Companies need a set of Annual Financial Statements to provide a snapshot of financial performance at a specific point in time (Statement of Financial Position) and over a period (Statement of Comprehensive Income) with historical data for comparison. In Nigeria, the Companies and Allied Matters Act (CAMA) requires that AFS be prepared and submitted a few months after the end of the financial year. This ensures regulatory compliance and avoids penalties. Although the deadline might seem generous, final year-end adjustments often occur 2 to 3 months after year-end, once final supplier statements are received, reconciliations are completed, and provisions are determined. This tight timeline makes it essential to start preparing AFS early to ensure accurate and user-friendly financial reporting.