The typical company uses the Financial Accounting
Subject: Comprehensive Annual Financial Report EvaluationIntroduction:The typical company uses the Financial Accounting Board Standards (FASB0 standards for financial reporting and preparing the financial statements, governmental accounting is different. In governmental accounting, Government Accounting Board Standards (GASB) standards must be used to create what is commonly known as the CAFR. The Comprehensive Annual Financial Report is an all-encompassing document required by all governmental entities and requires the use of GASB standard # 34 as that is the basis for all governmental accounting. A Comprehensive Annual Financial Report (CAFR) is a government’s complete accounting of “net worth”. The CAFR was established as a public accounting record and is mandatory by Federal requirement for all local governmental entities.Requirement:1. Obtain a CAFR from a city or county governmental entity; these are usually available as a .pdf download from the entity’s website. 2. Support your paper with Minimum of five (5) resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.3. Length: Handbook of 5-6 pages (not including title and reference pages) with diagrams as needed.
