BNET Business Dictionary
Business Definition for: Financial Statements
- summaries of accounts to provide information for interested parties. The most common financial statements are trading and profit and loss account; profit and loss appropriation account; balance sheet; cash flow statement; report of the auditors; statement of total recognized gains and losses; and reconciliation of movements in shareholders' funds.
- See also Annual Report
Additional Resources
- Examining Financial Statements
- Financial statements report the results of past performance and the current financial position of a firm. Three main financial statements are usually included in annual reports: Balance Sheet; Income Statement and Statement of Changes in Financial Position. These three financial statements present a snapshot of a company's financial position and...
- White papers 2009-05-19
- OCBOA Financial Statements
- One of the small business tax clients asks a person to prepare and report on a set of financial statements. Because one is familiar with the company, it has entered into an interest rate swap to lock in a low rate. The company also has a significant amount of goodwill...
- White papers 2003-10-01
- Financial Statements - Is Their Objective Being Achieved?
- In considering how well companies are managing to provide quality information it is useful to reflect on the objective of financial statements as set out in the International Accounting Standard Board's Framework for the Preparation and Presentation of Financial Statements, which states - 'The objective of financial statements is to...
- White papers 2009-02-05
- Financial Audit: Restatements to the Department of State's Fiscal Year 2003 Financial Statements
- This document consists of a report which basically reviews four key areas with respect to the restatements of State's fiscal year 2003 financial statements: the nature and cause of the errors that necessitated the restatements ; the timing of communicating the material misstatement to users of the financial statements; the...
- White papers 2005-09-20
- International Financial Reporting Standards: Illustrative Interim Consolidated Financial Statements 2005 - For First-Time Adopters of IFRS
- International Accounting Standards IAS 34, Interim Financial Reporting, allows entities preparing interim financial reports under International Financial Reporting Standards IFRS the choice of presenting full IFRS financial statements or condensed financial information. The report, for condensed financial information included in IAS 34, presumes that the reporting entity has published full...
- White papers 2005-06-30
- Financial Audit: Restatements to the National Science Foundation's Fiscal Year 2003 Financial Statements
- This paper reviews four key areas with respect to the restatements of National Science Foundation's NSF fiscal year 2003 financial statements: the nature and cause of the errors that necessitated the restatements, including planned corrective actions by the agency and its auditors; the timing of communicating the material misstatement to...
- White papers 2005-12-22
- Problems To Avoid.(preparing financial statements)
- Preparing your financial statements During the mid-1990s, the Financial Accounting Standards Board FASB, the organization that establishes generally accepted accounting principles GAAP in the United States, changed significantly the way most nonprofit organizations prepared their financial statements. With the issuance of...
- Research articles 2001-08-15
- Financial Statements - Their Usefulness And The User
- Focus on the usefulness of published financial statements has been at the centre of public debate for over three decades. In 1975 the Corporate Report was published. This was the outcome from the Accounting Standards Steering Committee's wide ranging discussion paper and in part considered the usefulness of financial statements....
- White papers 2002-04-03
- Financial Statements and Supplementary Schedules
- This article is about audits which were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected...
- White papers 2002-08-23
- Terex to restate earnings.(Off the board: covering the country's public companies)(financial statements)(Brief Article)
- Westport-based Terex Corp. said its financial statements for the years ended Dec. 31, 2001, 2002 and 2003 need to be restated to correct certain errors and, accordingly, such financial statements should no longer be relied upon. Terex started an i Westport-based Terex Corp....
- Research articles 2005-01-24
- Understand Financial Statements
- If you are in business financial statements are an essential tool. If you understand financial statements they will give you the clarity to see things that may hurt or help your business or potential ventures. Of course you would not want to put your life in the hands of blind...
- White papers 2008-01-01
- What You Need To Know About Financial Statements
- Knowing how to work with the numbers in a company's financial statements is an essential skill for stock investors. The meaningful interpretation and analysis of balance sheets, income statements and cash flow statements to discern a company's investment qualities is the basis for smart investment choices. However, the diversity of...
- White papers 2009-01-01
- The Alpine Group, Inc. Releases 2006 Audited Financial Statements
- The Alpine Group, Inc. ("Alpine") (PINKSHEETS: APNI) today released its audited financial statements for the year ended December 31, 2006. These statements account for Alpine's 52% owned Israeli affiliate, Synergy Cables Ltd. ("SCL"), under the equity method, which is consistent with prior periods and is a more informative and meaningful...
- Research articles 2007-05-31
- China Sky's Financial Statements: Huge Discrepancies
- On August 6th, we first reported on discrepancies between the financial statements of China Sky One Medical, Inc. CSKI filed with U.S. and Chinese regulatory agencies. CSKI files consolidated financial statements with the U.S. Securities and Exchange Commission (SEC), and CSKI's operating subsidiaries, all located in China, file financial...
- External links 2009-11-24
- International Financial Reporting Standards: Illustrative Corporate Consolidated Financial Statements 2004
- This report provides a realistic set of financial statements for a corporate entity. Certain types of transaction have not been included as they are not relevant to the Group's operations. The example disclosures for some of these additional items have been included in the Appendices. It also provides an illustrative...
- White papers 2004-12-31
- Riverstone Networks Completes Financial Statements for Fiscal Year 2003 and First Three Quarters of Fiscal Year 2004
- SANTA CLARA, Calif. -- Riverstone Networks, Inc. (Pink Sheets:RSTN), a leading provider of carrier class solutions for next generation Metro Ethernet networks, today announced that it has completed its audited financial statements for fiscal year 2003 and unaudited financial statements for the first three quarters of fiscal year 2004. The...
- Research articles 2004-09-02
- OccuLogix, Inc. Announces Restatements of Financial Statements Relating to Consolidation of OcuSense, Inc.
- OccuLogix, Inc. (NASDAQ: OCCX)(TSX: OC) announced today that it intends to restate its unaudited consolidated financial statements for the quarter ended March 31, 2008, its audited consolidated financial statements for the financial years ended December 31, 2007 and December 31, 2006 and its unaudited consolidated financial statements for each of...
- Research articles 2008-06-18
- FASB issues FASB Statements No. 141 ®, Business Combinations, and No. 160, Noncontrolling Interests in Consolidated Financial Statements
- NORWALK, Conn. -- The Financial Accounting Standards Board FASB today issued FASB Statements No. 141 (revised 2007), Business Combinations, and No. 160, Noncontrolling Interests in Consolidated Financial Statements. Effective for fiscal years beginning after December 15, 2008, the standards will improve, simplify, and converge internationally the accounting for business combinations...
- Research articles 2007-12-04
- Financial Audit: IRS's Fiscal Years 2003 and 2002 Financial Statements.
- GAO-04-126 November 13, 2003 Because of the significance of Internal Revenue Service IRS collections to federal receipts and, in turn, to the consolidated financial statements of the U.S. government, which GAO is required to audit, and Congress's interest in financial management at IRS, GAO audits IRS's financial statements...
- Research articles 2003-12-01
- What Does Your Financial Statements Analysis Tell Your Shareholders?
- Typically audits were used for merely collecting information about financial systems and the financial records of a company. However recently auditing means to inspect, examine and assess the financial statements. There is a two-fold purpose of auditing; firstly, it makes sure the financial statements made are free from errors and...
- White papers 2009-04-13
