Explain the difference between a CAFR and general purpose ex

Explain the difference between a CAFR and general purpose external financial reports.

Solution

Answer) General purpose external financial reports consider management discussion, basic financial statements and supplementary information. Whereas Comprehensive annual financial report provides more detail than General purpose external financial reports.The CAFR is more inclusive as compare togeneral purpose external financial reports and present three type of information Introductory, Financial and statistical.