Annual Financial Report Fiscal and Economic Condition Analysis

The Piqua City School District in Ohio

Accounting in the public and private sectors is often subjected to differences, some of these differences being also observable at the level of budgeting. One important difference is constituted by the fact that economic agents -- that is private, for profit entities -- will construct the budgetary presentation in the form of annual financial reports. These financial reports are generally composed from financial statements and their qualitative presentation.

Governmental agencies on the other hand are requested to construct comprehensive annual financial reports (CAFR), which are more complex than annual financial reports. These reports contain added elements to the minimum elements requested from economic agents. In this order of ideas, while the financial statements are more detailed, the difference is also observed in the fact that the CAFRs are composed of three main parts -- the...
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