A) The CAFR has three main sections: introductory, financial, and statistical. B) Required Supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget (unless a statement is prepared).

What types of supplemental information are included in the CAFR?

Required supplementary information consists of statements, schedules, statistical data, or other information that GASB has determined is necessary to supplement, although not required to be a part of, the general purpose financial statements of a governmental entity.

What types of information are reported in the statistical section of the CAFR?

The statistical section is divided into five categories of information, as follows: Financial Trends Information. Revenue Capacity Information. Debt Capacity Information….Operating Information

• Information about government employees.
• Information about operating indicators.
• Information about capital assets.

  What are the 5 classes of information in the statistical section?

  In order to clarify that the requirements are applicable to all types of state and local governmental entities that prepare a statistical section, this Statement establishes the objectives of the statistical section and the five categories of information it contains—financial trends information, revenue capacity …

  What is the letter of transmittal in a CAFR?

  The letter of transmittal is required only in a preparation of CAFR. The letter of transmittal is a means of expressing more subjective information than would be acceptable for MD&A. The local governments are encouraged not to duplicate information contained in the MD&A.

  What is a MD&A?

  Management discussion and analysis (MD&A) is a section within a company’s annual report or quarterly filing where executives analyze the company’s performance. The section can also include a discussion of compliance, risks, and future plans, such as goals and new projects.

  What are the 3 main sections of the CAFR?

  There are three main section in a CAFR book: introduction, financial section and statistical section. The introduction section primarily guides a reader through the report with a table of contents for various sections and often includes a transmittal letter from the entity executive.

  Why is a CAFR important?

  The purpose of a CAFR is to be transparent about the use of taxpayers’ money and to give the public a detailed accounting of all expenditures. A CAFR accomplishes this by including dozens of basic and more intricate financial reports along with notes, narratives and supporting data.

  What are the three sections of a CAFR?

  The CAFR has three sections: (1) introductory, (2) financial, and (3) statistical. The minimum reporting requirement for a government is a General Purpose Financial Statement, which has three main components:

  What do you need to know about preparing a CAFR?

  GASB Cod. 2200.101 Every governmental entity should prepare and publish, as a matter of public record, a Comprehensive Annual Financial Report (CAFR) that encompasses all funds of the primary government (including its blended component units). The CAFR should also encompass all discretely presented component units of the reporting entity.

  What should be included in a GaSb CAFR?

  GASB Cod. 2200.101 The CAFR is the governmental entity’s official annual report and should also contain introductory information, schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, and statistical data.

  Where to find high points in CAFR report?

  Hence, generally speaking, a reader can go through the financial section of the CAFR and find the ‘high points’ by reading through the Management Discussion and Analysis (MD&A).