Workflow Templates: Annual Financial Statements Checklist

Ensure that all accounting periods have been properly closed

Review last year's financial statements and auditor's comments for any carry-forward issues

Gather and review all relevant documentation for transactions throughout the year

Prepare the Statement of Financial Position (Balance Sheet)

Prepare the Statement of Comprehensive Income (Income Statement)

Prepare the Statement of Changes in Equity

Prepare the Statement of Cash Flows

Prepare the notes to the financial statements, including accounting policies

Perform a detailed review of the financial statements for accuracy and completeness

Ensure that all disclosures required by the applicable financial reporting framework have been made

Obtain approval of the financial statements from management or the board of directors

Coordinate with auditors for the annual audit and provide all necessary information

Review adjustments proposed by auditors and reflect them in the financial statements

Ensure compliance with all regulatory and financial reporting requirements

File the financial statements with regulatory bodies as required

Distribute the final approved financial statements to stakeholders

Archive all relevant financial documents and audit reports for future reference

Annual Financial Statements Checklist