The annual comprehensive financial report (ACFR) is a set of government financial statements that complies with accounting requirements prescribed by the Governmental Accounting Standards Board (GASB) and provides information about the financial condition of the commonwealth. It is prepared primarily by accounting staff in the Office of Comptroller Operations and audited by independent auditors using GASB requirements. The ACFR consists of three main sections:
- Introductory – Provides general information about the commonwealth, its organization structure, leadership, and economic condition
- Financial – Includes the basic financial statements, notes to the basic financial statements, management’s discussion and analysis, the report of independent auditors, and other supplementary information
- Statistical – Provides facts and figures about financial trends in the commonwealth, revenue and debt capacity, demographic and economic information, and the operations of state government
The basic financial statements present the commonwealth’s financial position as of June 30.