An annual report provides a comprehensive summary to a business's shareholders of its performance over the previous fiscal year. Profits, assets, liabilities, equity, and cash flows are all summarized to provide both current and prospective investors with important financial information about a company.
The United States requires all publicly traded companies to publish and file annual reports, no matter their size, but all businesses can benefit from preparing a report each year. Companies disclose information to their shareholders, then file their annual reports via Forms 10-K and 10-Q with the U.S. Securities and Exchange Commission.
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Revenue of $700MM or more. Your Form 10-K is due within 60 days after the end of your fiscal year.
Revenue of $75MM or more and less than $700MM. Your Form 10-K is due within 75 days after the end of your fiscal year.
Less than $75MM of revenue. Your Form 10-K is due within 90 days after the end of your fiscal year.
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The beginning of the annual report introduces the business's economic activities from the previous year, a review of financial results, trends, a chairman's statement, and director's report.
The income statement provides a breakdown of the profits and losses accrued during the previous fiscal year. The statement will report a business's gross profit, gross loss, net profit, and net loss.
This financial statement summarizes a business's assets and liabilities. The balance sheet is an essential asset, as it shows that your business has the ability to pay off any potential debts.
The cash flows statement gives a summary of how and where cash is moving within your business. The statement will be comprised of cash flows from operations, investments, and financing activities.
This final section elaborates on the figures provides in the previous financial statements. It should provide more clarity and explanation, reduce uncertainty, and elaborate on accounting policy.