Collect the set
It depends who you ask
By now, you probably know what a financial statement is. But what exactly constitutes a complete set of statements? It depends who you ask.
For internal company use, a cash flow statement, profit and loss account and balance sheet are often enough – usually supplemented by some written explanatory information and perhaps some tables summarizing, for example, changes in fixed assets.
For official reporting, it is increasingly mandatory to include segment reports (a slightly off-putting name for a breakdown of the numbers by territory and industry).
For compliance with international accounting standards, you need all of the above plus a statement of changes in shareholders’ equity and mandatory explanatory ...
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