What are the five required sections of a CAFR?
Contents of a Comprehensive Annual Financial Report (CAFR)…The statistical section is divided into five categories of information, as follows:
- Financial Trends Information.
- Revenue Capacity Information.
- Debt Capacity Information.
- Demographic and Economic Information.
- Operating Information.
What are the major sections of the CAFR what is included in each section?
The CAFR has three main sections: introductory, financial, and statistical. b. Required Supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget (unless a statement is prepared).
What is a CAFR in accounting?
A Comprehensive Annual Financial Report (CAFR) is a set of financial statements issued by a state, municipality or other government entities. CAFR conforms to the accounting protocols laid down by the Governmental Accounting Standards Board (GASB).
Which of the following sections of the CAFR is audited?
Which of the following sections of the CAFR is/are audited? Financial section.
What is the focus of a CAFR?
The purpose of a CAFR is to be transparent about the use of taxpayers’ money and to give the public a detailed accounting of all expenditures. A CAFR accomplishes this by including dozens of basic and more intricate financial reports along with notes, narratives and supporting data.
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.
What is in a CAFR report?
An Annual Comprehensive Financial Report, formerly called 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 …
What is the purpose of CAFR?
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 is a CAFR GASB?
The 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 GASB. It must be audited by an independent auditor using generally accepted government auditing standards.
Is 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 is CAFR and why is it important?
As an investor in local government debt instruments, you might often hear the term ‘CAFR’ and its importance in maintaining financial transparency for local governments for financial markets and their investors.
Where can I find a sample CAFR?
•GFOA Blue Book – Sample CAFR www.gfoa.org/GAAFR/AppendixD •Other Government CAFRs www.gfoa.org/COA
What is cafra and why is it important?
CAFR is one of the most important documents for any local or state government to establish financial transparency and establish credibility with its creditors and oversight agencies.
How do I find the high points in the CAFR?
Hence, generally speaking, a reader can go through the financial section of the CAFR and find the ‘high points’ by reading through the Management Discussion and Analysis (MD&A).