What is Financial statements?
Also known as: complete set of financial statements
A set of reports that present to users information about a company's financial position, results of operations and cash flows. Under NAS No. 1 (paragraph 12), the annual set of financial statements consists of the following reports:
- Balance sheet
- Statement of financial results
- Statement of equity
- Statement of cash flows
- Notes to the financial statements
Source: 1-son BHMS, 12-band