Accurate data and records of the company are significant in drafting and finalizing the accounting and financial reporting statement. Financial statements are published documents that reflect the company’s operating practices and financial reports. This includes the following:
- Balance Sheet – summary of cash, liabilities, and equity of shareholder as a preview of time
- Financial Statement- are published documents that report the company’s operating practices and financial reports.
- Income Statement – revenues and expenses of the business during a particular time. If the expense is subtracted from the sales, the result produces the income of the company called Net Profit
- Cash Flow Estimate – calculates how much the business raises cash to cover its loan commitments, to finance its operational costs, and to support expansion.
- Cash Flow Statement – measures how effectively a company earns cash to meet its debt liabilities and finance its operational costs, and support expenditure
Our objective in accounting and financial reporting is to provide businesses with information that may be useful to them in their individual decision-making processes. It is therefore essential that all businesses in the UAE have proper accounting and financial reporting to safeguard the company and to satisfy external parties for the further development of the business.