Financial Reporting
Financial reporting is the process of documenting and sharing a company's financial activities and performance over a specific period of time. It is usually done on a quarterly or yearly basis.
Financial reporting is the way businesses communicate financial data to external and internal stakeholders.
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Financial Reporting Essentials
Key Components
Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in Equity, Notes to Financial Statements
Types of Reports
External Statements, Quarterly/Annual Reports, SEC Filings, MD&A, Earnings Reports, Internal Reports
Importance
Legal Compliance, Decision Making, Performance Evaluation, Transparency
Deadlines and Penalties
1. Filing Requirements
Public companies must file quarterly 10-Q reports and annual 10-K reports with the SEC
2. Monetary Fines
Failure to meet deadlines can result in fines up to $500 per day for ongoing noncompliance
3. Severe Consequences
Criminal penalties of up to $10,000 and/or imprisonment for knowingly submitting false information
Best Practices for Financial Reporting
Adhere to Standards
Follow GAAP or IFRS as required
Ensure Accuracy
Provide a true and fair view of finances
Maintain Consistency
Use consistent accounting methods
Utilize Technology
Employ financial reporting software
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Wagner, Manufacturing CEO
Fiscal Integrity Group transformed our financial management. Their expertise in manufacturing accounting is unparalleled.
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