financial statement


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Related to financial statement: income statement, Financial statement analysis

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.

References in periodicals archive ?
Financial statements: The financial statements subject to the engagement performed in accordance with SSARSs are those of the entity The preparation and fair presentation of such financial statements requires identification of the applicable framework.
The SEC requires that companies' management design an internal control system that can substantiate every assertion in their financial statements. To do that, management has to analyze the company's system of internal control over financial reporting and provide evidence sufficient to support its conclusions.
Such a level of confidence "should be sufficient for recognition of the benefit in the financial statements because that amount would represent the enterprise's best estimate of what it believes the tax outcome will ultimately be."
C treats each transaction as a sale for financial statement purposes, but as a lease for Federal tax purposes.
For example, in the first scenario discussed above, if the accounting firm knew that the financial statements were to be used to obtain a bank loan, then the accounting firm would be liable to any bank that they specifically knew would rely on the financial statements or could be expected to rely on the financial statements.
Thus, evidence suggests that information contained in financial statements remains unexploited by investors.
It also recommends implementing these provisions earlier where financial statements have not yet been issued or when other interim financial statements are issued.
The proposed Interpretation would permit an enterprise to "recognize the financial statement effects of a tax position when that position is probable of being sustained on audit by the taxing authorities based solely on the technical merits of the position." (13) The proposed Interpretation explains that "the term 'probable' is used in the sense of paragraph 3(a) of FAS 5 to mean that 'the future event or events are likely to occur.'" Moreover, the proposed Interpretation would apply to all tax positions, not just "uncertain" tax positions.
965(c)(1) term "applicable financial statements," which comes into play when computing the deduction's upper limit.
Net obligations would be liabilities (or assets) in the government-wide financial statements and in the proprietary or fiduciary funds financial statements as appropriate.
State whether it has an applicable financial statement and, if so, identify the type;

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