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Employees also need these reports in making collective bargaining agreements (CBA) with the management, in the case of labor unions or for individuals in discussing their compensation, promotion and rankings.These statements are also used as part of management's annual report to the stockholders.
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Financial analysis is then performed on these statements to provide management with a more detailed understanding of the figures.
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"The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." įinancial statements should be understandable, relevant, reliable and comparable. Notes to financial statements are considered an integral part of the financial statements. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. (Notably, a balance sheet represents a single point in time, where the income statement, the statement of changes in equity, and the cash flow statement each represent activities over a stated period.)įor large corporations, these statements may be complex and may include an extensive set of footnotes to the financial statements and management discussion and analysis.
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A comprehensive income statement involves those other comprehensive income items which are not included while determining net income.A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities over a stated period.A statement of changes in equity or statement of equity, or statement of retained earnings, reports on the changes in equity of the company over a stated period.These include sales and the various expenses incurred during the stated period. A profit and loss statement provides information on the operation of the enterprise. An income statement-or profit and loss report ( P&L report), or statement of comprehensive income, or statement of revenue & expense-reports on a company's income, expenses, and profits over a stated period.A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.They typically include four basic financial statements accompanied by a management discussion and analysis: Relevant financial information is presented in a structured manner and in a form which is easy to understand.
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