Preparing an Annual Comprehensive Financial Report: A Detailed Walk-Through

This program is designed to familiarize participants with the format and contents of an annual comprehensive financial report (ACFR) prepared in accordance with generally accepted accounting principles (GAAP) and GFOA’s Certificate of Achievement award program criteria. Attendees will examine in detail each section of an ACFR, in order to understand the required format and necessary information to be included in each. Each training module will focus on specific sections of an ACFR and feature both presentation and interactive discussion/exercises.

Those who successfully complete this seminar should be able to:

• Identify the three basic sections of a comprehensive report and the essential components of each,
• Differentiate basic financial statements, required supplementary information, and other supplementary information within a comprehensive report,
• Identify the appropriate elements of a letter of transmittal,
• Identify the appropriate elements to include in management’s discussion and analysis,
• Format each of the basic financial statements,
• Classify data in each of the basic financial statements,
• Properly apply commonly misunderstood note disclosure requirements,
• Prepare required supplementary information,
• Format combining and individual fund statements,
• Prepare required statistical presentations.

This course is taught by GFOA Technical Services Center staff, finance officers and other industry experts.