Question

In: Accounting

1. What is the CAFR 2. Which entity specifically, is required to prepare the CAFR 3.....


1. What is the CAFR
2. Which entity specifically, is required to prepare the CAFR
3.. How many sections are included in the CAFR and what are they
4.. What information is reported in each section of the CAFR

Solutions

Expert Solution

Answer : 1

A CAFR (Comprehensive Annual Financial Report) refers to a collection of U.S. government financial statements that includes the financial reports of a state, municipal or other governmental entity that complies with the accounting requirements defined by the Governmental Accounting Standards Board (GASB).

Answer : 2

Every governmental entity is required to prepare the CAFR.

Answer: 3

There are main three sections included in the CAFR. They are:

  1. introductory section
  2. financial section
  3. statistical section

Answer: 4

Introductory section: it provides general information related to the structure of government, personnel involved as well as evaluating the financial position of government.

Financial section: it mainly includes financial statements as well as auditors report along with management discussion and analysis. The provides detailed discussion on various financial elements.

Statistical section: it includes key financial indicators for nearly past 10 fiscal years. Few examples of key financial indicators include government revenues and expenditures, debt proportion, etc. It also provides data segregated demographically.

ekkarill92 answered 2 years ago
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