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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.
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
In December 2017, Charlie Hoffman stated that there is a 10.2% chance that an XBRL-based public company financial report has errors in its primary financial statements. Hoffman predicts that per the current number of errors and the pace errors are being corrected, within about five years the information quality of XBRL-based public company ...
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]
The resulting financial reports can be used internally by management or externally by other interested parties including investors, creditors and tax authorities. Accounting information systems are designed to support all accounting functions and activities including auditing , financial accounting porting, -managerial/ management accounting ...
The report, "Standard Business Reporting: Open Data to Cut Compliance Costs", defines SBR as multiple regulatory agencies adopting a common open data structure for the information they collect. [8] As of 2017, most medium-sized companies in the Netherlands must file annual reports via SBR.
In the United States, a more-detailed version of the report, called a Form 10-K, is submitted to the U.S. Securities and Exchange Commission. [2] A publicly held company may also issue a much more limited version of an annual report, which is known as a "wrap report." A wrap report is a Form 10-K with an annual report cover wrapped around it. [3]
The term "financial management" refers to a company's financial strategy, while personal finance or financial life management refers to an individual's management strategy. A financial planner, or personal financial planner, is a professional who prepares financial plans here.