A comprehensive annual financial report (CAFR) prepared in conformity with the GASB recommendations should include which of the following sections?
A) Letter of transmittal, management's discussion and analysis (MD&A), and financial.
B) Introductory, financial, and statistical.
C) Introductory, MD&A, and financial.
D) Letter of transmittal, financial, and supplementary.

Question

Quizplus · Accepted Answer

A comprehensive annual financial report (CAFR) prepared in accordance with the Governmental Accounting Standards Board (GASB) recommendations should include three main sections: Introductory, Financial, and Statistical. These sections provide a complete overview of the government entity's financial status, including an introduction to the report, detailed financial statements and notes, and statistical information to provide context for the financial data.

A Comprehensive Annual Financial Report (CAFR) Prepared in Conformity with the GASB