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. 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. It combines the financial information of fund accounting and Enterprise Authorities accounting.
Read more about Comprehensive Annual Financial Report: History, Differences Between A General Budget and A CAFR, Media Coverage & Misconceptions
Famous quotes containing the words annual, financial and/or report:
“Time that scatters hair upon a head
Spreads the ice sheet on the shaven lawn;
Signing an annual permit for the frost....”
—Philip Larkin (1922–1986)
“What people don’t realize is that intimacy has its conventions as well as ordinary social intercourse. There are three cardinal rules—don’t take somebody else’s boyfriend unless you’ve been specifically invited to do so, don’t take a drink without being asked, and keep a scrupulous accounting in financial matters.”
—W.H. (Wystan Hugh)
“... while many people pride themselves, and with no exaggeration, on their ability to hear with sympathy of the downfall, sickness, and death of others, very few people seem to know what to do with a report of joy, happiness, good luck.”
—Jessamyn West (1902–1984)