Wherever you work, financial accounting is critical to measuring the ­success or otherwise of the organization. If you are a retiree, a professional investor, or an employee, the profitability of a company can be critical to your lifestyle. If you sell goods to companies or buy from them, you need to know their financial strengths and weaknesses. The information you require may be in the newspapers and magazines, but the most complete and detailed information will be in the annual report and accounts issued by companies.

Unfortunately, much of this information will contain technical jargon because companies’ financial publications are strictly regulated. Financial reports issued by companies must comply with financial accounting standards. ...

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