What do annual financial statements consist of?

Annual financial statements contain the balance sheet and, depending on the business's size, an income statement as well as a director's or management report, which presents the course of the business, the operating result and the situation of the business. The notes to the annual financial statements explain the accounting and valuation principles. 

The annual financial statements must give a true and fair view of the financial position and financial performance of the business. Businesses which are liable to render accounts must prepare annual financial statements once a year for the previous business year.

For information on the filing of annual financial statements with the Business Register via FinanzOnline visit the website of the Federal Ministry of Justice (BMJ).