Not only should the private businesses provide the annual financial report, but also the governmental entity. The smallest entity of the state needs to provide a similar financial statement, which is known as the comprehensive annual financial report (CAFR).
The easy way to serve the report annually is by using the comprehensive annual financial report templates. These models of the report can help you in describing the actions that the States do to the money of the taxpayers.
The Purpose of Using Comprehensive Annual Financial Report Templates
If you serve the public about the financial report, we believe that you don’t want to miss anything to be recorded. By using the templates, you have an easier job of providing one. You can get the comprehensive annual financial report templates on websites when you decide to deliver this kind of report to the public.
Why do you need to report it to the public? It is because of the primary purpose of the report itself. It is to depict the financial statement of an entity of the government during a fiscal year, which is to build the transparency of the use of the taxpayers’ money. This report is also to give a detailed accounting of the expenditures done by the States.
1. Comprehensive annual financial report templates format
Each financial statement has a special format as well as this CAFR and has three main parts, namely:
- The introduction section is to orient and guide the readers about the report. It contains the background of the story and the objectives as well.
- The financial part is to present the basic financial statements of the entity. It also states the report from the independent auditor
- The statistical section is to provide analytical data and additional financial. It mentions the economic trends that inform the activities of the entity of the government.
2. The tips for creating the CAFR
- If you make this report, you need to choose a format of the report which meets the standards of the law and regulation.
- The statements of the tasks need to be described accordingly.
- Ask the licensed accountant to review the report.
- Recheck the language used, including grammar, spellings, and other language aspects.
Those are about the comprehensive annual financial report templates. Happy Reporting!