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Financial Statements Lower Merion School District Montgomery County, PennsylvaniaJune 30, 2020j)fliner\'_J_CompanyA Professional Corporation Certified Public AccountantsRSr,tc.\'\"\"\"\"\"\"Certified
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An Annual Financial Report (AFR) is a comprehensive financial statement prepared by an organization that provides a detailed overview of its financial performance, position, and cash flows over the fiscal year.
Generally, publicly traded companies, non-profit organizations, and certain financial institutions are required to file an Annual Financial Report, as mandated by regulatory authorities.
To fill out an Annual Financial Report, organizations need to gather financial data, ensure compliance with accounting standards, complete required sections regarding assets, liabilities, equity, revenues, and expenses, and ensure accurate disclosures.
The purpose of an Annual Financial Report is to provide stakeholders, such as investors, regulators, and the public, with a transparent view of an organization’s financial health and accountability.
The Annual Financial Report must include information on the balance sheet, income statement, cash flow statement, statement of changes in equity, and notes to the financial statements that explain significant accounting policies and events.
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