Annual Reports
Like a year in review, the annual report is a comprehensive disclosure filing that provides shareholders, stakeholders and the public with a thorough run down of the company’s yearly activities and financial results. A combination of narrative and financial information, the annual report includes:
- Letter to shareholders
- An executive summary, corporate governance and general corporate information
- MD&A
- Financial statements
- Notes to financial statements
- The auditor’s report
The annual report differs from the 10K by being less formally written. As much as it is an informational document for shareholders, it’s also a marketing document for prospective shareholders. With the annual report, shareholders are the target audience, where as with the 10K, the regulators are the target audience.