Is the Associated Press Style the correct choice for annual reports?
Associated Press Style is broadly considered to be the appropriate style and usage guide for business communications including annual report. Likely this is because it’s what most journalism, public relations, and/or marketing majors learn and the style used to cover business in print and broadcast journalism. However, you may consider the industry as some industries allow for other style guides such as the CMS (eg. a publishing house annual report). You can never go wrong following Elements of Style recommendations as well as consider your company’s brand guidelines.