A financial statement that presents a shortened or summarized version of a full statement (that is mandated by regulators: a statutory statement). Summary financial statements contain historical financial information that is derived from “full” financial statements (audited) but less detailed than the full, audited financial statements. Essentially, theses statements are meant to provide a structured representation in line with that provided by the financial statements of the entity’s assets, liabilities, and equity at a point in time or the changes to such items for a period of time.

For example, a reporting entity which have had its full statements (and accounts), for financial years ending before 30 September, prepared and audited, would have the option to prepare and publish (or make available) summary financial statements (in addition to its full statements) to any party/ stakeholder entitled to have access to the entity’s accounts provided the stakeholder has agreed, and opted, to receive a summary statement (or a set of summary statements), instead of the full statements.

A summary financial statement is known for short as SFS.