What’s the difference between management accounts and annual accounts?

Management accounts are produced throughout the year to give information about the financial position and assurance as to the balances held.  The format can be varied, to be most useful to the managers of the organisation.  (They often include a comparison between the budget and the actual figures to date.) Annual accounts formally state the activity in the year and the position at the year end.  The constitution and any regulators will require that annual accounts are prepared.

Posted in: Accounts & Reporting

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