Annual report

Last updated: 2021-06-21

The annual report, just like the annual accounts, aims to provide an overview of how the company has performed during the year. The annual report, on the other hand, is more comprehensive than the annual accounts.

Unlike the annual accounts, there is no requirement that all companies must draw up an annual report, but it is governed, for example, by factors such as company form and size. The companies that must draw up an annual report are primarily joint-stock companies and economic associations. For other forms of company, the requirement for an annual report depends, for example, on the size of the company.

If your company has an auditor, he must review the annual report to ensure that it does not contain material errors. After the review, the auditor submits an audit report that must also be included in the annual report.

An annual report includes the following:

• Annual accounts. Consists of balance sheet and profit report.
• Notes. Contains supplementary information about the company’s assets.
• Audit report. Applies only to those who have an accountant.

When the annual report has been drawn up and signed by the board, it must be called to the annual general meeting. After the meeting has been held, the annual report must be submitted to the Companies Registry.