Annual Financial Statement
Annual Financial Statement
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As stipulated by the law, it is compulsory for all companies (entities) to draw up Annual Financial Statements (hereinafter Financial Statements). These are divided into special chapters that contain various. These reports act as sources of information about the company and its financial strength. The Financial Statements are governed by the Accounting Act (see link below this article). The Financial Statements of business corporations always includes following parts:
b) Profit and loss account
c) Cash flows statement
d) Changes in Equity
e) Annex (adds and explains essential information)
Full and simplified format of Financial Statements
In general, entities draw up its Financial Statements in full. However, the law allows selected entities to draw them up in a simplified form (these entities are not required to have their statements audited). Joint-stock companies must always prepare Financial Statements in full form.
Balance sheet date
The Financial Statements are drawn at the balance sheet date. The annual Financial Statements are prepared by the entity on the last day of the financial year. In other cases extraordinary Financial Statements are prepared. In specific cases, also interim Financial Statements may be prepared.
Many companies, however, draw up their Financial Statements more frequently than required by law, since it is a valuable source of information for the company.
Independent audit
According to the Accounting Act, some entities are required to have their statements audited. The Auditor is an independent company that verifies the credibility and accuracy of individual reports and accounts of the company. An audit must be carried out, once following conditions are met by the company:
a) balance sheet total exceeds 40 million CZK
b) an annual net turnover exceeds 80 million CZK
c) average number of employees is higher than 50
Joint-stock companies only need to meet one condition in order to qualify, other entities need to meet at least two conditions.
Information presented in the individual reports
a) Balance Sheet provides information on the company's assets and sources for its coverage. Business assets are jointly referred to as Assets and the sources of its coverage are referred to as Liabilities. The fundamental balance equation where the Assets = Liabilities (to a certain day) shall be observed. The balance sheet informs about the amount assets and liabilities, or the indebtness towards various financial institutions, etc. The balance sheet gives a comprehensive picture of the current financial situation of the entity.
b) Profit and Loss Account basically analyzes the profit (or loss) made in the financial year, as a result of individual operations, in relation to specific income and expenditures that have influenced this result. From this statement it is possible to find out important information, such as material performance or wage demands of the company, tax expenses and depreciation.
c) Cash Flows Statements provides information on the cash flow of the company in the current financial year as compared to the last reporting period. Thus, the increase (or other change) between those periods is shown. This report complements the Profit and Loss Account; it shows whether the profit reported corresponds to the creation of funds.
d) Annex has a very important role. It explains which methods were used and what potential derogations occur in the statements. Further, data on outstanding taxes, social insurance or health insurance.
Publication
All entities that are registered in the Companies Register are obliged to publish their Annual Financial Statements and Annual Report. These are published in the collection of documents within the Commercial Register.
(Act no. 563/1991 Coll., Accounting Act, available on https://portal.gov.cz/app/zakony/zakon.jsp?page=0&nr=563~2F1991&rpp=15#seznam)
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