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Financial reporting
FINANCIAL REPORTING

Definition: (informal) The preparation and submission of the requisite monetary details or position of a legal entity, by an authorized and competent party, to the appropriate authority.
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* All eleven elements should be in.


1. Purposeful and necessary to inform stakeholders of financial state.

2. Demanded or required by an extant law (to emphasize).

3. Format and style confirms with IFRS established by regulators.

4. Classification, codification, etc. are done correctly.

5. Completed on time and covering the relevant duration or period.

6. Transparency and full disclosure are duly established.

7. Source of data is stated and can be provided for verification.

8. Undertaken by only the rightly appointed professionals.

9. Presentable or available, whenever demanded by the right party.

10. Serves purpose(s) exactly as desired by industry, etc.

11. Whatever is done with facts won't lead to unplanned economic loss.
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NO ROOM FOR CREATIVITY.

NO SPACE FOR INGENUITY.

NO TIME FOR AMATEURISM.
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NO CORPORATE GREED.

NO INSIDER TRADING.

AND NO HANKY-PANKY.

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