Course description
A Comprehensive Annual Financial Report (CAFR) is a financial statement for state and local governments that is much more detailed and voluminous than a traditional annual financial report. Scores of basic and intricate financial reports, notes, narrative data, and supporting data are included in a CAFR for transparency in using taxpayers’ money to give a thorough accounting of all disbursements to ensure financial compliance.
What does a Comprehensive Annual Financial Report (CAFR) contain?
The Comprehensive Annual Financial Report (CAFR) is created by the accounting staff of a state, municipality, or other local government with its content complying with the financial reporting standards of the Governmental Accounting Standards Board (GASB) and audited by independent auditors to guarantee this compliance.
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Suitability - Who should attend?
Who Should Attend?
The Fundamentals of Preparing a Comprehensive Annual Financial Report (CAFR) Training Course by Rcademy is fit for individuals and professionals interested in learning and understanding a Comprehensive Annual Financial Report (CAFR). The following personnel should undertake this training course:
- Chief Financing Officer (CFO) or Finance Directorwho needs a better understanding of financial reporting to assist in the better design and implementation of financial strategies
- A controllerwho oversees the daily accounting operations of an organization
- Accounting professionalwho needs to learn more or even write a CAFR
- Studentswho seek more knowledge on CAFRs
- Any other personnelthat want to be better equipped in reading and understanding CAFRs
Outcome / Qualification etc.
The Fundamentals of Preparing a Comprehensive Annual Financial Report (CAFR) Training Course by Rcademy aims to help participants achieve the following objectives:
- Recognize the three primary sections of a CAFR and the categories in each section
- Differentiate basic financial statements, required supplementary information, and other supplemental information within a CAFR
- Identify the appropriate elements to include in Management’s Discussion and Analysis (MD&A)
- Format and classify data in each of the basic financial statements
- Properly apply commonly misunderstood note disclosure requirements
- Prepare the required supplementary information
- Format combining and individual fund statements
- Prepare required statistical presentations
- Analyse municipality, local, and state government’s annual financial report
Training Course Content
Module 1: Overview of Comprehensive Annual Financial Reports (CAFRs)
- Definition of a CAFR
- The history behind the CAFR
- Importance of a CAFR
- Difference between a CAFR and a traditional financial report
- Difference between a CAFR and a budget
- Sections in a CAFR
- The replacement term for the CAFR and the reason behind it
- Where to access a CAFR
Module 2: Regulations and Rules for a CAFR
- The accounting standards of the Governmental Accounting Standards Board (GASB)
- Independent audition of a CAFR – Personnel and organizations in charge of the audition – Sections that are audited in a CAFR
Module 3: Introductory Section of a CAFR
- Overview and content of the introductory section
- The basic function of the introductory section
- The possible subjectivity of the introductory section
- Letter of transmittal
- Other appropriate sub-sections of the introductory section
Module 4: Financial Section of a CAFR
- Overview and content of the financial section
- The basic function of the financial section
- Independent auditor’s report
- Management’s Discussion and Analysis (MD&A) – Content of the MD&A – The function of the MD&A – Importance of the MD&A to the accessibility and transparency of the CFAR
- Other sub-sections in the financial section
Module 5: Basic Financial Statements
- Government-wide financial statement – Statement of net assets – Statement of activities
- Fund financial statements – Balance sheet – Governmental funds – Proprietary funds – Fiduciary funds
- Notes to financial statements
Module 6: Required Supplementary Information
- Objectives of required supplementary information
- Budgetary comparison schedule
- Infrastructure condition and maintenance data
- Public Employees’ Retirement System (PERS) actuarial valuation
- Notes to required supplementary information
Module 7: Combining and Individual Fund Statements and Schedules
- Combining balance sheets for non-major governmental funds
- Combining statements for general funds
- Combining statements for special revenue funds
- Combining statements for debt service funds
- Combining statements for capital projects funds
- Combining statements for permanent funds
Module 8: Statistical Section of a CAFR
- Overview and content of the statistical section
- The function of the statistical section
- Sub-sections of the statistical section – Financial trends information – Reverse capacity information – Debt capacity information – Demographic and economic information – Operating information
Module 9: The Reporting Entity
- Timeliness in the presentation of the CAFR
- Inference on the financial health of the reporting entity from analysis of the CAFR
- The future of the reporting entity
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Rcademy
Rcademy is a global training and consultation organisation set out to bridge the gap between you now and what you can be in the near future. We are facilitators of knowledge impartation. Our team of established and experienced training enthusiasts...