(Hawaii Reporter) Every state must release a Comprehensive Annual Financial Report (CAFR), a series of government financial statements that detail the financial condition of a state, municipal or other governmental entity. These must comply with accounting requirements called "generally accepted accounting principles (GAAP), established by the Financial Accounting Standards Board (FASB).

The CAFR, which in Hawaii is compiled by a the state legislative auditor and audited by the American Institute of Certified Public Accountants, includes three main sections, Introductory, Financial and Statistical.

But as Sheila Weinberg, president of the Institute for Truth in Accounting, points out, while this report is important, it is issued notoriously late in Hawaii.  Read more.