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CHAITANYA RAO 6/11/2012 Financial statements are the basic and formal annual reports through which the corporate management communicates financial information to its owners and various other external parties which includes investors, tax authorities, government, employees, etc. It is the basic source of information to the shareholders and other external parties for understanding the profitability and financial position of any concern. They provide information about the results of concern during a specified period of time.
They typically include four basic financial statements, accompanied by a management discussion and analysis.
Financial statements are the end products of accounting process which reveal the financial results of a specified period and financial position as on a particular date. The users of financial statements are shareholders, investors, creditors, lenders, etc. Financial statements help all the users in their decision making process. They provide data about general purposes needs of these members.
Project Defined Information or data required for the project Planning and execution Analytical tools Used Analysis and Conclusion