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Racist Acronym Wiped From Municipal Financial Reports

Oct. 19, 2021, 3:39 PM

The financial statement states, cities, and local governments have used for more than 40 years is getting a makeover.

It has nothing to do with how governments tally their liabilities and tell taxpayers how they’re spending money, and everything to do with the name. Most people refer to the comprehensive annual financial report by its acronym, CAFR. Commonly pronounced as “KAFF-ur,” the term sounds like the word “kaffir,” a racist slur directed at Black South Africans.

No longer. The Governmental Accounting Standards Board on Tuesday officially changed the name of the report and, by extension, the offensive pronunciation of ...