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The Annual 10K Report: Basic Financial Statements

It should be explained what 10K is and why it is vital for reporting and understanding some economic processes. The Securities and Exchange Commission (SEC) obliges public companies to publish an annual 10K report detailing their financial performance (Bragg, 2022). This report is different from the company’s annual report, provided to shareholders before the annual meeting to elect directors (Warren et al., 2019). History, organizational structure, financial statements, earnings per share, subsidiaries, executive compensation, and other relevant facts must be included in 10K.

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Four statements make up an introductory financial statement. The income statement shows what the company gained, how much money was spent, and how much money was earned during the reporting period. Since it offers operational performance, it is often considered the most important financial statement. As of the reporting date, the balance sheet shows the enterprise’s assets, liabilities, and equity (Bragg, 2022). As a result, the displayed data refers to a specific point in time. The statement is drawn up so that the total value of all assets corresponds to the total value of all liabilities and equity. It contains information about the liquidity and capitalization of an organization.

The cash flow statement reflects the growth and outpourings of money during the reporting period. This can be a helpful contrast to the income statement, especially if the reported profit or loss does not accurately reflect the cash flows experienced by the company. This statement may be included when financial statements are presented to third parties (Bragg, 2022). As established by the relevant accounting system, the four primary financial statements may be followed by detailed information containing some issues, such as generally accepted accounting principles.

An excellent example of the principles and types of statements described above can be considered the annual report of the Agency Financial Report for 2021. Total assets are stated as “$12.2 billion, an increase of $745 million, or 7 percent, from FY 2020” (U.S. Securities and Exchange Commission, 2021, p. 26). Liabilities are also mentioned: “At September 30, 2021, the SEC’s total liabilities were $4.1 billion, an increase of $893 million, or 28 percent, from FY 2020” (U.S. Securities and Exchange Commission, 2021, p. 27). Shareholders’ equity was published separately earlier by the agency due to unexpected circumstances (U.S. Securities and Exchange Commission, 2021). Thus, the public company published its annual 10K report detailing its financial performance, making its business more attractive for investment and analysis.

References

Bragg, S. (2022). The four basic financial statements. AccountingTools. Web.

U.S. Securities and Exchange Commission. (2021). Agency financial report. Web.

Warren, C. S., Jones, J. P., & Tayler, W. C. P. B. (2019). Financial and Managerial Accounting (15th ed.). Cengage Learning.

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StudyCorgi. (2022, December 24). The Annual 10K Report: Basic Financial Statements. Retrieved from https://studycorgi.com/the-annual-10k-report-basic-financial-statements/

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StudyCorgi. 2022. "The Annual 10K Report: Basic Financial Statements." December 24, 2022. https://studycorgi.com/the-annual-10k-report-basic-financial-statements/.

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StudyCorgi. (2022) 'The Annual 10K Report: Basic Financial Statements'. 24 December.

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