ABSTRACT

A comprehensive annual financial report (CAFR) is a general-purpose financial report that is comprehensive in the depth of its reporting detail, and which provides a full disclosure of the financial affairs of the reporting entity, beyond the requirements of generally accepted accounting principles (GAAP), and other applicable legal and contractual requirements. A CAFR is recommended but not required under GAAP. The CAFR is to be a general-purpose report, which means that its contents are intended to meet the needs of a broad range of users, including citizens, investors, credit rating agencies, other governments, oversight authorities, and other interested parties.