FIN 3715 Chapter : FIN Ch 2 Notes
Document Summary
2. 7 financial reporting in practice: financial statements are accounting reports issued periodically that present past performance information and a snapshot of the firm"s assets and the financing of those assets. Investors, financial analysts, managers, and other interested parties such as creditors rely on financial statements to obtain reliable information about a corporation: public companies in the united states must file financial results with the u. s. Securities and exchange commission (sec: on a quarterly basis (10-q, on an annual basis (10-k, the annual report with financial statements must be sent to their shareholders every year, preparation of financial statements. Generally accepted accounting principles (gaap: set by the financial accounting standards board (fasb) to provide a common set of rules and a standard format for public companies" reports, corporations are required to hire an auditor to. Ensure they are prepared according to gaap. Provide evidence that the information is reliable: preparation of financial statements.
