what is the purpose of the comprehensive annual financial report
Comprehensive annual financial report A Comprehensive Annual Financial Report (CAFR) 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). GASB provides standards for the content of a CAFR in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards.[1] The U.S. Federal Government adheres to standards determined by the Federal Accounting Standards Advisory Board (FASAB).