This has been the most concerning area for students who plan to use Financial Statements as a part of their analysis for Topics such as the Topic # 8. The confusion exist because of the time gap between the publication of latest financial statements and the submission period in which a student plans to submit his/her project.

To determine the latest financial statement, you find need to figure out the fiscal year end of your selected organisation. Fiscal year–end refers to the completion of a one-year, or 12-month, accounting period. A company’s fiscal year may differ from the calendar year, and may not close on December 31 due to the nature of a company’s needs. Companies have the ability to choose the best fiscal year-end for themselves, designed with the needs according to their needs. If a company has a fiscal year-end that is the same as the calendar year-end, it means that the fiscal year ends on December 31.

The basic rule to remember:

Use the most current three years financial statements that are available, or will be available at the start of the submission period.

In most cases, students don’t have the most recent/current financial statements available because of the year-end of the chosen organisation. Detail guidance provided by ACCA-OBU on this matter is as follows: