Definition: is a financial report of a company’s year accounting. Generally covering a whole financial year, annual accounts serve to present a full, comprehensive, and detailed report of a business’s financial activity and to estimate how much corporation tax a company has to pay. Typically, a full annual accounts report includes a balance sheet, a director’s report, an auditor’s report, a loss and profit account (which includes company’s sales, profits made throughout the year, losses that the business has experienced, and the running costs), a director’s signature, and the accompanying notes concerning the financial accounts.
In a Sentence:
Even if your business belongs to the group of small companies, you still have to present your annual accounts for the yearly tax return.
We don’t have too much time to finish our annual report and to deal with the notes for the annual accounts.
Don’t forget to provide a copy of the annual accounts to each of the shareholders.
Synonyms and related words: statutory accounts, financial year, annual report, financial statements, abbreviated accounts, constitutional accounts