Definition
Financial reporting is the process of preparing and presenting financial information about an organization's financial performance and position to external stakeholders, such as investors, creditors, regulators, and analysts. It involves compiling financial statements, including the income statement, balance sheet, cash flow statement, and accompanying disclosures, in accordance with relevant accounting standards and regulatory requirements.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.