FINANCIAL REPORTING

1. Financial reporting is an obligation for all economic

2. Accounting records represents the backbone of financial reporting

3. Numeric expression in accounting, has valuable character, expressed in monetary units and reduced to a common indicator for all kinds of operations.

4. The power of Financial - reporting instrument becomes greater when is accompanied by an objective report about the operations or management report, with analysis of the financial position.

5. A modern business environment is characterized by the powerful launch of parameters that they leave a mark on the company

6. Set of financial reports, includes: (a) a statement of financial position at the end of the period; (b) a statement of comprehensive income for the period; (c) Statement of Changes in Equity for the period (d) a cash flow statement for the period; (e) the tips, which are composed of the significant accounting policies and explanation of various information; and (f) a statement of financial position at the beginning of the earliest comparative period