Financial Statement


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Related to Financial Statement: income statement, Financial statement analysis

Financial Statement

Any report summarizing the financial condition or financial results of a person or an organization on any date or for any period. Financial statements include the balance sheet and the income statement and sometimes the statement of changes in financial position.

See: account
References in periodicals archive ?
The Financial Accounting Standards Board recently released FASB Interpretation 48 (FIN 48), which provides guidance on FASB Statement 109 (FAS 109) and describes the standard for recognizing and measuring the benefit or liability from tax positions reflected in financial statements.
Information Outside the Financial Statements (includes examples of program-focused information, statistical highlights and year-end highlights)
Report on line 4 the consolidated net income from the SEC Form 10-K for the financial statement consolidated group of M, DS1-DS100 and FS1FS50.
Where a loss is not probable, it nonetheless must be disclosed in the financial statements if "reasonably possible".
The restatement provides that accountants will be held liable to individuals actually known to them or intended third-party users of financial statements, including members of a "known or intended class" of users of financial statements.
The committee's report recommends actions to improve (1) the financial reporting process, (2) published financial statements and (3) the conduct of audits.
965(c)(1) term "applicable financial statements," which comes into play when computing the deduction's upper limit.
Both financial statement issuers and users -- be they investors, analysts, creditors, or others -- have extensive experience and understanding in the interpretation and application of these statements and the corresponding effect under the Commission's current disclosure rules.
Documenting an understanding with the entity through the use of an engagement letter, preferably signed by management, regarding the services to be performed and the limitations on the use of those financial statements.
This decision obscures the traditional definition of what constitutes GAAP and, in addition, introduces financial statement materiality into the tax law.
We consequently urge the workgroup not to permit needs (or desires) unrelated to the determination of tax liability to impede the adoption of a financial statement approach to Form 1120.

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