What is Annual comprehensive financial report?
In short
The annual comprehensive financial report is a government's full annual report, with an introductory section, a financial section containing the auditor's report, management's discussion and analysis and the basic financial statements, and a statistical section.
Key takeaways
- The financial section also includes required supplementary information and combining statements.
- It goes beyond the minimum required by generally accepted accounting principles.
- Many governments prepare it to earn a certificate for excellence in financial reporting.
Where it's tested
BAR: Government-Wide Statements & the Annual Comprehensive Financial Report — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
In reconciling total governmental fund balances to net position of governmental activities, which adjustment is required?