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In the United States, a more-detailed version of the report, called a Form 10-K, is submitted to the U.S. Securities and Exchange Commission. [2] A publicly held company may also issue a much more limited version of an annual report, which is known as a "wrap report." A wrap report is a Form 10-K with an annual report cover wrapped around it. [3]
Annual report, yearly report on a company's activities; Financial reporting, formal record of the financial activities and position of a business, person, or other entity; SEC filings, type of financial statements in the United States
The requirement for directors' reports arose out of a general move for greater transparency in corporate governance. It is useful for shareholders to find out issues such as whether the company has good finances, whether the market has potential, and whether the business has the structural capacity to expand into new opportunities.
Owners and managers require financial statements to make important business decisions that affect its continued operations. Financial analysis is then performed on these statements to provide management with a more detailed understanding of the figures. These statements are also used as part of management's annual report to the stockholders.
Executive summaries are important as a communication tool in both academia and business. For example, members of Texas A&M University's Department of Agricultural Economics observe that "An executive summary is an initial interaction between the writers of the report and their target readers: decision makers, potential customers, and/or peers.
A report is a document or a statement that presents information in an organized format for a specific audience and purpose. Although summaries of reports may be delivered orally, complete reports are usually given in the form of written documents. [1] [2] Typically reports relay information that was found or observed. [2]