Companies publish and distribute annual reports that summarize the prior year's business climate, company operational results and projections for the following year. Annual reports typically include industry descriptions and discussion of the company's operations segments. Independently audited financial statements, along with management's statement analysis and posting of the previous two years' statement results, help to round out the annual report. Since 1934, the United States Securities and Exchange Commission has required publicly owned companies to file annual reports. For-profit and nonprofit firms file these reports regularly.