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Financial Statements

Financial statements are created for businesses, nonprofits, and governments. They include balance sheets, income statements, statement of changes in equity, and cash flow statements. They are usually accompanied by notes which explain the various accounting and accounting framework.

Statements can be developed using generally accepted accounting principles, the cash basis, modified cash basis, tax basis and contractual or regulatory accounting. Some entities are required to use a particular accounting framework.

Certified Public Accountants (CPAs) often prepare the financial statements, especially for smaller organizations that may not possess the knowledge to do so. CPAs can audit the statements when requested by the entity. Those statements can also be subject to compilation or review engagements as specified by the AICPA.

Financial statements are often created using software such as QuickBooks or Great Plains. They can also be created in a spreadsheet such as Excel. Entities usually create and share internal statements with management and board members during the year.

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Charles Hall

Charles Hall

I am a practicing CPA. I have primarily audited governments, nonprofits, and small businesses for the last forty years.

My sweet spot is governmental and nonprofit fraud prevention. I am the author of (1) Journal Entries Made Easy,  (2) The Little Book of Local Government Fraud Prevention, (3) Preparation of Financial Statements & Compilation Engagements, (4) The Why and How of Auditing, and (5) Audit Risk Assessment Made Easy. I frequently speak at continuing education events.

I consult with CPA firms, assisting them with auditing and accounting issues. Contact Charles

More About Me
  • Books
  • Media
  • Topics
Book: Journal Entries Made Easy, an Introduction to Accounting
Book: The Little Book of Local Government Fraud Prevention
Book: Preparation of Financial Statements & Compilation Engagements
Book: Audit Risk Assessment Made Easy: Seeing What Others Miss
Book: The Why And How Of Auditing: Auditing Made Easy
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