Final Answer:
An annual report is a summary of a corporation's financial results for the year and its prospects for the future.
Step-by-step explanation:
An annual report is a comprehensive document that provides an overview of a company's financial performance during a specific period, typically a fiscal year. It includes financial statements such as the income statement, balance sheet, and cash flow statement, offering stakeholders insights into the company's profitability, assets, and liquidity.
Additionally, the annual report often features a management discussion and analysis (MD&A) section, where executives discuss the company's performance, challenges, and future outlook. This report serves as a crucial communication tool for shareholders, investors, and other stakeholders, helping them make informed decisions about their involvement with the company.