An Agency Financial Report (AFR), required by OMB Circular A-136, must include the following core components:
✔Management’s Discussion and Analysis (MD&A)
✔Financial Section (includes basic financial statements and accompanying notes)
✔Required Supplementary Information (RSI)
✔Auditor’s Opinion (if audited)
However, the Standard General Ledger (SGL) trial balance is not included in the AFR itself. While agencies must use the SGL for financial reporting consistency and submit trial balances to Treasury (e.g., via GTAS), the trial balance is not published in the AFR.
Relevant References:
OMB Circular A-136
Treasury Financial Manual (TFM)
FASAB SFFAS No. 53 – Financial Reporting
Answer: C. a standard general ledger trial balance
