What is the full term for CAFR?

The full term for CAFR is Comprehensive Annual Financial Report. This designation reflects a standard that provides a detailed presentation of a government's financial position and activities. A CAFR includes three major sections: the introductory section, the financial section, and the statistical section.

The term "annual" signifies that this report is prepared once a year, providing an overview of financial information over the past fiscal year. The designation "comprehensive" indicates that the report covers not only the basic financial statements but also additional information regarding financial condition, operations, and future budgets, giving a complete picture of the government's finances.

This terminology is widely recognized in the field of governmental accounting and financial reporting, where adherence to standards helps ensure transparency and accountability.