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A written report of an individual or company's financial or other relevant data. A prime example is the annual report that a publicly-traded company is required to distribute to shareholders. The report contains information on the company's financial state, such as operational income and net profit. Sometimes it also contains an accountant's opinion on the general health of the company. Occasionally, statements are distributed at irregular intervals to explain a major event in the company. See also: Balance sheet.
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Explanations of various types of income, deductions, and/or credits reported on a schedule or directly on Form 1040. Statements may or may not be official IRS forms.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary