Comprehensive annual financial report

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A Comprehensive Annual Financial Report (CAFR) is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). GASB provides standards for the content of a CAFR in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards.[1] The U.S. Federal Government adheres to standards determined by the Federal Accounting Standards Advisory Board (FASAB).

A CAFR is compiled by a state, municipal or other governmental accounting staff and audited by an external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements. It is composed of three sections: Introductory, Financial and Statistical.[2] It combines the financial information of fund accounting and Enterprise Authorities accounting.

Further reading[edit]

References[edit]

  1. ^ Wilson, Earl (2010). Accounting for Governmental & Nonprofit Entities (15th ed.). Page 13: McGraw-Hill Irwin. ISBN 0073379603.
  2. ^ 2005 Governmental Accounting, Auditing, and Financial Reporting, page 151