How Azets can help you with your annual financial statements
Let Azets compile your bookkeeping for the year and ensure that your annual financial statements are accurately issued. It can be challenging to keep track of all the laws and regulations that an annual financial statement must comply with. By letting Azets' experienced accounting consultants handle the work with their broad expertise, you, as a customer, can feel confident that your annual financial statements will be error-free and submitted to the Companies Registration Office in good time.
Annual Report - a summary of the financial year
The annual report is a compilation of the company's accounts and management for a financial year. It is the obligation of all public companies to compile their financial year in an annual report. The contents of the annual report must be in accordance with the Annual Accounts Act. An annual report is public and it is the company's duty that the annual report follows good accounting practices in order to give a clear and fair picture of the company's position and results. All annual reports must be submitted to the Swedish Companies Registration Office no later than seven months after the end of the financial year.
The annual report consists of four parts
An annual report consists of four different parts: a balance sheet, a profit and loss account, notes and an administration report. Together, these four parts should give a true and fair view of the company's position and results.
The balance sheet is a document that shows the company's financial position at a given time, often the last day of the financial year. The balance sheet allows you to read out the company's assets and liabilities. The sum of assets and liabilities should always be equal, and thus be in balance. The balance sheet is one of two main parts of an annual report, the other being the income statement.
The income statement is a compilation of the company's earnings during the financial year, which is calculated on the company's income and expenses. The income statement is the second main part of an annual report.
The notes in an annual report are used to specify the contents of the income statement and balance sheet. For example, they illustrate how assets and liabilities are valued, how depreciation and write-downs have been made and what the acquisition value was for these depreciations.
The Board of Directors' report describes in words the most important events that occurred both during and after the end of the financial period. The Directors' Report is intended to convey important information that cannot be read directly from an annual report's balance sheet, income statement or notes. The report is significant for the company's position and earnings. An administration report must always contain the Board's proposal for the allocation of earnings and shall give an overview of the company's operations, results, and development.
What to think about?
In order for an annual report to be accurate, it is important that the accounts of the company's business transactions are carried out on an ongoing basis during the year and that they are recorded without errors. Receipts, invoices, bank statements and other financial documents related to the accounting are important to save so that you can prove the events that are reported.
It is important to note that any annual report that applies to a larger company must also include a cash flow statement that presents the company's financing and capital investments during the financial year.
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