Annual report on Form 10-K

The annual filing an American public company makes with the securities regulator. It is denser, more standardised and less decorated than an Indian annual report, which makes it faster to read once you know the structure.

The sections that carry the analysis are the business description, the risk factors, management's discussion, the financial statements and their notes, and the disclosures about controls. The proxy statement, filed separately, carries executive pay and related-party matters.

Indian and American filings differ in emphasis rather than in substance. The American document is more explicit about competition and risk; the Indian one carries more on related parties and on promoter holding.

Read both formats. The habits transfer.