The financial statements are set of financial reports compiled by an accounting entity for the accounting period, usually once a year, as of the last day of the accounting period.
These financial statements disclose the company performance during the given period.
The financial statements are:
- Balance sheet (an overview of the financial position of the company)
- Profit and loss account (an overview of the financial performance of the company)
- Statement of Cash Flows
- Statement of Changes in Equity
- Notes to the Financial Statements