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This is the key difference between financial reporting and financial statements.
Financial report and financial statement difference. Ad Search Financial Statement Reporting on Shop411. All financial statements are financial reports but not all financial reports are financial statements. Automate your reporting with the acknowledged FPM Market Leading software from LucaNet.
However Quarterly Results of companies are also prepared for the benefit of the business. Ad Month-end manual processes by spreadsheet adds complexity and drains valuable resource. Financial reporting and financial statements are often used interchangeably.
The basic objective of financial statements is to present in clear cut terms and numbers financial position performance in the past and changes in financial positions of a company that are necessary for shareholders and investors. Financial Reports are prepared at the end of a financial year. Ad Find Financial Statement Reports.
Automate your reporting with the acknowledged FPM Market Leading software from LucaNet. One of the difference is financial reports are used internally for decision making and for finalizing the accounts. But in the business and accounting the term financial statement has more of a formal status.
Some financial reports are meant only for management and some are communicated to people outside the entity as well. Reporting is used to provide information for decision making. While the Financial statements are official set of documents after submitting to the relevant tax authorities and they are used for external purposes like investors lenders etc.
Statements are the products of financial reporting. Financial statements on the other hand are also financial reports. The difference between Financial Accounting and Reporting Financial accounting financial reporting and financial statements are related but are separate concepts that accountants use.
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