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NOTES1. Accounting Policies quarterly financial statements have been prepared based on accounting policies and methods of computation consistent with those adopted in the 2001 Annual Report. In addition,
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Financial reporting refers to the process of preparing and presenting financial statements that provide a summary of a company's financial performance and position over a specific period. This includes balance sheets, income statements, cash flow statements, and statement of changes in equity.
Typically, publicly traded companies, corporations, and organizations that meet certain revenue thresholds or have specific regulatory obligations are required to file financial reports. Private companies may be required to file depending on local laws and specific stakeholder requirements.
To fill out financial reporting, organizations typically gather financial data from their accounting systems, categorize income and expenses, prepare necessary financial statements, ensure compliance with accounting standards, and may consult financial professionals before finalizing the reports.
The purpose of financial reporting is to provide stakeholders, including investors, creditors, and regulators, with essential information about a company's financial health, performance, liquidity, and cash flows, helping them make informed financial decisions.
Financial reporting must include key information such as revenue, expenses, profits or losses, assets, liabilities, equity, cash flows, and notes explaining the accounting policies and other relevant details.
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