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This report presents the financial position, changes in financial position, and cash flows of the Salt Lake City Department of Airports for the fiscal years ended June 30, 2024, and 2023. It includes management\'s discussion and analysis, financial statements, and supplementary information, providing insights into the airport\'s operations and financial performance.

How to fill out annual comprehensive financial report

How to fill out annual comprehensive financial report

1. Gather all financial statements, including balance sheets, income statements, and cash flow statements.
2. Ensure that all financial data is accurate and complies with generally accepted accounting principles (GAAP).
3. Prepare a summary of financial activities for the year, highlighting significant changes and trends.
4. Provide supplementary information, such as accounting policies, notes to the financial statements, and any relevant disclosures.
5. Compile demographic and operational information about the organization to provide context to the financial data.
6. Organize the report into sections: introductory, financial statements, notes, and supplementary information.
7. Review the entire report for accuracy, clarity, and completeness before finalizing.
8. Obtain necessary approvals from management or board of directors as required.
9. Publish the report and distribute it to stakeholders, including investors, regulatory agencies, and the public.

Who needs annual comprehensive financial report?

1. Government agencies that require reporting for compliance purposes.
2. Investors and shareholders who need to assess the financial health of the organization.
3. Financial institutions that review the report for loan or credit purposes.
4. Management and board of directors for internal analysis and decision-making.
5. External auditors who need the report for the audit process.
6. Regulatory bodies that enforce financial reporting standards.

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What is annual comprehensive financial report?

An annual comprehensive financial report (ACFR) is a detailed presentation of an entity's financial position and activities for the fiscal year, including statements and supplementary information that complies with accounting standards.

Who is required to file annual comprehensive financial report?

Governments and municipalities, as well as certain nonprofit organizations that meet specific criteria, are typically required to file an annual comprehensive financial report.

How to fill out annual comprehensive financial report?

To fill out an annual comprehensive financial report, start by gathering all financial data, compiling required financial statements, adding supplementary information, and ensuring compliance with appropriate accounting standards before finalizing the document.

What is the purpose of annual comprehensive financial report?

The purpose of an annual comprehensive financial report is to provide a complete and transparent overview of an entity's financial health and performance to stakeholders, which assists in decision-making, accountability, and financial planning.

What information must be reported on annual comprehensive financial report?

An annual comprehensive financial report must include financial statements, notes to the financial statements, management discussion and analysis, and other supplementary schedules and information that provide insights into the entity's financial activities.