Financial reporting involves reporting of both financial and non-financial information.
Financial reporting is performed primarily for external users such as shareholders, tax authorities, creditors, suppliers etc. However, data gathered for financial reporting purpose can be used for reporting to internal users such as management and employees.
Financial reporting is legal requirement for limited liability companies.
Financial reporting requires the implementation of accounting standards and Generally Accepted Accounting Principles (GAAP).
- Qualitative Characteristics of Financial Information
- Sole Trader Vs Partnership Vs Limited Liability Company
- ACCA F1 FAB Sole Trader, Partnership, Limited Liability Company
- Financial Accounting is Recording,Analysing & Summarising Financial Data
- IAS 10 Events After Reporting Period,Recognition & Measurement