What does CFRA mean in FINANCE
CFRA is a financial reporting system mandated by the Government Finance Officers Association (GFOA) for state and local governments. It combines the traditional fund accounting system with a governmental accounting standards board (GASB) compliant component.
CFRA meaning in Finance in Business
CFRA mostly used in an acronym Finance in Category Business that means Combined Finance and Revenue Accounts
Shorthand: CFRA,
Full Form: Combined Finance and Revenue Accounts
For more information of "Combined Finance and Revenue Accounts", see the section below.
Essential Questions and Answers on Combined Finance and Revenue Accounts in "BUSINESS»FINANCE"
What is Combined Finance and Revenue Accounts (CFRA)?
What are the benefits of implementing CFRA?
CFRA offers several benefits, including increased transparency and accountability by providing a comprehensive view of government finances, improved decision-making through more accurate and timely financial information, and enhanced efficiency by streamlining accounting processes.
Who is required to implement CFRA?
State and local governments are required to implement CFRA.
What are the key components of CFRA?
CFRA consists of three core components:
- Governmental Funds (GF) report financial transactions of governmental activities.
- Proprietary Funds (PF) track the operations of businesses owned by the government.
- Fiduciary Funds (FF) account for assets held in trust by the government.
How does CFRA differ from traditional fund accounting?
CFRA differs from traditional fund accounting by eliminating the use of multiple funds and instead focusing on the activities and resources of the government as a whole. This provides a more consolidated and cohesive view of financial performance.
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