{{Short description|Set of U.S. government financial statements}} {{Use dmy dates|date=October 2020}} {{Accounting}}
An '''Annual Comprehensive Financial Report (ACFR)''', formerly called a '''Comprehensive Annual Financial Report''' ('''CAFR''')<ref>{{Cite web |title=Summary of Statement No. 98 |url=https://gasb.org/page/pagecontent?pageid=/standards-guidance/pronouncements/summary-statement-98.html |access-date=2022-06-23 |website=gasb.org}}</ref> 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).
The name of the report was changed in 2021 when the Government Finance Officers Association determined that, when spoken, the acronym for "Comprehensive Annual Financial Report" sounded like an offensive slur used in South Africa (see Kaffir) and decided to change the report's name.<ref>{{cite web |url=https://www.gfoa.org/eta |title=End the Acronym |access-date=April 17, 2021}}</ref>
GASB provides standards for the content of an ACFR in its annually updated publication ''Codification of Governmental Accounting and Financial Reporting Standards''.<ref>{{cite book|last=Wilson|first=Earl|title=Accounting for Governmental & Nonprofit Entities|year=2010|publisher=McGraw-Hill Irwin|page=13|isbn=978-0073379609|edition=15th}}</ref> The U.S. Federal Government adheres to standards determined by the Federal Accounting Standards Advisory Board (FASAB).
An ACFR is compiled by a state, municipal or other governmental accounting staff and audited by an external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements. It is composed of three sections: Introductory, Financial and Statistical.<ref>2005 Governmental Accounting, Auditing, and Financial Reporting, p. 151</ref> It combines the financial information of fund accounting and Enterprise Authorities accounting.
==Further reading== * Jonathan Walters, [https://www.governing.com/topics/finance/gov-are-annual-financial-reports-useless.html Are Comprehensive Annual Financial Reports Useless?], ''Governing'' (September 2012).
==References== {{reflist}}
{{DEFAULTSORT:Comprehensive Annual Financial Report}} Category:Accounting in the United States Category:Government audit Category:Government finances in the United States Category:Single Audit Category:United States Generally Accepted Accounting Principles