Sylvia Ayala recently accepted a job in the production department at Apple. Before she starts work, she decides to review the company’s annual report to better understand its operations.
The content and organization of corporate annual reports have become fairly standardized. Excluding the public relations part of the report (pictures, products, etc
.), the following are the traditional financial portions of the annual report:
• Financial Highlights
• Letter to the Stockholders
• Management’s Discussion and Analysis
• Financial Statements
• Notes to the Financial Statements
• Management’s Responsibility for Financial Reporting
• Management’s Report on Internal Control over Financial Reporting