Annual Financial Statement
AFS (Annual Financial Statement) is a report that contains the financial details of a Panchayat for one financial year. It includes:
- Income received by the Panchayat
- Expenditures
- Government grants
- Tax and fee revenue
- Expenditure on development activities
- Asset and liability details
AFS is used for:
- Auditing
- Preparing the annual budget
- Ensuring financial transparency
- Government inspections and reviews
In Kerala Panchayats, AFS is an important part of the annual accounts.