annual accounts

= annual report; report and accounts
The financial statements of an organization, generally published annually. In the UK, incorporated bodies have a legal obligation to publish annual accounts and file them at Companies House. Annual accounts consist of a profit and loss account, balance sheet, cash flow statement (if required), and statement of total recognized gains and losses, together with supporting notes and the directors' report and auditors' report Companies falling into the legally defined small company and medium-sized company categories may file abbreviated accounts and may also enjoy audit exemption Some bodies are regulated by other statutes; for example, many financial institutions and their accounts will have to comply with their own regulations. Non-incorporated bodies, such as partnerships, are not legally obliged to produce accounts but may do so for their own information, for their banks if funding is being sought, and for HM Revenue and Customs for taxation purposes. See also annual return; published accounts

Big dictionary of business and management. 2014.

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