Final Accounts, also known as Year-End Accounts are financial statements prepared at the end of an accounting period to show the results of a business’s operations and its financial position.
These accounts usually include the Income Statement (showing profit or loss), and the Balance Sheet (showing what the business owns and owes). They provide a clear summary of how the business performed during the year and the business’s financial health on the last day of that period. They are important for business owners, investors, and regulators to understand the profitability and stability of the company.
Final accounts must adhere to the Financial Reporting Standards (FRS) to ensure accuracy and compliance.
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