If you’re a public finance officer tasked with preparing your organization’s Annual Comprehensive Financial Report (ACFR), you’ve probably asked yourself:
“How can we accelerate our year-end reporting process?”
“What can we do to make financial reporting more efficient?”
The Government Finance Officers Association (GFOA) recently released a research paper titled “The Speed We Need: Unlocking the Secrets of Accelerated Financial Reporting” to answer these exact questions. This guide explores proven strategies used by governments that have issued their ACFRs in four months or less—well ahead of the typical six-month timeline.
3 Principles to Accelerate ACFR Reporting
1. Modularization and Continuous Flow
Identify “modules” in your reporting process that can be completed before year-end. These could include:
Preliminary audit work and internal control testing
Single audit compliance testing
Introductory and statistical section schedules
Also, implement a continuous flow by performing key tasks throughout the year:
Regularly review capital projects for early closeout opportunities
Maintain monthly account reconciliations
Conduct periodic budget-to-actual comparisons
Review interim financials proactively
2. Visualize the Reporting Process
Mapping your process helps reduce errors and delays. GFOA recommends:
Creating a clear reporting timeline with roles and deadlines
Highlighting handoff points between teams to avoid bottlenecks
Considering component unit timelines that could impact the primary government’s ACFR
3. Standardize to Minimize Variation
Standardized processes reduce rework and improve efficiency. Start with:
A consistent ACFR calendar
A checklist of critical reporting tasks
Document formatting and printing SOPs
Templates for journal entries and year-end accruals
A spreadsheet to determine major funds
Other Tips from GFOA’s Research
Use estimates based on historical data for accruals when actuals aren’t available
Raise outdated capitalization thresholds to reduce unnecessary tracking
Round numbers in your ACFR to thousands or millions to avoid excessive precision
Final Thoughts
These insights come from governments already achieving faster reporting timelines. By applying these strategies, you can:
Reduce end-of-year stress
Improve reporting accuracy
Free up staff capacity for other priorities
Explore which ideas best fit your team and start optimizing your ACFR process today.
