Ken Kremsky Helps His Companies in Financial Performance by Providing Excellent Financial Reporting
What Is Financial Reporting? Financial reporting is the revelation of financial results and linked information to management and external stakeholders (e.g., investors, clientele, and controller) about how a company is performing over a specific period of time. Financial reports are usually issued on a quarterly and annual basis and include the following: Balance Sheet or Statement of Financial Position – reports on a company’s assets, liabilities, and owners’ equity at a given point in time, usually the end of a fiscal quarter or year. Income Statement or Profit and Loss Report – reports on a company’s profits, operating expense, and earnings over a period of time, such as an economic quarter or year. This includes sales and the various expenses incurred during the stated period. Statement of Changes in Equity or Statement of Retained Earnings – reports on the changes in equity of the company during the confirmed period, such as an economic year or quarter. ...