Good things come in threes as King Township has won its third consecutive Canadian Award for Financial Reporting from the Government Finance Officers Association.
The award—for King’s financial report for the fiscal year ending on December 31, 2023—recognizes excellence in governmental accounting and financial reporting. It comes on the heels of King winning its fourth consecutive Distinguished Budget Presentation Award from the GFOA.
GFOA established the Canadian Award for Excellence in Financial Reporting Program in 1986 to encourage and assist Canadian 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.
Reports submitted to the program are reviewed by selected members of the GFOA professional staff and a review committee, which comprises individuals with expertise in Canadian public-sector financial reporting and includes financial statement preparers, independent auditors, academics and other finance professionals.
Each report is reviewed using a checklist designed to determine compliance with both generally accepted accounting principles and program policy. An award is granted only if there is consensus among reviewers that a report substantially complies with both these principles and program policy.
