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KINBRACE COMMUNITY SOCIETY Financial Statements Year Ended April 30, 2020KINBRACE COMMUNITY SOCIETY Index to Financial Statements Year Ended April 30, 2020Page INDEPENDENT PRACTITIONER\'S REVIEW ENGAGEMENT

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What is financial statements - for?

Financial statements are formal records that outline the financial activities and position of a business, providing a summary of its income, expenses, assets, and liabilities to enable stakeholders to assess its financial health.

Who is required to file financial statements - for?

Generally, publicly traded companies, large private companies, and certain organizations are required to file financial statements to comply with legal and regulatory requirements.

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To fill out financial statements, businesses must gather accurate financial data, comply with accounting standards (like GAAP or IFRS), and utilize accounting software or templates to format the statements properly.

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The purpose of financial statements is to provide transparency regarding a company's financial performance, to help stakeholders make informed decisions regarding investments, financing, and management.

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Financial statements must report information such as income, expenses, assets, liabilities, equity, cash flows, and changes in equity, compiled into the income statement, balance sheet, and cash flow statement.

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