Annual comprehensive financial report

An Annual Comprehensive Financial Report (ACFR), formerly called a Comprehensive Annual Financial Report (CAFR))[1] is a set of U.S. government financial statements comprising the financial report of a state, municipal or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB).The name of the report was changed in 2021 when the Government Finance Officers Association determined that, when spoken, the acronym for "Comprehensive Annual Financial Report" sounded like an offensive slur used in South Africa (see Kaffir) and decided to change the report's name.[2] GASB provides standards for the content of an ACFR in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards.An ACFR is compiled by a state, municipal or other governmental accounting staff and audited by an external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements.It is composed of three sections: Introductory, Financial and Statistical.
AccountingConstant purchasing powerHistorical costManagementBudgetForensicFinancialGovernmentalSocialAccounting periodAccrualEconomic entityFair valueGoing concernMatching principleMaterialityRevenue recognitionUnit of accountAssetsCost of goods soldDepreciationAmortization (business)EquityExpensesGoodwillLiabilitiesProfitRevenueAccounting standardsGenerally-accepted principlesGenerally-accepted auditing standardsConvergenceInternational Financial Reporting StandardsInternational Standards on AuditingManagement Accounting PrinciplesFinancial statementsAnnual reportBalance sheetCash-flowIncomeManagement discussionNotes to the financial statementsBookkeepingBank reconciliationDebits and creditsDouble-entry systemFIFO and LIFOJournalLedgerGeneral ledgerTrial balanceAuditingInternalReportSarbanes–Oxley ActAccountantsLuca PacioliHistoryResearchPositive accountingCreativeEarnings managementError accountHollywoodOff-balance-sheetTwo sets of booksgovernment financial statementsGovernmental Accounting Standards BoardKaffirFederal Accounting Standards Advisory BoardAmerican Institute of Certified Public Accountantsfund accountingEnterprise AuthoritiesGoverning