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 ?
It's intended to help accountants better understand their professional responsibilities when performing engagements to prepare financial statements, compilations or reviews.
2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with An Audit of Financial Statements, provides guidance for a section 404 audit.
In other comments, TEI recommended that, if an asset recognition model is ultimately adopted, the benefits of tax positions satisfying the legal threshold necessary to avoid statutory penalties should be permitted to be recognized in financial statements. For example, if the standard for properly reporting an item on a tax return is "substantial authority" or "reasonable basis," the amount of tax benefit represented by the position should be recognized as long as the taxpayer can demonstrate that the minimum legal level of confidence in its position.
C treats N as a corporation for financial statement purposes and as a partnership for Federal income tax purposes.
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.
Another case in point is the FASB's mandate (SFAS 106) that companies use accrual accounting, rather than the pay-as-you-go method, for post-retirement benefits and that obligations accrued in the past be recognized in the financial statements. Meeting this requirement would boost liabilities and cause a corresponding decrease in retained earnings.
A new mandate from the American Institute of Certified Public Accountants (AICPA) now governs the preparation of a cooperative or condominium's annual audited financial statements. Specifically, effective with the 1992 audited financial, all common interest realty associations (CIRA), such as coops or condos, must include information about the funding of projected major repairs and replacements.
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)
For these reasons, adoption of the proposed Interpretation's asset recognition model will be exceedingly confusing and unduly complex for financial statement issuers to apply and will not supply meaningful information to readers.
In addition, technical corrections may provide that the term "applicable financial statement" includes the notes that form an integral part of the financial statement, while other materials (including workpapers or materials that may first be filed for some purposes with the financial statement, but do not form an integral part of such statement), may not be relied on for purposes of producing an earnings or tax number under Sec.

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