A financial report is an approved and formal record about the financial performance for a specified time period for a business. Generally the corporations prepare their financial report writing template only once a year. However, short financial reports can be prepared on daily, weekly, monthly basis or even twice a year. There could be various types of the financial reports, such as statement of retained earnings, income statement, balance sheet, loss statement, profit statement and so on and so forth. The financial report writing is used to represent the same data in different meanings, for example as what are the total assets, what are the total liabilities, what are the total expenditures, what is the total revenue, what are the total sales of the business.
One must follow a distinct format for writing down a financial report, whether it is quarterly, semi-annually or yearly. It is true that there are various types of the financial reports, but the one that you prepare on the widespread are known as the statement of the retained earnings, income statement of the business, report of balance sheet, loss and profit statement and so on and so forth. Thus, one can easily say that a financial report is an official business document that describes the overall financial performance of any business. This formal document, known as the financial report is only generated for the specified time period. Generally, a lot of corporations prepare a financial report format, only once in any fiscal year, however, you can prepare a financial report on short term basis as well.a