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Difference Between Budget and Annual Financial Report

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Please differentiate between a budget and a Comprehensive Annual Financial Report (CAFR). Thank you.

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Solution Summary

The answer explains the meaning and the main nine components of Comprehensive Annual Financial report, meaning of Budget and also five main differences between the budget and the Comprehensive Annual Financial Report. 583 words.

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What is a CAFR? What are its main components?
In addition to answering the question, please differentiate between a budget and a Comprehensive Annual Financial Report (CAFR).

Comprehensive Annual Financial Report is the Report of the financial position and the financial transactions of the particular period presented by the board of Directors after it is duly audited by the Statutory auditors of the company to the shareholders in the Annual General Meeting of the Company. Once the Comprehensive Annual Financial Report is approved by the majority of the stockholders, then it will become the approved document.

Contents of Comprehensive Annual Financial Report include the following:
1. Notice for calling the meeting to the shareholders to approve the report.
2. Trading and profit and loss account for the particular period say one year.
3. Balance sheet of the corporation on a particular date i.e., usually Balance sheet is presented at the end of the financial ...

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