{"id":280249,"date":"2024-07-08T18:31:19","date_gmt":"2024-07-08T06:31:19","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&#038;p=280249"},"modified":"2024-07-23T16:39:25","modified_gmt":"2024-07-23T04:39:25","slug":"what-is-financial-statement","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/financial\/what-is-financial-statement\/","title":{"rendered":"What is a financial statement?"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f3f2f6&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Copy paste body text here&#8221; _builder_version=&#8221;4.25.2&#8243; header_2_font_size=&#8221;32px&#8221; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;26px&#8221; header_2_font_size_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>A financial statement is a structured document which is created to record and display the financial performance of a business.<\/p>\n<p>Often scrutinised by accountants, tax professionals, shareholders, prospective buyers and government agencies, a financial statement is used to ensure the accuracy of a business\u2019s purported financial position for compliance and investment purposes.<\/p>\n<p>If you were to sell your business or seek investment, a financial statement is crucial. It\u2019s also useful internally as a gauge of business performance when investigating profitability and debt.<\/p>\n<p>Most financial statements include:<\/p>\n<ul>\n<li aria-level=\"1\">a balance sheet<\/li>\n<li aria-level=\"1\">an income statement<\/li>\n<li aria-level=\"1\">a cash flow statement.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-277996 size-full aligncenter\" src=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2024\/05\/financial-statement.png\" alt=\"a financial statement includes: Balance sheets Income statements Cashflow statements\" width=\"840\" height=\"230\" srcset=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2024\/05\/financial-statement.png 840w, https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2024\/05\/financial-statement-480x131.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 840px, 100vw\" \/><\/p>\n<h2>Types of financial statements<\/h2>\n<p>There exist three main types of financial statements which you should familiarise yourself with. These three types of financial statements are usually separate components of a master financial statement.<\/p>\n<h3>Type 1<\/h3>\n<p>Type one is your <strong>balance sheet<\/strong>.<\/p>\n<p>A balance sheet is a type of financial statement which records an overview of your liabilities, assets and shareholder equity at any particular point in time.<\/p>\n<p>The basic formula for a balance sheet is as follows: assets = (liability + shareholder\u2019s equity).<\/p>\n<p>It should be noted that \u2018shareholder\u2019 in this instance can also simply be the business owner or business owners themselves, if no other shareholders have stock in the business.<\/p>\n<p>Let\u2019s look at the three primary components of a balance sheet:<\/p>\n<h4>1) Assets<\/h4>\n<p>Assets are essentially the things that a business owns which have value. Assets are generally items which can either be sold for profit or can be used to create products or services which have market value. Examples of assets include:<\/p>\n<ul>\n<li aria-level=\"1\">cash<\/li>\n<li aria-level=\"1\">property<\/li>\n<li aria-level=\"1\">equipment<\/li>\n<li aria-level=\"1\">vehicles<\/li>\n<li aria-level=\"1\">inventory<\/li>\n<li aria-level=\"1\">trademarks or intellectual property<\/li>\n<\/ul>\n<h4>2) Liabilities<\/h4>\n<p>Liabilities are the debts that a business incurs or holds. Liabilities include any outgoing expense, obligation or debt such as:<\/p>\n<ul>\n<li aria-level=\"1\">rent<\/li>\n<li aria-level=\"1\">taxes<\/li>\n<li aria-level=\"1\">payroll<\/li>\n<li aria-level=\"1\">rates<\/li>\n<li aria-level=\"1\">bank loans<\/li>\n<li aria-level=\"1\">dividends<\/li>\n<\/ul>\n<h4>1) Shareholder equity<\/h4>\n<p>Shareholder equity is often defined as capital or net worth.<\/p>\n<p>The shareholder equity is the value that remains in a business after they\u2019ve settled all liabilities and sold all assets.<\/p>\n<p>This remaining value is what the owner of a business, or shareholders in a business, would be left with in the form of capital.<\/p>\n<h3>Type 2<\/h3>\n<p>Type two is your <strong>income statement<\/strong>.<\/p>\n<p>An income statement is used to deduce and convey the net income of a business over a defined period.<\/p>\n<p>An income statement is usually produced yearly, half yearly or quarterly. It\u2019s often accompanied by previous year\u2019s income statements for the sake of comparison.<\/p>\n<p>The point of an income statement is to provide an overview of revenue, expenses and, ultimately, net income.<\/p>\n<p>The basic formula of an income statement is as follows: net\u00a0Income = (revenue \u2212 expenses).<\/p>\n<p>When producing an income statement, the following steps should be taken:<\/p>\n<ol>\n<li aria-level=\"1\">Add up all sales or revenue for the period.<\/li>\n<li aria-level=\"1\">Add up all business expenses and costs for the period.<\/li>\n<li aria-level=\"1\">Subtract total expenses from revenue to reveal net income or profit for the period.<\/li>\n<\/ol>\n<h3 id=\"cash-flow-statement\">Type 3<\/h3>\n<p>Type three is your <strong>cashflow statement<\/strong>.<\/p>\n<p>A cashflow statement is a complimentary statement to the above and doesn\u2019t follow a specific formula. Instead, a cashflow statement sheds light on how a business generates and uses cash.<\/p>\n<p>Understanding where a business\u2019s cash is coming from and how it\u2019s being used generates a picture of the business\u2019s health, structure and financial footing.<\/p>\n<p>Many cashflow statements include detail around:<\/p>\n<ul>\n<li aria-level=\"1\">operating activities<\/li>\n<li aria-level=\"1\">investment activities<\/li>\n<li aria-level=\"1\">financing activities<\/li>\n<\/ul>\n<h2>What is financial reporting?<\/h2>\n<p>So, what is financial reporting exactly?<\/p>\n<p>Financial reporting is simply the process of disclosing financial activity and statements to relevant third parties.<\/p>\n<p>Financial reporting covers the communication of financial statements and related information to investors, management, auditors, potential buyers, the general public and financial advisors.<\/p>\n<h3>Types of financial reporting<\/h3>\n<p>There are many types of financial reporting which aren\u2019t limited to the creation of a financial statement. Obviously, the distribution or publishing of a financial statement is a primary mode of financial reporting, but it also covers other activity such as:<\/p>\n<ul>\n<li aria-level=\"1\">press releases<\/li>\n<li aria-level=\"1\">conference calls and meetings<\/li>\n<li aria-level=\"1\">website copy<\/li>\n<li aria-level=\"1\">reports to stockholders<\/li>\n<li aria-level=\"1\">reports to compliance entities<\/li>\n<li aria-level=\"1\">prospectuses<\/li>\n<\/ul>\n<p>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221;    content: %22SHARE THIS%22;||    font-size: 16px;||    font-weight: 700;||    line-height: 22px;||    letter-spacing: 0em;||    text-align: center;||    color: #ff5447;||    margin-bottom: 10px;||    display: inline-flex;||    position: absolute;||    margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A financial statement is a report that shows how your business is performing &#038; its overall health. There are four main types of financial statements commonly used in Australia. Read the article to learn more about each type.<\/p>\n","protected":false},"author":6,"featured_media":272921,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[201],"class_list":["post-280249","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is a financial statement?<\/title>\n<meta name=\"description\" content=\"A financial statement is a structured document that is created to record and display the financial performance of a business. 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