What is the Annual Financial Statement (AFS)?

Rule 20 of the Marihuana Licenses rules states each license under the MRTMA shall transmit to the agency financial statements of the licensee’s total operations. The financial statements shall be reviewed by a certified public accountant in a manner and form prescribed by the agency. The certified public accountant must be licensed in this state under article 7 of the occupational code, 1980 PA 299, MCL 339.720 to 333.736. The compensation for the certified public accountant must be paid directly by the licensee on the time and manner in which to submit the financial statements. Financial statements must be prepared so they include all required information for each medical and adult-use license held by the licensee. 

The CRA has created an annual financial statement form report that must be utilized. No other type of report format will be accepted. A FY23 Instruction Booklet was created to help licensees and CPAs understand the requirements of the AFS Report. The Instruction Booklet can be found here. The Contact Authorization form must also be submitted with the AFS report. Reporting periods and annual requirements are announced by bulletin. The current bulletin may be found here. The AFS report form can be found here. The Contact Authorization form can be found here. The CPA Attestation of Practice Authority form can be found here.