Final answer:
The element included in a CAFR but not required by GASB standards for general purpose financial reporting is combining and individual fund financial statements. The basic financial statements and supplementary items like MD&A, notes, and government-wide financial statements are mandated by GASB.
Step-by-step explanation:
The student asked which of the following would be included in a comprehensive annual financial report (CAFR), but not in the minimum requirements for general purpose financial reporting specified by GASB standards. The correct answer is a. Combining and individual fund financial statements.
The GASB (Governmental Accounting Standards Board) sets the minimum requirements for general-purpose financial reporting, which typically include the basic financial statements and required supplementary information such as the management's discussion and analysis (MD&A), notes to the financial statements, and government-wide financial statements. These are all essential components that GASB considers necessary for a clear understanding of the financial report. However, the CAFR often includes additional details like the combining and individual fund financial statements, which provide a more detailed view of specific funds that are not required by GASB for minimum reporting purposes.