Posted on Wednesday March 06, 2013
KITCHENER – The City of Kitchener’s accounting division won a national award for its annual financial report, it was announced this week. The Canadian Award for Financial Reporting (CAnFR) program offered by the Government Finance Officers Association of the United States and Canada (GFOA), encourages municipal governments to publish high-quality financial reports, provides peer recognition and technical guidance for the officials who are writing the reports.
The accounting division was awarded the financial reporting achievement award, which was presented by Mayor Carl Zehr at Monday’s audit committee meeting.
“This is quite an achievement for the city’s accounting division. The City of Kitchener is only one of 50 municipalities to receive the award across Canada in 2011,” said Mayor Carl Zehr, an accountant himself. “This award recognizes the efforts of municipalities that go beyond the minimum requirements of generally accepted accounting principles.”
The award is the culmination of months of effort for the accounting division. Reports submitted to the CAnFR program are reviewed by selected members of the GFOA professional staff and a review committee of individuals with expertise in Canadian public-sector financial reporting and includes financial statement preparers, independent auditors, academics, and other finance professionals.
The annual financial report was judged to demonstrate a spirit of full disclosure that clearly communicated the city’s financial story.
The GFOA is a non-profit professional association serving more than 17,500 government finance professionals in the United States and Canada. It encourages local governments to go beyond the minimum requirements of generally accepted accounting principles, as set by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants, to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure and then to recognize individual governments that succeed in achieving that goal.
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