What Is Annual Report? An annual report is to report consists of the progress and achievements of the company within one year period. Accurate data and information are crucial keys to writing an annual report.
In Singapore, The Government of Singapore delegates the duty of managing Annual Report regulations to the Accounting and Corporate Regulatory Authority under the Ministry of Finance. The Accounting and Corporate Regulatory Authority was born on 1 April 2004 by the Accounting and Corporate Regulatory Act, which resulted in the merger of the Registry of Companies and Businesses or well known as RCB, and the Public Accountants’ Board or well known as PAB. Nowadays, the Accounting and Corporate Regulatory Authority is the regulator of business registration, financial reporting, public accountants, and corporate service providers.
How to Prepare an Annual Report?
As annual report service regulators, the Accounting and Corporate Regulatory Authority’s role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing the statutory audit. One of its duties is to monitor and analyze the Annual reports of companies involved. Then, how to prepare an annual report? Firstly, the annual report contains several things or content as follows:
- Organizational Performance.
- Evaluation of the previous annual report.
- Financial report summary.
- Letters to shareholders.
- performance, development, and expansion of the company’s business.
- Information about employees, Board of Director, and company management.
- Equipped with facts and statistical data to describe the state of the company in more detail.
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The Benefits of Annual Reports
The annual report has several benefits for the company. The basic function is as a source of company’s information about its achievement at that year. Besides that, annual report benefits as a creative marketing tool for the company through the integrity of design and writing, as a tool to emphasize the company’s attractiveness in the eyes of consumers so that it can increase sales power, and as detailing the company’s performance, along with the company’s profit and loss balance sheet in a year, as well as providing an overview of the duties, roles, and work of each field in a company.
The advantages of a complete and attractively designed annual report of the company are varied. It can be an effective tool to inform and promote the company to the target or public or as publicity, while the weakness of the annual report that is in the form of a book and thick often makes the target public reluctant to read the entire annual report. Undoubtedly, the company’s annual report must be made engaging and fascinating.
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