Financial reporting is the process of representing the financial results of an organization. This function is performed by a financial controller who normally uses computerized financial reporting tools such as those available in a computerized accounting system. Financial reporting normally provides the following types of information:
• Financial statements that show income, the current balance sheet and overall cash flows.
• Disclosures notes may accompany these that include additional detail for some entries, as prescribed by the accounting framework used
• Any additional financial information that the company is obliged to report
• Annual reports of financial position that are issued to shareholders
• A prospectus showing the financial position of the company that is issued to potential investors
Financial reporting may also include details of the way taxation was applied as well as information that is required to be filed with the Securities and Exchange Commission (in the US) or other regulatory bodies.
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