"annual reporting is the best mean of financial reporting" - explain the statement
Answers
Answer:
What Is an Annual Report?
An annual report is a document that public corporations must provide annually to shareholders that describes their operations and financial conditions. The front part of the report often contains an impressive combination of graphics, photos, and an accompanying narrative, all of which chronicle the company's activities over the past year and may also make forecasts about the future of the company. The back part of the report contains detailed financial and operational information.
KEY TAKEAWAYS
An annual report is a corporate document disseminated to shareholder that spells out the company's financial condition and operations over the previous year.
It was not until legislation was enacted after the stock market crash of 1929 that the annual report became a regular component of corporate financial reporting.
Registered mutual funds must also distribute a full annual report to its shareholders each year.
Explanation: