Annual financial statements definition including break down of areas in the definition. Analyzing the definition of key term often provides more insight about concepts. The term annual financial statements can be defined as: Financial statements covering a one-year period; often based on a calendar year, but any consecutive 12 month (or 52-week) period is acceptable. Annual financial statement are for a year’s time defined as 12 months or 52 week but an annual year does not necessarily have to start on January 1 and end on December 31, the annual year being contrasted with a calendar year.
