Financial reporting is the financial results of an organization that are released to the public. This reporting is a key function of the controller, who may be assisted by the investor relations officer if an organization is publicly held.
Financial reporting typically encompasses the following:
- Financial statements, which include the income statement, balance sheet, and statement of cash flows
- Accompanying footnote disclosures, which include more detail on certain topics, as prescribed by the relevant accounting framework
- Any financial information that the company chooses to post about itself on its website
- Annual reports issued to shareholders, which may be issued on a more frequent basis
- Any prospectus issued to potential investors concerning the issuance of securities by the organization
If a business is publicly held, financial reporting also includes the following (in addition to the preceding items):
- The quarterly Form 10-Q and annual Form 10-K, which are filed with the Securities and Exchange Commission
- The annual report issued to shareholders, which could be a stripped-down version that is called a wrap report
- Press releases containing financial information about the company
- Earnings calls, during which management discusses the company’s financial results and other matters
