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Purpose of Comprehensive Annual Financial Report (CAFR)

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What is the purpose of Comprehensive Annual Financial Report (CAFR)? What are the components of CAFR?

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Solution Summary

The solution discusses the purpose and the components of the CAFR. References are included.

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The CAFR is a government accounting standard with the purpose of presenting an accurate set of information regarding the financial holdings, enterprise, institutional funds, assets, and total investment incomes for the use of the public (government and non-government entities) that need it. The CAFR publicly shows the accounting of the government agency's financial data for reference and information purposes. The CAFR presents the budget which states the government agencies and their budgets for a specific financial period. CAFR reports the overall financial budget results to government operations which have their own budgets and investment account. However, each may have its own CAFR report in some cases such as those having financial data which are not combined with the general budget which the local government has presented ...

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