The Government Finance Officers Association has awarded its Certificate of Achievement for Excellence in Financial Reporting to State Comptroller Nancy Wyman for the state's comprehensive annual financial report.

"We are honored to receive this award for the eighth consecutive year," Wyman said. "It is testament to the quality of work and integrity of the staff here at OSC."

The award is "the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management," according to GFOA, a nonprofit professional association serving more than 12,000 government professionals worldwide.

"The CAFR has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive spirit of full disclosure' to clearly communicate its financial story and motivate potential users and user groups to read the CAFR," according to a GFOA spokesman, Stephen Gauthier.

The CAFR is prepared using generally accepted accounting principles, or GAAP. Wyman has been working to have GAAP adopted as the state's legal accounting method. "This award is further evidence that the world of financial professionals views GAAP as the best way of reporting," Wyman said. Connecticut currently uses a modified cash basis of accounting that permits revenues and expenditures to be recorded in different periods than they actually occur.

Learn more about the Connecticut Comptroller's Office by calling up our Internet Home Page, at the address below.

For Immediate Release
July 24, 1997

Back to Comptroller's Home Page
Back to Index of Comptroller's Press Releases