ABSTRACT
Professional bodies concerned with assuring and promoting high-quality government accounting and financial reporting practices, such as the Governmental Accounting Standards Board (GASB) and Government Finance Officers Association (GFOA), view quality financial reporting as an important facet of assuring government accountability. [1,2] Accordingly, state and local governments are encouraged to issue a high quality, comprehensive annual financial report (CAFR) in conformance with generally accepted accounting principles (GAAP). This annual financial report, the CAFR, is increasingly being supplemented with a more stylish and simpler report, the popular annual financial report (PAFR), aimed at general, “popular” audiences.
