Financial reporting refers to the process of documenting and presenting an organization's financial activities and performance over a specific period. It involves the preparation of financial statements, including the balance sheet, income statement, and cash flow statement, which provide insights into the company's profitability, assets, liabilities, and cash flows. These reports are crucial for stakeholders, such as investors, regulators, and management, to make informed decisions. Financial reporting must comply with established accounting standards like GAAP or IFRS to ensure consistency and transparency.
The objectives of a financial reporting course include:
- Understanding financial accounting and reporting fundamentals: Students learn about financial accounting and reporting systems, jargons, and fundamentals.
- Understanding accounting concepts: Students learn about accounting concepts and conventions.
- Preparing financial reports: Students learn how to prepare financial reports for different users.
- Analyzing financial statements: Students learn how to interpret and analyze financial statements using tools like financial ratios.
- Teacher: Veena M