How to Create an Award-Winning Annual Financial Report
by Sara Kirk, CPA, CFE, Consulting Manager
Posted on March 22, 2018
This article originally appeared in the March 2018 School Business Affairs magazine and is reprinted with permission of the Association of School Business Officials International (ASBO). The text herein does not necessarily represent the views or policies of ASBO International, and use of this imprint does not imply any endorsement or recognition by ASBO International and its officers or affiliates.
An Annual Comprehensive Financial Report is a set of financial statements that provides a thorough and detailed presentation of a school district’s financial condition. It goes beyond the minimum information necessary for fair presentation that conforms with generally accepted accounting principles (GAAP).
The Governmental Accounting Standards Board (GASB) requires Annual Comprehensive Financial Reports to include three sections: an introductory section, a financial section, and a statistical section.
