However, financial statements
prepared under GAAP are subject to these standards, even for smaller privately held companies.
The primary purpose of financial statements
should be to reflect management's stewardship to existing stockholders.
Prepared on a Basis Other Than GAAP (includes cash or modified cash basis)
13, Compilation of Specified Elements, Accounts, or Items of a Financial Statement
Questions 1-3 ask about corporate financial statements
and publicly traded common stock.
For many reasons, companies prefer strong financial statements
depicting an enterprise with a solid balance sheet, steady earnings, and attractive cash flows.
They may be sued for fraud or gross negligence if the third party could be expected to rely on fraudulent financial statements
The Company has informed its secured credit facility administrator of its intention to restate its financial statements
and of its failure to submit its quarterly financial statements
timely for the first and second quarters of fiscal year 2007.
One type of user could read financial statements
to evaluate business risks and profitability in order to determine a company's viability.
The committee believes that these recommendations will help restore confidence in published financial statements
, the financial reporting process and the work of independent auditors.
For all other termination benefits, this Statement is effective for financial statements
for periods beginning after June 15, 2005.
To determine the limit, it is necessary either to know the earnings permanently reinvested abroad, as disclosed on applicable financial statements
, or, if not provided, to determine earnings reinvested abroad from tax information disclosed on such statements.