1492 terms

Glossary

Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.

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Auditor’s report

Accounting

The document accompanying the financial statements in which the auditors set out their opinion, the basis for it, and the Key Audit Matters.

In plain terms

The one section of an annual report not written by the company. Read it before the chairman's letter, and note that a single word carries the verdict — unmodified.

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Annual report

Fundamental analysis

A company’s yearly disclosure containing the financial statements, notes and auditor’s report.

In plain terms

Read the auditor’s report and cash flow first, the chairman’s letter last.

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