Racist Pronunciation of Financial Report Acronym Prompts Change

The name of the financial statement that state and local governments have used for decades appears slated for change in 2021 because the pronunciation of its acronym is a South African racial slur.

The accounting rulemaker for state and local governments expects to review new names in January for the comprehensive annual financial report (CAFR)—the document states and municipalities produce so taxpayers, bondholders, and watchdogs can track their finances. The report, commonly pronounced as “KAFF-ur,” sounds like the word “kaffir,” which is “a profoundly offensive term directed at Black South Africans,” according to the Governmental Accounting ...