Annual Statement vs Annual Return

suomisuomi
in ICA.Ch47

What's the difference between the Annual Statement and Annual Return?

One of the duties of the Audit committee is to review these two documents, but to me they sound like the same thing...
Is Annual Statement more like Financial Statements?

Comments

  • grahamgraham

    Yes, they're the same thing.

  • suomisuomi

    The reason I ask is because of the Duties of the Audit Committee.
    1. Review the Annual Statement
    2. Review company returns as OSFI will specify

    I thought company returns meant the Annual Return. Is "company returns" the same as Income Statement?

  • grahamgraham

    I think in (2), the term "returns" also includes quarterly returns.

  • suomisuomi

    so in otherwords...

    1. Review Annual Return
    2. Review parts of the Quarterly Return that OSFI may specify

    Please confirm that's the correct interpretation?

  • grahamgraham

    That is my interpretation (although I don't think it is specifically stated in the source text.)

Sign In or Register to comment.