Contents of a company’s Financial Statement

The financial statement of a company is a document that contains information about the company’s activities and financial performance in a particular year and a copy of this statement is required by a company to file its Annual Returns. Note that a company is mandated by the Corporate Affairs Commission (CAC) to file its Annual Returns within the first 18 months of its incorporation and subsequently every year, A standard Financial Statement should contain the following information;

1. The chairman’s speech
2. Director’s report
3. Auditor’s report
4. Balance sheet
5. Profit and Loss account
6. Cash flow statement
7. Accounts of subsidiary (if any)
8. Corporate governance
9. Accounting policies

Note that a company’s failure to file its Annual Returns in a year attracts penalty from the Corporate Affairs Commission (C.A.C) and continuous default may result in the Company being delisted from the register of members by the C.A.C

Do you wish to know how to file your annual report? Or you have any question or clarification regarding its filing and/or content? Log on to our website – www.618bees.com or call us on 23412803791 to speak to any of our consultants to provide answers to such questions.

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Team 618 Bees

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