Contents of a company’s Financial Statement

Contents of a company’s Financial Statement

July 23, 2019

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.

Best regards,

Team 618 Bees

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer.This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • What is SON?

    SON stands for ‘Standards Organization of Nigeria’
  • What is data protection?

    Data protection is a legal process of protecting sensitive data.
  • Can industrial design be protected under copy right law?

    Yes, it can be protected under copyright law as a work of Art.
  • When can I start renewal of the registration of my product(s) with NAFDAC?

    You can start renewal 6 months to the date of expiry.
  • How many directors do I need to start a company?

    A minimum number of one (1) adult director is required to form a company.
  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp