The process of providing information about the financial strength and performance of an enterprise to outside parties, including investors, creditors, and regulators
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Financial statements prepared for periods shorter than one year, such as monthly or quarterly
Reporting financial information for users external to the firm, generally lenders, investors, and regulators. In the U.S., public firms must publish financial reports that adhere to U.S
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The accounting for assets, liabilities, equities, revenues, and expenses of an entity, as a basis for reports to external parties on the entity’s historical financial position, results of operations, and cash flow
The accounting standards issued by the International Accounting Standards Board (IASB), which attempt to synchronize global accounting standards; currently being used by approximately 100 countries. Subsumed International Accounting Standards (IAS).
A report containing financial information about an enterprise for the use of outside parties in a format prescribed by an external authority (e.g., FASB, IASB). The four traditional financial statements are: balance sheet, income statement, statement of cash flows, and statement of changes in owner’s equity
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