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An Annual Comprehensive Financial Report (ACFR), formerly called a Comprehensive Annual Financial Report (CAFR)) [1] 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).
In a significant paper on Fiscal Transparency, Accountability, and Risk, the IMF in 2012 reviewed the state of fiscal transparency in the wake of the global financial crisis and proposed a series of improvements to existing international fiscal transparency standards and monitoring arrangements.
They typically include four basic financial statements accompanied by a management discussion and analysis: [1] [2] A balance sheet reports on a company's assets, liabilities, and owners equity at a given point in time. An income statement reports on a company's income, expenses, and profits over a stated period. A profit and loss statement ...
While GRI no longer provides examples of reports, the reports of many organizations are available from company websites. [36] Under the 2021 guidelines, which are required for reporting as of January 2023, organizations may report either "in accordance" with GRI (more stringent) or "in reference" to GRI. Both options involve notification. [10]
H.R. 5060, an amendment to the Federal Financial Assistance Management Improvement Act of 1999, was passed by the House of Representatives on June 21, 2006, and sent to the Senate. H.R. 5060 can be considered a sister bill to S. 2590, but it is weaker than S. 2590 because it only considers federal grants. [ 21 ]
In the United States, a more-detailed version of the report, called a Form 10-K, is submitted to the U.S. Securities and Exchange Commission. [2] A publicly held company may also issue a much more limited version of an annual report, which is known as a "wrap report." A wrap report is a Form 10-K with an annual report cover wrapped around it. [3]
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