What does GPEFR stand for?

GPEFR stands for General Purpose External Financial Reports. This term refers to financial reports that are designed to meet the needs of a wide range of users, including taxpayers, government officials, and oversight bodies, rather than being tailored to specific information needs. These reports typically include the comprehensive annual financial report (CAFR), which provides detailed financial information and includes the entity's financial position, results of operations, and cash flows.

The focus on "general purpose" signifies that the reports seek to provide a standardized format and reliable information that can be utilized by various stakeholders to assess the fiscal health of a governmental entity. This is essential for transparency and accountability in government financial management, enabling users to make informed decisions based on the presented financial data.