Financial Statements Reporting

Financial statements are the reports which tell all about the financial performance and financial position of an entity. Actually, these are the final output of all the accounting transactions entered into an accounting system. Easily, we can say it is the summary report of an accounting system of any entity. 

Components of Financial Statements (FS)

There are five components of FS

  1. Balance sheet
  2. Income statement
  3. Statement of cash flows
  4. Statement of changes in equity
  5. Notes and disclosures

Time Period

Financial statements are prepared on a regular basis in order to meet the requirement of Time period principle. According to legislations applicable in many parts of the world, it is mandatory to prepare and issue these statements at least annually. The purpose is to keep outside parties such as shareholders, investors and lenders aware about the financial performance and financial position of the entity. 

Interim Financial Statements

However, we seen various companies are exercising practices to issue financial statements on a quarterly and half yearly basis in addition to the annual statements. There is no requirement to include detailed notes and disclosure in the interim reports. So, usually interim reports are prepared in a condensed format to ease out the work load of the accountant and accounts department. 

Contents
Financial Ratios Accounting Cycle Accounting Principles Financial Accounting Basics Financial Statements Reporting Income Statement Balance Sheet Single Step Income Statement Multi Step Income Statement Operating Segments Comprehensive Income Income statement by nature Income Statement by Functions Income from Discontinued Operations Statement of retained earnings Extra ordinary item Cash Flow Statement - Direct Method Cash Flow Statement - Indirect Method Statement of Cash Flows Cash Flows from Investing Activities Cash Flows from Financing Activities Statement of Changes in Equity Management Discussion and Analysis Notes and Disclosure Changes in Accounting Principles Changes in Accounting Estimate Accounting Errors Bad Debts Current Assets Long-term Assets Voucher System Partnership Depreciation Work Sheet - 10 Column Work Sheet Difference Between Reserve and Fund Accounting for Leases Capital reduction and reconstruction Absorption of Company Amalgamation Accounting for Installment Sales Basis of Recording Profit and Loss Branch Accounting Construction Contracts Revenue Recognition Accounting for Groups Financial Analysis Events After the Balance Sheet Date Deferred Tax Cost Accounting Activity Based Costing (ABC) Throughput Accounting Relevant Cost Break Even Analysis Standard Costing Inventory Management Payroll Accounting Royalty Accounting Statistics Master Budget Salary Income Microsoft Excel Tutorial Other Topics Share or Stock Valuation Model Financial Management Topics Kinds of Endorsement Letter of Credit, Kinds and Its Advantages/ Utilities Modern Functions of a Commercial Banks Difference Between Secured And Unsecured Loan Excel conditional formatting red if negative green if positive How to Remove Extra Spaces in Excel Result Card or Result Sheet Creation Using Excel