What report is part of the financial section of a CAFR?
What report is part of the financial section of a CAFR?
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.24 Mar 2021
What reports and schedules are included in the CAFR as required supplementary information?
Section Reports
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Introductory section Table of content Letter(s) of transmittal Other general information
What are the three sections of a Comprehensive Annual Financial Report CAFR )? What kind of information is contained in each section?
The CAFR consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report. The Financial section presents the entity's basic financial statements as well as notes to the statements and the independent auditors' report.
Is the 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.
What does the CAFR report?
CAFR stands for Comprehensive Annual Financial Report . The CAFR is the City's set of financial statements that comply with the accounting requirements established by the Governmental Accounting Standards Board (GASB). It must be audited by an independent auditor using generally accepted government auditing standards.CAFR stands for Comprehensive Annual Financial Report . The CAFR is the City's set of financial statements that comply with the accounting requirements established by the Governmental Accounting Standards Board (GASBGASBThe Governmental Accounting Standards Board Statements (GASB Statements in short) are issued by GASB to set generally accepted accounting principles (GAAP) for state and local governments in the United States of America. These statements are the most authoritative source for governmental GAAP.https://en.wikipedia.org › wiki › List_of_GASB_StatementsList of GASB Statements - Wikipedia). It must be audited by an independent auditor using generally accepted government auditing standards.
What does a Comprehensive Annual Financial Report known as the CAFR include?
Comprehensive Annual Financial Report or "CAFR" means the official annual report of a governmental unit containing the basic financial statements, management discussion and analysis (MD&A) and other required supplementary information and statistical data prepared in accordance with standards established by the
What is the main purpose of financial report?
The objective of financial reporting is to track, analyse and report your business income. The purpose of these reports is to examine resource usage, cash flow, business performance and the financial health of the business. This helps you and your investors make informed decisions about how to manage the business.
What are the three sections of a Comprehensive Annual Financial Report CAFR )?
The Annual Comprehensive Financial Report consists of three sections: Introductory, Financial and Statistical.
What is a government CAFR?
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).