ABCs of the AFR (navigate
through the document with the below links)
The ABCs of the AFR has been designed to introduce
basic governmental accounting concepts to help readers of
The Illinois School District
Annual Financial Report (FY07) (AFR) better understand
the annual audit process and the financial information generated.
This guide will explain the AFR's components and accounting
terms for individuals who want to know more about how their
school district dollars are received and spent. The intent
is to describe the AFR fundamentals in such a way as to help
bring order to what may incorrectly appear to be an overwhelming
or unnecessary process.
The issues discussed in this guide relate directly to:
(1) The Illinois Program Accounting Manual which is the basis
for school district accounting and reporting within the legal
requirements of The School Code of Illinois; and (2) The School
District Budget (FY08)(ISBE Form 50-36) which is the annual
budget that is adopted by all Illinois school districts.
As concerns for school district fiscal accountability and
responsibility increase, the importance of clear, reliable,
and understandable financial information cannot be overstated.
It is our hope that this guide will provide the first step!
Hints to the Annual Financial Report
A Guide to Understanding the Illinois
School District Annual Financial Report (AFR)
When is the Annual Financial Report
Filed?
Annual Financial Report Components
Key Factors in the Annual Financial
Report
What is a Fund and What Does It
Mean?
Illinois Program Accounting Manual
(IPAM)
Legal Issues / Compliance
Glossary
Exhibits
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