Financial reporting involves reporting financial performance (profit or loss) information in the income statement and the financial position of the firm in the balance sheet both to management and the public if the company trades in public. Other reports which can be prepared for use in financial reporting include cash flow statements, financial reports to governmental agencies, Press releases and conference calls about earnings, reports to stockholders, financial information on a company’s website, prospectus pertaining to the issuance of common stock and other securities, reports to the Securities and Exchange Commission, statement of stockholder’s equity and notes to financial reports and statements. Compliance of financial statements and reports to US GAAPs (united states generally accepted accounting standards and practices) and more so FASB (financial accounting standards boards) and outside the US compliance to IFRS (international financial reporting standards) is a pre requisite in the preparation of the financial statements and reports.
Presentation of financial statements
International accounting standard 1 (IAS 1), sets out clear guidelines for the requirements of preparing financial statements such as the accounting concepts, principles and policies to be adhered to like accruals basis, going concern principle and the non current realization distinction from the current, how the financial statements should be structured and their required contents.
International accounting standard 1 (IAS 1), applies to all financial statements and reports prepared and presented in accordance to IFRS - international financial reporting standards.
International accounting standard 1 (IAS 1.49-51), dictates the structure of the financial statements as follows;
- The financial statements must be distinguished from other statements
- The financial statements must have notes to the financial statements
- The financial statements must have the name of the reporting entity
- Whether they are group or an individual
- The reporting period
- Currency type and level of rounding off (tens, thousands)
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