ACFR and the corporate report such as the ACFR gives a wider
variety of key information that is intended to help the person read it
properly and understand the basic statements. However, the annual
reports are aimed to give shareholders and other future shareholders
information about the company’s activities and financial performance
for a certain fiscal year. Also, the ACFR contains the three following
sections: Introductory, Financial, and Statistical. While, the annual
report’s main purpose is to supply current and future investors with
accurate financial data. Lastly, the government shows their
consolidated financial statements in the ACFR. Although, some may
have different names, these statements basically reflect the profit
statements such as balance sheet, income statement, cash flow
statement.
References
https://finance.columbiasc.gov/wp-content/uploads/
2022/02/2021-ACFR-City-of-Columbia.pdf
