What information is presented in the Comprehensive Annual Financial Report?
Financial section – includes the independent auditor’s report and contains management’s discussion and analysis, government-wide financial statements, fund financial statements, notes to the financial statements, required supplementary information, combining financial statements, and schedules.
How do you write a comprehensive financial report?
To create a comprehensive financial statement and/or report, you need to keep these points in mind:
- Define your mission and audience.
- Identify your metrics.
- Choose the right visualizations.
- Use modern software & tools.
- Automate your financial management report.
What is the purpose of the Comprehensive Annual Financial Report?
The purpose of the Comprehensive Annual Financial Report (CAFR) is to provide accurate and meaningful information concerning the City’s financial condition and performance.
What are comprehensive financial records?
A Comprehensive Annual Financial Report 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).
What are the three sections of a Comprehensive Annual Financial Report?
The Annual Comprehensive Financial Report consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report.
How do I report financial performance?
A key document in reporting corporate financial performance is Form 10-K, which all public companies are required to publish annually. Financial statements used in evaluating overall financial performance include the balance sheet, the income statement, and the statement of cash flows.
Is a CAFR required?
The statistical section is a required part of a comprehensive annual financial report (CAFR), although governments are not required to prepare a statistical section if they do not present their basic financial statements within a CAFR. These circumstances are not altered by this Statement.
Is a comprehensive annual financial report required?
Local governments are required to produce and distribute a Comprehensive Annual Financial Report (CAFR) annually to conform with generally accepted accounting standards established by the Government Accounting Standards Board.
Is the CAFR required?
What are the three main sections of Comprehensive Annual Financial Report?