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Information Leaflet No. 23 Annual Return and Financial Statement Requirements including Audit Exemption INFORMATION LEAFLET NO. 23 / December 2020CONTENTS1. Annual Return1.1 What is an annual return?
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Financial statements are formal records that provide an overview of the financial activities and position of a business, organization, or individual. They typically include the balance sheet, income statement, and cash flow statement.
Generally, all publicly traded companies are required to file financial statements. Additionally, privately held companies may also be required to file statements depending on state laws and regulations, size, or lender requirements.
To fill out financial statements, gather all necessary financial data, ensure it is accurate, follow the standard formats for each type of statement, input your data systematically, and review for compliance with accounting principles.
The purpose of financial statements is to provide stakeholders, including investors, creditors, and management, with a clear picture of the company's financial health and performance, facilitating informed decision-making.
Key information includes assets, liabilities, equity, revenues, expenses, and cash flows. Specific line items will depend on the type of financial statement being prepared.
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