Annual Financial Statement
The Annual Financial Statement (AFS) is an official document prepared by Grama Panchayats in Kerala, containing accurate details of their income, expenditure, assets, and liabilities for a financial year. It records the actual revenue received through the Panchayat's own funds, government grants, and taxes, as well as the actual expenses incurred for various development and welfare activities. Usually prepared using the Double Entry System, this statement must be approved by the Panchayat committee and submitted for auditing within a specified timeframe. This financial statement plays a crucial role in ensuring the financial transparency of local self-government institutions and demonstrating to the public that funds are being utilized properly.