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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br /> RECOGNITION <br /> <br /> FOR <br /> <br />ANNUAL FINANCIAL REPORTING <br /> <br />by <br /> <br />John B. Lilja, CPA <br />Deloitte Haskins & Sells <br /> <br />The Certificate of Conformance in Financial Reporting Program was <br />begun by the Municipal Finance Officers Association of the United <br />States and Canada (MFOA) in 1945 to emphasize the association's <br />belief tbat every state and local governmental unit should prepare <br />and publish an easily readable and understandable comprehensive <br />annual financial report (CAFR) covering all of its funds and. <br />financial transactions during each year. MFOA believes that <br />governments have a special responsibility to fully and fairly <br />disclose their financial affairs. <br /> <br />TbelCertificate of Conformance is tbe highest form of recognition in <br />the area of governmental financial reporting, and its attainment <br />represents a significant accomplishment by a government and its <br />management. <br /> <br />To earn a Certificate of Conformance, a CAFR must tell its financial <br />story clearly, thoroughly and understandably. Certificate of <br />Conformance reports are efficiently-organized, employ certain <br />standardized terminology and formatting conventions, minimize <br />ambiguities and potentials for misleading inference, enhance <br />understanding of current generally accepted accounting principles as <br />they apply to governments,.and generally demonstrate a constructive <br />"spirit of full disclosure." <br /> <br />The Certificate of Conformance Program also provides a government <br />with easy and economical access to an extensive amount of technical <br />reference material concerning governmental accounting and financial <br />reporting theory. It provides technical information tools which <br />can enable government finance officers to help themselves to improve <br />their financial reporting techniques. <br /> <br />Minnesota MFOA has actively supported this program for many years, <br />in recent years through tbe efforts of a standing Certificate of <br />Conformance committee. Two of our members are also members of. <br />MFOA's national Special Review Committee which reviews reports for <br />the program: John B. Lilja, Deloitte Haskins & Sells, and <br />Robert W. Trodeau, City of Saint Paul. <br /> <br /> <br />