This post addresses the main components of the CAFR.
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What is a CAFR? What are its main components. In addition to answering this question, provide a response in 150 - 350 words differentiating between a budget and a Comprehensive Annual Financial Report (CAFR).
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The solution provides a detailed explanation discussing the components of a CAFR and differentiating between a budget and a Comprehensive Annual Financial Report (CAFR).
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A CAFR is a Comprehensive Annual Financial Report, and is used by governmental agencies to report their annual financial performance. The CAFR is more detailed than a non-governmental entity's financial statements. The CAFR has three main parts, which are the introductory section, the financial section, and the statistical sections. The Introductory section typically includes an overview of the governmental entity's financial performance over the past year, and also includes a discussion regarding the economy, and ...
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