The Importance Of Transparency In Financial Reporting
Financial Reporting refers to the detailed accounting process of documentation and communicating financial information over a specific period of time on a quarterly or yearly basis to evaluate the company’s financial performance and stability. There are two types of financial report External and Internal. External reporting serves the purpose to company’s outsiders like the investors, lenders, trade partners, regulatory agencies and tax authorities. While internal reporting serves the purpose to company’s management team assisting them in decision making.