FAF appoints new member to GASAC
Verdict Staff March 17, 2021 (Last Updated March 17th, 2021 17:24)
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The US’ Financial Accounting Foundation (FAF) has appointed Robert Hamilton to the Governmental Accounting Standards Advisory Council (GASAC). He is the statewide accounting and reporting manager for the stat of Oregon.
Hamilton was nominated by the National Association of Auditors, Comptrollers and Treasurers (NASACT) and will assume the role vacated by the appointment of Alan Skelton to the position of director of research and technical activities of the Governmental Accounting Standards Board (GASB). Hamilton will serve a two-year term which will conclude on 31 December 2022, after which he will be eligible for reappointment for two additional two-year terms.
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Following guidance from its national professional association, the Pittsburgh Controller’s Office will no longer use “CAFR” as shorthand for “comprehensive annual financial reports.”
The long-standing acronym sounds like “Kaffir,” an offensive term used by Apartheid-era South Africans for the Blacks who live there. The Government Finance Officers Association, the trade group for government financial professionals, released guidance Tuesday to end use of CAFR.
“Kaffir” is defined as “Black African: a contemptuous term” by Webster’s New World College Dictionary, which guides the style of The Associated Press and many news organizations.
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