Dürr: Financial glossary

concise financial report
Unless a shareholder has requested in writing that a Company send the full Annual Report, Section 314 of the Corporations Act 2001 allows a company to send a Concise Financial Report in substitution for its Annual Report. A concise report for a financial year consists of: * a concise financial report for the year drawn up in accordance with Accounting Standards AASB 1039 * the directors" report for the year (see sections 298 - 300A) and * a statement by the auditor: i. that the financial report has been audited and ii. whether, in the auditor"s opinion, the concise financial report complies with the accounting standards made for the purposes of paragraph (a) and * a copy of any qualification in, and of any statements included in the emphasis of matter section of, the auditor"s report on the financial report and * a statement that the report is a concise report and that the full financial report and auditor"s report will be sent to the member free of charge if the member asks for them. Under AASB 1039 a concise financial report must include * a balance sheet as at the end of the financial year * include the following financial statements: i. profit and loss statement for the financial year and ii. a statement of cash flows for the financial year. Each financial statement must be presented as in the financial report, in accordance with other Accounting Standards, except for the omission of cross- references to notes to the financial statements in the full financial report. The financial statements must be accompanied by discussion and analysis to assist the understanding of members.

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