Financial Statement

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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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
"The Certificate of Excellence in Financial Reporting's mission is to promote and recognize excellence in financial reporting, specifically through a district's Comprehensive Annual Financial Report," Association of School Business Officials International Executive Director John Musso says.
In our opinion, the information reported in the summarised financial report is consistent with the annual financial report from which it is derived and upon which we expressed the qualified audit opinion referred to in the previous paragraph.
The comprehensive annual financial report has been judged by an impartial panel to meet the high standards of the program, including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the comprehensive annual financial report.
The comprehensive annual financial report has been judged by an impartial panel to meet the high standards of the program including demonstrating a constructive "spirit of full disclosure" to clearly communicate its financial story and motivate potential users and user groups to read the comprehensive annual financial report.
XBRL allows for greater transparency and ease of use of the information contained within financial reports.
In 2002, CalCPA assembled an independent committee to recommend changes that could be made in California to improve financial reports and the process involved in preparing and auditing those reports.
Respondents said that the financial reporting process has improved because of convergence to a single set of global financial reporting standards, improvements to regulations and oversight, boards of directors and management taking ownership of financial reporting, improved internal control over financial reporting systems, and improved technology for preparing financial reports. Concerns in this area included the costs of transitioning to International Financial Reporting Standards (IFRS), the need to comply or to reconcile accounts with more than one set of financial reporting standards, the complexity of financial reporting standards, and litigation risk.
Section 302: Ensuring Compliance in Financial Reporting--Section 302 addresses immediate compliance concerns as it establishes corporate responsibility for financial reports, requiring that the organization's principal executive and financial officers certify the contents of their corporate reports.
Yet even touring the deluge of print and electronic media and an in-box piled high with financial reports doesn't always provide a clear picture of corporate performance.

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