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Annual Financial Statements
A company must prepare its annual financial statements (hereafter referred to as AFS) within 6 months after the end of the financial year. This is a requirement in terms of section 30 of the Companies Act of 2008.
The AFS are prepared and presented in accordance with the International Financial Reporting Standards (IFRS) and are a fair and true representation of the enterprise’s financial activities. The AFS consists of the Statement of Financial Position, Statement of Profit or Loss and other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, and the necessary notes and disclosures for explanatory purposes.
These AFS’s are directed to the users such as creditors, investors, employees, stakeholders, owners and managers to make informed decisions.
For example if the AFS reflects that the company is constantly profitable, investors may consider it viable to invest further in the enterprise to receive a higher return on their investment.
Financial institutions like banks considers the AFS for provisions of long-term loans to expand investments in fixed assets, or replace assets, and for affording a loan to cover expenses.
Management uses information from the AFS to decide whether to expand operations to increase profit or to discontinue certain product ranges which indicates that the range is either reducing profit or is at its breakeven point (not making a loss neither a profit).