Concept and Development of Financial Reporting Assignment Help
Learn the Importance of the Financial Reporting and Analysis System
One of the most important concepts of modern business is financial reporting as well as financial analysis. Financial reporting is legally essential in most countries. If you are really interested in enhancing your knowledge about financial reporting then going through this writing will surely be a good option.
What is financial reporting?
The process of the following of certain regular practices that will help a company to depict its financial position properly is referred to as financial reporting. This report includes expenses, profits, revenues, cash flow and capital. It is these KPIs that will help you to get a clear understanding of financial health of a company.
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Common financial reports
- Income Statement
This is the statement where you get a clear picture about how much money a particular company has lost or gained in a particular financial year. It is with the help of revenues, expenses, and earnings of a particular company that will help in finding out the actual income generated by that company.
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- Balance Sheet
This helps you to get a clear picture of the assets as well as liabilities of a company at a given point of time. There might be circumstances where the balance sheet of a particular company remains healthy while there are problems with cash flow and profitability situations.This normally happens if you have a lot of money which is blocked in the inventory.
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- Cash flow statement
This is the statement that will give you information about how much money will go in and how much money will come out of your business at a certain period of time.
Ways of financial reporting and analysis
The full form of GAAP is Generally accepted Accounting Principles, and this system is very similar to that of the imperial measurement system.
The full form of IFRS is International Financial Reporting Standards. There are a number of countries who use this way, but they have customized this method in their own way.
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