financial statement

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Financial statement

A report of basic accounting data that helps investors understand a firm's financial history and activities.

Financial Statement

Any list of the assets and liabilities of a company designed to show its financial health, profits or losses, and/or other variables. The two most common financial statements are the balance sheet and the income statement. Publicly-traded companies and some others are legally required to publish certain financial statements.

financial statement

A report providing financial statistics relative to a given part of an organization's operations or status. The two most common financial statements are the balance sheet and the income statement. See also comparative financial statements.

financial statement

A semi-itemized list of the assets and liabilities of a person or entity as of a point in time,and the revenues and expenses over a representative month or over a period of time such as one year. Do not confuse with financing statement.

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The difference between what is reported on the financial statement and the tax returns will either reduce the deferred tax asset or refund, or increase the deferred tax liability.
Uncertain positions: FIN 48, accounting for uncertainty in income taxes
Moreover, questions raised in our recent stock options project suggested constituents would take more care determining the options expense numbers to be recognized in the financial statements under Statement 123(R) than in the numbers disclosed outside the statements under Statement 123.
FASB's Crooch takes issue with FEI's CEO on financial statements
Information Outside the Financial Statements (includes examples of program-focused information, statistical highlights and year-end highlights)
Not-for-profits get new edition of Accounting Trends & Techniques: fresh views on financial statement reporting and disclosure practices in new publication
SSARS 13 expands SSARS to apply when an accountant is engaged to compile or issues a compilation report on one or more specified elements, accounts, or items of a financial statement.
Accounting and Review Services Committee issues new standards
Questions 4-11 begin with worldwide consolidated net income (loss) from financial statements and reconciles to net income (loss) for includible corporations on line 11.
Schedule M-3: closing the corporate book-tax gap
Where a loss is not probable, it nonetheless must be disclosed in the financial statements if "reasonably possible".
Monte Carlo: it's not just gambling
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.
Avoiding Accounting Malpractice
Still another user may use components of the financial statements as inputs for models used to value collateral or determine liquidity and/or return on investment.
What do users of private company financial statements want? Financial statements' primary purpose is to serve the needs of users. But there is a quandary as to who is a "user" and what users need, particularly for private companies. Financial Executives Research Foundation (FERF) examines these needs, from both the preparer and user perspectives
The financial reporting system should be designed to provide unbiased financial statements in which financial statement users can have confidence.
Financial reporting: recommendations from the Committee on the Future of California's Professional Accountants
Financial statements for prior periods are not required to be restated.
Official releases: GASB No. 47
For large corporations, however, it may be important to rely on applicable financial statements.
New repatriation dividend deduction
The guide is effective for audits of state and local governmental financial statements for the first fiscal period ending after June 15, 2003, in which the government does apply, or is required to apply, the GASB's new financial reporting standards, with earlier application encouraged.
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