An Annual Comprehensive Financial Report, formerly called Comprehensive Annual Financial Report (CAFR)) is a set of U.S.

government financial statements Government financial statements are annual financial statements or reports for the year. The financial statements, in contrast to budget, present the revenue collected and amounts spent. The government financial statements usually include a statemen ...

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 The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States. As with most of the entities involved in creating GAAP in the United Stat ...

(GASB). GASB provides standards for the content of a Comprehensive Annual Financial Report 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 The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to improve federal financial reporting through issuing federal financial accounting standards and providing guidance after c ...

(FASAB). A Comprehensive Annual Financial Report 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 Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law.Leon E. Hay (1980). ''Accounting for Governmental and Non ...

and Enterprise Authorities accounting. In 2021, the Government Finance Officers Association determined that, when spoken, the four letter acronym for "Comprehensive Annual Financial Report" sounded like an offensive slur used in South Africa (see Kaffir) and decided to deprecate the term.

References

{{DEFAULTSORT:Comprehensive Annual Financial Report Accounting in the United States Government audit Government finances in the United States Single Audit United States Generally Accepted Accounting Principles

Further reading

References