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Accountancy
Key concepts
Accountant · Bookkeeping · Trial balance · General ledger · Debits and credits · Cost of goods sold · Double-entry system · Standard practices · Cash and accrual basis · GAAP / IFRS
Financial statements
Balance sheet · Income statement · Cash flow statement · Equity · Retained earnings
Auditing
Financial audit · GAAS · Internal audit · Sarbanes–Oxley Act · Big Four auditors
Fields of accounting
Cost · Financial · Forensic · Fund · Management · Tax
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An Annual report is a comprehensive report on a company's activities throughout the preceding year. Annual reports are intended to give shareholders and other interested persons information about the company's activities and financial performance. Most jurisdictions require companies to prepare and disclose annual reports, and many require the annual report to be filed at the company's registry. Companies listed on a stock exchange are also required to report at more frequent intervals (depending upon the rules of the stock exchange involved).

Typically annual reports will include:

• Chairman's report
• CEO's report
• Auditor's report on corporate governance
• Mission statement
• Corporate governance statement of compliance
• Statement of directors' responsibilities
• Invitation to the company's AGM

as well as financial statements including:

• Auditor's report on the financial statements
• Balance sheet
• Statement of retained earnings
• Income statement
• Cash flow statement
• Notes to the financial statements
• Accounting policies

Other information deemed relevant to stakeholders may be included, such as a report on operations for manufacturing firms. In the case of larger companies, it is usually a sleek, colorful, high gloss publication.

The details provided in the report are of use to investors to understand the company's financial position and future direction. The financial statements are usually compiled in compliance with IFRS and/or the domestic GAAP, as well as domestic legislation (e.g. the SOX in the U.S.).

In the United States, a more-detailed version of the report, called a Form 10-K, is submitted to the U.S. Securities and Exchange Commission.

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