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 > Newsroom
 > 2014 News
 > GFOA Recognizes VRS for Excellence in Financial Reporting

GFOA Recognizes VRS for Excellence in Financial Reporting

RICHMOND, VA June 27, 2014 — For the 32nd consecutive year, the Government Finance Officers Association of the United States and Canada (GFOA) has recognized the Virginia Retirement System (VRS) with a Certificate of Achievement for Excellence in Financial Reporting for its fiscal year 2013 Comprehensive Annual Financial Report (CAFR).

In awarding the certificate, the highest form of recognition in the area of governmental accounting and financial reporting, the GFOA acknowledged VRS’ efforts to communicate its financial story and motivate potential users to read the CAFR. The VRS CAFR was judged by an impartial panel to meet the high standards of the GFOA.

“VRS consistently adheres to the highest standards in governmental accounting and financial reporting,” VRS Director Robert P. Schultze said. “Receiving this award for the 32nd year demonstrates our commitment to full disclosure and transparency for our stakeholders.”

To be awarded the certificate, a government unit must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

GFOA is a nonprofit association serving approximately 17,500 government finance professionals.

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