Module 5 of 5 in Financial literacy and accounting
Reading a real annual report
Where to find the statements in an annual report, what the notes, the auditor's report and management's discussion add, and the accounting standards behind them.
5 lessons in this module. Progress is saved in your browser as you go.
The last module moves from made-up examples to real documents: where companies publish their results, how an annual report is organised, and how to read the parts that explain the numbers.
By the end of this module you should be able to
- Find the financial statements, notes and auditor's report in an annual report.
- Use the notes to understand how key numbers were calculated.
- Explain what an auditor's opinion does and does not assure, and how to read management's discussion critically.
- Explain what accounting standards and Ind AS are, and adjust comparisons for differences in framework and accounting choices.
Lessons in order
Module test
10 questions, chosen at random from a bank of 34 questions and balanced across this module's learning goals and difficulty levels. Every question comes with an explanation. You need 80% to pass, and you can retake it as often as you like with a fresh set of questions.
This module builds on
- How the three statements connect: An annual report is built around the three statements and how they fit together.
- Provisions, contingent liabilities and impairments: Provisions, contingent liabilities and impairments are explained mainly in the notes.