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The Comprehensive Annual Financial Report (CAFR) includes the financial statements for the state, and the disclosures necessary to accurately present the financial condition of all state funds and the state component units for the previous fiscal year. The report has been prepared in accordance with generally accepted accounting principles (GAAP) for governmental units and has earned an unqualified audit opinion.
The Comprehensive Annual Financial Report is divided into three sections: Introductory Section; Financial Section, including the auditor's opinion and basic financial statements; and the Statistical Section, containing financial and other data for prior and current years. The notes to the Financial Statements, in the financial section, are necessary for an understanding of the information included in the statements. They include the Summary of Significant Accounting Policies and other necessary disclosure of matters relating to the financial position of the state. |
