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This document presents the financial performance and position of the Salt Lake City Department of Airports for the fiscal year ended June 30, 2023, detailing operating revenues, expenses, cash flows, and net position while adhering to Generally Accepted Accounting Principles (GAAP). It includes audited financial statements, management\'s discussion and analysis, and required supplementary information.

How to fill out annual comprehensive financial report

How to fill out annual comprehensive financial report

1. Gather necessary financial data, including balance sheets, income statements, and cash flow statements.
2. Organize data by fiscal year, ensuring it aligns with the reporting period.
3. Include notes to the financial statements that provide additional context and explanation.
4. Prepare a management discussion and analysis section to summarize financial performance.
5. Create a table of contents for easy navigation within the report.
6. Format the report according to relevant accounting standards (e.g., GAAP or IFRS).
7. Review and verify all figures for accuracy, ensuring all calculations are correct.
8. Include auditor's opinion if applicable and any required supplementary information.
9. Append necessary supporting documents and schedules.
10. Finalize the report, ensuring it is clear, professional, and thorough.

Who needs annual comprehensive financial report?

1. Government agencies requiring compliance with financial regulations.
2. Investors and stakeholders wanting to assess the financial health of an organization.
3. Creditors evaluating creditworthiness and risk assessments.
4. Management for strategic planning and decision-making purposes.
5. Regulatory bodies to monitor and ensure transparency and accountability in financial practices.

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What is annual comprehensive financial report?

An Annual Comprehensive Financial Report (ACFR) is a comprehensive financial document that provides detailed information about a government's financial activities and condition over a fiscal year. It includes financial statements, management's discussion and analysis, and supplementary financial and demographic information.

Who is required to file an annual comprehensive financial report?

Governments and certain public agencies are typically required to file an annual comprehensive financial report. This includes state and local governments, as well as other entities that meet specific criteria set by accounting standards and regulatory bodies.

How to fill out an annual comprehensive financial report?

To fill out an ACFR, entities should collect relevant financial data, prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP), and compile required supplementary information. It is advisable to consult accounting professionals or refer to applicable guidelines and templates.

What is the purpose of an annual comprehensive financial report?

The purpose of an ACFR is to provide a complete overview of a government’s financial position and performance, enhance transparency and accountability, meet legal requirements, and inform stakeholders, including citizens and investors, about financial health.

What information must be reported on an annual comprehensive financial report?

An ACFR must include financial statements, notes to the financial statements, a management discussion and analysis section, required supplementary information, and possibly statistical & demographic data relevant to the entity's operations.