Answer:
A Comprehensive Annual Financial Report CAFR is an annual comprehensive financial statement or extensive report compiled by a government accounting staff for a governmental entity that fulfills the accounting requirements established by the Governmental Accounting Standards Board (GASB).
This report is audited by external American Institute of Certified Public Accountants (AICPA) certified accounting firm utilizing GASB requirements.
The most important information needs that a government annual report should fulfill for Administrators, Members of the legislative branch, Interested residents, Creditors or potential creditors are outlined below.
Explanation:
1. Administrators: the most important information needs that a government annual report should fulfill for administrators include data that will enable them execute control and management.
2. Members of the legislative branch will require the CAFR to enable them create useful policies that will drive implementation.
3. Interested residents' needs will be properly represented if the CAFR offers them lower taxation, business opportunities and security.
4. Creditors or potential creditors will looking out for more viable credits, increased return on Investment, improved dividends and security.
