What are the different types of financial reporting?
There are four types of Financial reporting:-
- Income statement:- Income statement for the entire reporting period unveils the financial performance of a firm. It starts with the sales and then it deducts all the expenses which were incurred during the period to reach a net profit or net loss.
- Balance sheet: - Balance Sheet displays the financial situation of a business as of the report date (thus it covers a precise point in time). The info is combined into the general classifications of assets, equity & liabilities.
- Cash flow statement:- Cash flow statement report unveils the cash inflows and cash outflows experienced by a company during the reporting period. These cash flows are actually broken down into three classifications -operating activities, financing activities & investing activities.
- Changes in equity statement: - This report documents all the changes in equity during the period of reporting. These variations include the issuance or the purchase of shares, dividends issued and the profits or losses.
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