Financial Definition of Annual Report
Meaning of Annual Report
Yearly record of a publicly held company’s financial condition. It includes a description of the firm’s operations, its balance sheet and income statement. SEC rules require that it be distributed to all shareholders. A more detailed version is called a 10-K.
Legal Definition of Annual Report
The formal financial statement issued yearly by a corporation. The annual report shows assets, liabilities, revenues, expenses and earnings – how the company stood at the close of the business year, how it fared profit-wise during the year, as well as other information of interest to shareowners.
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Annual Report in Historical Law
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Legal Abbreviations and Acronyms
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What does Annual report mean in American Law?
Almost every corporation not a close corporation issues, and substantially all are required by law to do so, an “annual report” to its stockholders, containing a detailed set of audited financial statements, full information on significant transactions during the year (especially remuneration of, and other actions involving, directors and officers), and usually a general report by management on how the year went together with management’s plans for the future. Many of these reports are expensively
printed on glossy paper with a full complement of elegant pictures of the company’s products and operations (and officers).
A large number of corporations are also obligated by law to file an annual report with the Securities and Exchange Commission, for which see 10-K.
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Annual Report Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Annual Report in a way that is easy for anybody to understand: Report to the stockholders of a company which includes the company’s annual, audited BALANCE SHEET and related statements of earnings, stockholders’ or owners’ equity and cash flows, as well as other financial and business information.