A Comprehensive Annual Financial Report (CAFR) is a detailed presentation of a state, municipality, or other governmental entity's financial condition. It can serve various stakeholders, including citizens, governing bodies, investors, and creditors.
Fund accounting is a system used by nonprofit organizations and governments to track resources and ensure accountability and compliance with legal requirements, rather than focusing on profitability.
Government accounting encompasses the principles and procedures unique to accounting for federal, state, and local governmental units, with established rules by the National Council on Governmental Accounting.
The Governmental Accounting Standards Board (GASB) is an independent, private-sector organization in the United States, responsible for establishing and improving accounting and financial reporting standards for U.S. state and local governments. The GASB operates under the oversight of the Financial Accounting Foundation (FAF).
A Public Finance Accountant is a specialized professional in the field of accounting who focuses on preparing financial accounts and acting as management accountants for government agencies, local authorities, nationalized industries, and other publicly owned bodies.
