The Governmental Accounting Standards Board (GASB) has issued a proposal to change the name of a financial reporting term, due to its offensive acronym.
Now called the annual comprehensive financial report (ACFR), the previous term was named the comprehensive annual financial report, with all instances of the title and acronym being removed going forward.
Addressing the name change, the government body said: “This proposed statement was developed in response to concerns raised by stakeholders that the common pronunciation of the acronym for comprehensive annual financial report sounds like a profoundly objectionable racial slur.
“This proposed statement’s introduction of the new term is founded on a commitment to promoting inclusiveness.”
Joe Black, GASB’s chair, said: “When you pronounce the acronym, it is a highly offensive racial slur directed toward Black South Africans.
“As we and our stakeholders are part of a global community, we do not wish to be offensive to anyone, so we have undertaken the project to address this.”