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Explore the comprehensive financial statements of the Irish Blood Transfusion Service for the year ended December 31, 2018. Includes income, expenditure, and governance details.

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What is financial statements?

Financial statements are formal records that outline the financial activities and position of a business, person, or organization. They provide a summary of financial performance over a specific period and include the balance sheet, income statement, cash flow statement, and statement of changes in equity.

Who is required to file financial statements?

Typically, corporations, partnerships, and any business entity that exceeds certain thresholds for revenue and assets are required to file financial statements. Publicly traded companies are particularly mandated by securities regulations to file comprehensive financial reports.

How to fill out financial statements?

Filling out financial statements involves gathering relevant financial data, organizing it according to accounting standards (such as GAAP or IFRS), and compiling the data into structured formats that reflect the entity's financial position, performance, and cash flows.

What is the purpose of financial statements?

The primary purpose of financial statements is to provide useful information to various stakeholders for decision-making. This includes assessing the financial health of an organization, making investment decisions, managing aspects of the business, and complying with legal and regulatory requirements.

What information must be reported on financial statements?

Financial statements must report information such as assets, liabilities, equity, revenue, expenses, and cash flows. Specific disclosures may include accounting policies, segment reporting, and contingent liabilities.

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