Chapter 7
Getting a Financial Report Ready
In This Chapter
Keeping up-to-date on accounting and financial reporting standards
Assuring that disclosure is adequate and reasonably transparent
Nudging the numbers to make profit and solvency look better
Contrasting financial reports of public and private companies
Dealing with information-overload financial reports
Scrutinizing the statement of changes in owners’ equity
The previous three chapters cover fundamentals of the three primary financial statements of a business. To review briefly:
- Balance sheet: Summarizes financial condition consisting of amounts for assets, liabilities, and owners’ equity at the closing date of the income statement period, and at other times as needed by managers. (Its formal name is the statement of financial condition, or statement of financial position.) Covered in Book II Chapter 4.
- Income statement:
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