Annual Financial Statement
Annual Financial Statement
AFS - Official records of financial transactions including income, expenditure, assets, liabilities, and balances for a financial year.
📊What is an Annual Financial Statement (AFS)?
The Annual Financial Statement (AFS) is an official document containing comprehensive financial transactions of a local self-government institution for a fiscal year, including income, expenditure, assets, liabilities, and closing balances.
📑Key Components of AFS
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Receipt & Payment Statement: Records of actual cash receipts and payments.•
Income & Expenditure Statement: Summary of revenues and expenses.•
Balance Sheet: Statement of assets and liabilities.•
Cash Flow Statement: Analysis of cash inflows and outflows.•
Trial Balance: Summary of ledger balances.•
Schedules / Notes on Accounts: Supplementary explanatory information.
⚖️Legal Provision
Annual accounts are prepared in accordance with Rule 62 of the Kerala Panchayat Raj (Accounts) Rules, 2011.
📅AFS Submission Timeline
Following the closure of the financial year on March 31, the AFS must be prepared and submitted for audit. Existing audit regulations mandate submission to the auditor on or before July 31.
