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Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand.
According to the Institute of Management Accountants (IMA), "Management accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization ...
Annual report, yearly report on a company's activities; Financial reporting, formal record of the financial activities and position of a business, person, or other entity; SEC filings, type of financial statements in the United States
Record to report or R2R is a Finance and Accounting (F&A) management process which involves collecting, processing and delivering relevant, timely and accurate information used for providing strategic, financial and operational feedback to understand how a business is performing. [1]
1. According to International Financial Reporting Standards: the objective of financial reporting is: To provide financial information that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the reporting entity. [3] 2. According to the European Accounting Association:
Financial management is the business function concerned with profitability, expenses, cash and credit. These are often grouped together under the rubric of maximizing the value of the firm for stockholders.
Financial analysts often assess the following elements of a firm: Profitability - its ability to earn income and sustain growth in both the short- and long-term. A company's degree of profitability is usually based on the income statement, which reports on the company's results of operations;
In March 2017, the Data Foundation and PwC published a research report explaining how the adoption of Standard Business Reporting (SBR) in the United States would reduce costs for both companies and agencies. The report, "Standard Business Reporting: Open Data to Cut Compliance Costs", defines SBR as multiple regulatory agencies adopting a ...