FINANCIAL STATEMENTS

Records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. Financial statements for businesses usually include: income statements, balance sheet, statements of retained earnings and cash flows, as well as other possible statements.

It is a standard practice for businesses to present financial statements that adhere to generally accepted accounting principles (GAAP), to maintain continuity of information and presentation across international borders. As well, financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing or investing purposes. Financial statements are integral to ensuring accurate and honest accounting for businesses and individuals alike.

бухг. фінансова звітність; бухгалтерські звіти звіти, які містять інформацію про фінансовий стан організації за певний період часу; ♦ до фінансової звітності належать: балансовий звіт (balance sheet), звіт про прибутки і збитки (profit and loss statement), звіт про зміни фінансового стану (statement of changes in financial position) та ін. пояснювальні матеріали financial statements ‡ financial statements (385)