What are primary financial statements?

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Which are the most common financial statements that companies prepare? Are there any IFRS or GAAP requirements for financial statements that need to be published?

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score 0 · Answer 1 · 2013-05-06T22:59:12+00:00

There are four primary financial statements which are:

1. Statement of financial position (or balance sheet as it’s called for companies that report using GAAP)
2. Statement of Comprehensive income (or income statement under GAAP)
3. Statement of cash flows ( which certain companies may be exempt from preparing one)
4. Statement of changes in equity