Annual Comprehensive Financial Report
An Annual Comprehensive Financial Report is a set of financial statements that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). Presented in three main sections, the Introductory Section includes a financial overview, discussion of the city’s economy and organizational structure. The Financial Section includes the auditor’s report, management’s discussion and analysis, audited basic financial statements and notes to the financial statements. This section also includes combining and individual fund financial statements and supporting schedules. The third and final section is the Statistical Section and includes unaudited economic, financial trend and demographic information for the city on a multi-year basis.
GASB Changes Name of Report
Norwalk, CT, October 19, 2021—The Governmental Accounting Standards Board (GASB) today issued a pronouncement that changes the name of the most extensive report prepared following its standards to the annual comprehensive financial report or ACFR. Until now, the name applied to those reports was the comprehensive annual financial report.