Monthly reporting can give you a current view of the financial state of your business. documentation pertaining to the distribution of common stock and other securities.Securities and Exchange Commission (SEC).financial reports to governmental agencies including quarterly and annual reports to the.financial information posted on a corporation's website.
quarterly and annual reports to stockholders.public documentation regarding quarterly earnings and related information.external financial statements (income statement, statement of comprehensive income, balance sheet, statement of cash flows and statement of stockholders' equity).Reports need to meet certain requirements, so they need to be prepared in accordance with the Generally Accepted Accounting Principles (known as the GAAP) which "encompasses the conventions, rules and procedures, necessary to define accepted accounting practice at a particular time." What Is the Purpose of Financial Reporting? What Is Included in Financial Reporting?įinancial reports should be comparable to those of other companies, especially ones within the same industry. This article also includes information about: This report is used to judge the liquidity and financial reserves of a business.Īccounting reports might be accompanied by various footnotes that are most likely to be reviewed in the case of the financial statement being audited. It is the most accurate source of information regarding a business’ ability to generate cash.īalance sheet: shows the ending asset, liability and equity balances as of the balance sheet date. Statement of cash flows: details the sources and uses of cash related to operations, financing, and investments. Since this judges the performance of a business, this is the most commonly used accounting report. Income statements: shows the revenues earned during a period, minus the expenses, to arrive at a profit or loss. Accounting reports are equivalent financial statements. Reports can be as brief or comprehensive as needed for custom-made reports intended for specific purposes such as profitability of a product line or sales by region. A business uses their accounting records to compile financial reports called Accounting Reports.
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