Annual Comprehensive Annual Financial Report (ACFR)
ACFR stands for Annual Comprehensive Annual Financial Report. ACFR is a set of financial statements for a state, municipality or other governmental entity that comply with the accounting requirements established by the Governmental Accounting Standards Board (GASB). It must be audited by an independent auditor using generally accepted government auditing standards. The ACFR consists of three sections: Introductory, Financial, and Statistical.