Financial reporting is the process of preparing and distributing financial information to users of such information in various forms. The most common format of formal financial reporting are
financial statementsFinancial statements are formal records of the financial activities of a business, person, or other entity. In British English, including United Kingdom company law, financial statements are often referred to as accounts, although the term financial statements is also used, particularly by...
. Financial statements are prepared in accordance with rigorously applied standards defined by professional accounting bodies developed according to the legal and professional framework of a specific locale.
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Financial reporting is the process of preparing and distributing financial information to users of such information in various forms. The most common format of formal financial reporting are
financial statementsFinancial statements are formal records of the financial activities of a business, person, or other entity. In British English, including United Kingdom company law, financial statements are often referred to as accounts, although the term financial statements is also used, particularly by...
. Financial statements are prepared in accordance with rigorously applied standards defined by professional accounting bodies developed according to the legal and professional framework of a specific locale.