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This document provides detailed information concerning the financial condition and activities of the Town of Prosper for the fiscal year ending September 30, 2023, and includes independent auditor’s report, financial statements, and management discussion and analysis.
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How to fill out annual comprehensive financial report

01
Gather necessary financial documents such as balance sheets, income statements, and cash flow statements.
02
Understand the reporting period and ensure all transactions for that period are included.
03
Prepare a cover page with the report's title, date, and the name of the reporting entity.
04
Write an introductory section outlining the purpose of the report and a summary of financial health.
05
Include the management discussion and analysis section, explaining financial performance and changes.
06
Compile the financial statements according to the applicable accounting standards.
07
Include notes to the financial statements for clarification of significant accounting policies and other relevant information.
08
Attach additional required supplementary information as per regulatory requirements.
09
Review the report for accuracy and compliance with relevant laws and standards.
10
Finalize the document and obtain necessary approvals before distribution.

Who needs annual comprehensive financial report?

01
State and local government agencies.
02
Investors and financial analysts.
03
Creditors and lending institutions.
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Management for internal decision making.
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Regulatory bodies for compliance and oversight.
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An Annual Comprehensive Financial Report (ACFR) is a detailed presentation of a government's financial activities, which includes comprehensive information about financial position, results of operations, and cash flows.
Generally, state and local governments are required to file an ACFR. This typically includes municipalities, counties, and other governmental entities that are involved in financial reporting.
To fill out an ACFR, an entity must gather financial data from various departments, prepare financial statements, ensure compliance with accounting standards, and include required supplementary information, before submitting it for review.
The purpose of an ACFR is to provide a comprehensive overview of a government's financial status, foster transparency and accountability, and facilitate informed decision-making by stakeholders.
An ACFR must report financial statements, including the balance sheet, income statement, cash flow statement, notes to the financial statements, required supplementary information, and an introductory section detailing the government's financial condition.
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