Which of the following is NOT a basic section of a comprehensive annual financial report (CAFR)?

The management analysis section is not recognized as a basic section of a comprehensive annual financial report (CAFR). A CAFR typically consists of three main sections: the financial section, the statistical section, and the introductory section.

The financial section offers detailed financial statements, including the management's discussion and analysis, which provides an overview of the financial performance and condition of the entity. The statistical section presents additional financial and non-financial data that help users evaluate the financial health of the entity over time or in comparison to other entities. Lastly, the introductory section provides context for the financial report, including a letter of transmittal and a description of the reporting entity.

The inclusion of a management analysis section, while useful in many reports, does not formally constitute one of the primary sections of a CAFR as outlined by industry standards and guidelines. This distinction helps maintain consistency and clarity in financial reporting for stakeholders.