2) financial, and 3) statistical. The financial section provides information on each individual fund and component unit. The statistical section is an important source of information regarding a school district's economic condition; many schedules include 10 years of data to allow for broader context evaluation.