Financial statements

Financial statements (or financial reports) are a record of a business' financial flows and levels.

Related Topics:
Business - Financial

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Typically they will include:

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• a balance sheet setting out the net asset position of a business
• an income statement, income and expenditure statement or profit and loss account
• a cash flow statement
• a statement of other recognised gains and losses or other comprehensive income statement setting out movements in equity that do not go through the income statement or profit and loss account (eg a revaluation of the value of head office of a manufacturing company)
• statement of retained earnings
• supplementary notes and management discussion

Today most governments require publicly-traded companies to issue, and issue in a certain way, annual financial statements. Some governments, such as the United Kingdom government, require all companies to publish annual financial statements, although smaller companies only need publish them in abbreviated form.

Related Topics:
Companies - United Kingdom

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Financial statements: History ►