Title: Financial Reporting in Specialized Industry: Reporting Issues and Financial Analysis

Financial Reporting refers to the communication of financial information like, financial

statements, to the financial statement users, like investors and creditors. The general purpose of the
Financial Reporting is to provide financial information about the reporting entity useful to existing and
potential investors, lenders and creditors in making decision relating to providing resources to the
entity. Those decisions involve decisions about:

• Buying, selling or holding equity and debt instruments;

• Providing or settling loans and other forms of credit; or

• Exercising rights to vote on, or otherwise influence management’s actions that affect the use of
the entity’s economic resources.

Financial Reports exists because users believe that reports help them in decision making. In addition to
the financial reports, users often consult competing information sources, such as new wage contracts
and economy-oriented releases.

Financial Reporting includes the following:

1. External Financial Statements – represents a formal record of the financial activities of an entity.
These are written reports that quantify the financial strength, performance and liquidity of the
company.

Four types of Financial Statements are:

A. Statement of Financial Position – also referred to as Balance Sheet. It represents a company

financial position at the end of a specified date. Some describe balance sheet as the “snapshot” of a
company’s financial position a point in time. These consist of Asset, Liabilities and Owner’s Equity. It
informs the reader if a company’s financial position as of one moment in time.

B. Income Statement – also referred as the Profit and Loss statement. It shows the profitability of a
company during the interval specified in its heading. To understand and analyze profitability, the reader
must be familiar with the components of income, as well as income statements that require special
disclosure.

C. Cash Flow Statement – presents the cash movement in cash and bank balances over the period.

Movement of Cash flow classified into the following segments:

• Operating Activities – represents the cash flow from primary activities of a business. Converts
the items reported on the income statement from the accrual basis of accounting to cash.
• Investing Activities – represents cash flow from the purchase and sale of assets other than
inventories.

• Financing Activities – represents cash flow generated or spent on raising and repaying share
capital and debt together with payments of interest and dividends

• Supplemental information – Reports the exchange of significant items that did not involve cash
and reports the amount the income of taxes paid and interest paid

D. Statement of Changes in Equity – the movement in the owner’s equity over a period. The
movement in owners’ equity is derived from the following components:

• Net Profit or loss during the period as reported in the income statement.

• Share capital issued or repaid during the period.

• Dividend payments

• Gains or losses recognized directly in equity

• Effects of a change in accounting policy or correction of accounting error.

2. The Notes to the Financial Statements - integral part of a company’s external financial
statements. They are required since not all relevant financial information can be communicated
through the amounts shown on the face of the financial statements referred to as footnotes disclosures

Example of Notes to Financial Statements

The first note to the financial statements is usually a summary of the company's significant accounting
policies for the use of estimates, revenue recognition, inventories, property and equipment, goodwill
and other intangible assets, fair value measurement, discontinued operations, foreign currency
translation, recently issued accounting pronouncements, and others.

3. Press releases and conference calls regarding quarterly earnings and related information – it
announces and discusses the financial results of a company for a quarter or a year. It is accompanied by
an official press release that summarizes the key points of a company’s financial performance.

4. Quarterly and Annual Reports

A. Quarterly report - is a summary or collection of unaudited financial statements. In addition to

reporting quarterly figures, these statements may also provide a year to date and comparative results.
Publicly-traded companies must file their reports with the Securities Exchange Committee (SEC). Usually
accompanied by presentations from a company’s management where key performance indicator data
are presented to investors and analyst

B. Annual report – is a document prepared by the company to deliver important corporate

information to its shareholders. It will typically contain a letter from the chief executive officer, data
gathering the company’s finances and information about business activities during the previous year.

The Benefits of Financial Reporting

1. Improved debt management – As you will surely know, debt can cripple the progress of the
company, regardless of sector. While there may be many different types of financial reporting
concerning purpose or software, almost all solutions will help you track your current assets divided by
the current liabilities on your balance to help your liquidity and manage your debts accordingly.

2. Trend identification – Regardless of what are of financial activity you’re looking to track, all types
of this kind of reporting will help you identify trends, both and past and present, which will empower
you to tackle any potential weaknesses while helping you make the kind of improvements that will
benefit the overall health of your business.

3. Real-time tracking - By gaining access to centralized, real-time insights, you will be able to make
accurate, informed decisions swiftly, thereby avoiding any potential roadblocks while maintaining your
financial fluidity at all times

4. Liabilities - Managing your liabilities is a critical part of your company’s ongoing financial health.
Business loans, credit lines, credit cards, and credit extended from vendors are all integral liabilities to
manage. By using a financial report template, if you're planning to apply for a business expansion loan,
you can explore financial statement data and determine if you need to reduce existing liabilities before
making an official application.

5. Progress and Compliance - As the information served up by financial reporting software is both
accurate and robust, not only does access to this level of analytical reporting offer an opportunity to
improve your financial efficiency over time, but it will also ensure you remain 100% compliant – which is
essential if you want your business to remain active.

Different Ways of Financial Reporting and Analysis

The standards that govern financial reporting and accounting vary from country to country. An
accounting standard is a common set of principle, standards and procedures that define the basis of
financial accounting policies and practices. Accounting standards improve the transparency of financial
reporting in all countries. In the United States, the Generally Accepted Accounting Principles (GAAP)
form the set of accounting standards widely accepted for preparing financial statements. International
companies follow the International Financial Reporting Standards, which are set by the International
Accounting Standard Board and serve as the guideline for non-US GAAP companies reporting financial
statements. Companies that are in Europe or have a transactions it is required to follow the GDPR
standard. Accounting should be particularly concerned about these regulations, as the private data need
to provide to your clients with operations in EU is covered by these regulations.

1. GAAP (Generally Accepted Accounting Principles) - This is the system used by the United States,
public companies in the US must follow GAAP. It is also refer to a common set of accounting principles,
standards, procedures issued by the financial Accounting Standard Board (FASB). GAAP aims to improve
the clarity, consistency, comparability of the communication of financial information. The accountant
must be familiar with acceptable reference sources in order to decide whether any particular accounting
principle has substantial authoritative support.

General Concept of GAAP

• Principle of regularity: GAAP-compliant accountants strictly adhere to established rules and
regulations.

• Principle of consistency: Consistent standards are applied throughout the financial reporting
process.

• Principle of sincerity: GAAP-compliant accountants are committed to accuracy and impartiality.

• Principle of permanence of methods: Consistent procedures are used in the preparation of all
financial reports.

• Principle of non-compensation: All aspects of an organization’s performance, whether positive

or negative, are fully reported with no prospect of debt compensation.

• Principle of prudence: Speculation does not influence the reporting of financial data.

• Principle of continuity: Asset valuations assume the organization’s operations will continue.

• Principle of periodicity: Reporting of revenues is divided by standard accounting time periods,

such as fiscal quarters or fiscal years.

• Principle of materiality: Financial reports fully disclose the organization’s monetary situation.

• Principle of utmost good faith: All involved parties are assumed to be acting honestly.

2. IFRS (International Financial Reporting Standard - This system is utilized by more than 110
countries around the World. It is a set common rules so that financial statements can be consistent,
transparent, and comparable around the world. IFRS are issued by the International Accounting
Standards Board (IASB). They specify how companies must maintain and report their accounts, defining
types of transactions, and other events with financial impact. IFRS were established to create a common
accounting language so that businesses and their financial statements can be consistent and reliable
from company to company and country to country.

Standard IFRS Requirements

IFRS covers a wide range of accounting activities. There are certain aspects of business practice for
which IFRS set mandatory rules.

• Statement of Financial Position: This is also known as a balance sheet. IFRS influences the ways
in which the components of a balance sheet are reported.

• Statement of Comprehensive Income: This can take the form of one statement, or it can be
separated into a profit and loss statement and a statement of other income, including property and
equipment.

• Statement of Changes in Equity: Also known as a statement of retained earnings, this

documents the company's change in earnings or profit for the given financial period.

• Statement of Cash Flow: This report summarizes the company's financial transactions in the
given period, separating cash flow into Operations, Investing, and Financing.
What’s the difference between GAAP & IFRS?

Conceptual Framework

The Conceptual Framework outlines the primary characteristics behind IFRS, which are Comparability,
Verifiability, Timeliness, and Understandability. Two primary assumptions that impact how financial
statements are prepared are Accrual Accounting and “Going Concern”. As covered earlier, accrual
accounting means revenue and expense items must be recorded when recognized, and going concern is
the assumption that a company will continue in business for the foreseeable future. IFRS also requires
consistency of item classification from one reporting period to the next.

Ethical Issues of Financial Reporting

In business world, accuracy and transparency is the key. There is a vital need reliable information to
regain trust in uncertain times, part of that will be provided by the financial reporting. Ethical financial
reporting and accounting corresponds to basic human requirements. It creates credibility of the
company (public or private) and its employees.

Ethics and accounting exist to protect the public from unscrupulous corporation.

1. Financial Reporting is deceitful - The management of company is an intentionally misapplication

of amount with intent to deceive the investors and showing fake the company's share price. The main
area of fraudulent activities is by showing the fictitious revenue, recognition of premature revenue,
adjustments of revenue by misstatement entries. In short period of time, when the company’s stock
price is high but in long period it badly effect on financial position of enterprise then it automatically
understand by business concern the financial reporting is misrepresents their accounts.

2. Asset Misappropriation - It directly and indirectly affects the company’s staff morale and
reputation. The company’s management made an embezzlement of assets by misleading the accounts
and preparing a wrong invoices and documents. Assets Misappropriation by use of company assets
other than company interests for any other purpose

3. Full Disclosure - financial reporting is subtopics of fraudulent, disclosure infringement are errors
of ethical mistake resulting from neglect. The entire beneficial person who are interested in the business
sectors but when they know information of full disclosure is not success to investors. Then business
concerns change their decisions for investments in the enterprises should be reckon as financial
reporting is fraudulent.

How errors in Financial Reporting can hurt your company?

According to the article in Purchase Control, inaccuracies on a company’s financial statements
represents a serious threat to the health and productivity of a business. Like all business processes,
financial accounting is subject to the occasional error. These can range in severity from minor calculation
errors, transpositions, and other data entry problems to severe violations like fraud, material
misstatement, and violation of corporate finance law.

The need for such corrections can create another cost for companies that’s much more difficult to track
and quantify: loss of reputation and public trust. Whether driven by scandal, process inefficiencies, or
good old-fashioned human error, a very public demonstration of ineffective and error-riddled
accounting practices can leave a company reeling from loss of revenue and reputation. Beyond losing
customers and clout, public companies that continually struggle with inaccurate financial reporting may
lose investors, as well as investment opportunities and loans from corporate finance companies wary of
throwing good money after bad.

1. Data gaps and inconsistencies – Do your financial reports contain comprehensive data for prior
years, quarters and months? Are your data sets complete, and the relationship between key values
explained in detail? Is data visualization clear, concise, and versatile? If not, then it’s time to revisit your
data management system.

2. Financial statements with no real-world connection – In the absence of auditing awareness and
training, accounting staff can readily cook all manner of jury-rigged shortcuts to keep the book balanced
even while their relationship to actual cash flow grows ever more skewed.

3. Insufficient cash flow forecasting – Cash flow is the lifeblood of any company’s operational
health. Without monthly cash flow reports, periodic and yearly income statements, and projected cash
flow forecasting, your company puts itself at needless risk of writing checks its capital can’t cash.

4. Procedural inefficiencies – removing the most obvious errors, omissions, and inconsistencies in
your workflows, having full visibility of key performance indicators makes it easy to refine workflows
further.

Financial Analysis

Financial Analysis is the process of evaluating businesses, projects, budgets, and other finance-related
transactions to determine their performance and suitability. Typically, financial analysis is used to
analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary
investment.

Two common techniques for analyzing company financial data are Ratio Analysis and Common-Size
Analysis. Ratio Analysis evaluates a company’s past performance using financial ratios. These can be
used to project future results, but are also limited by judgments made in the calculations, ratios that
might provide conflicting results, and heterogeneity of a company’s operating activities over time.
Common-size Analysis involves calculating all financial statements inputs as a percentage of total
revenue or assets to facilitate comparisons between different companies.

RATIO ANALYSIS

Ratio analysis is a commonly used tool of financial statement analysis. Ratio is a mathematical
relationship between one numbers to another number. Ratio is used as an index for evaluating the
financial performance of the business concern. An accounting ratio shows the mathematical relationship
between two figures, which have meaningful relation with each other. Ratio can be classified into
various types. Classification from the point of view of financial management is as follows:

• Liquidity Ratio

• Activity Ratio

• Solvency Ratio

• Profitability Ratio

Common Size Analysis

Common size analysis, also referred as vertical analysis, is a tool that financial managers use to analyze
financial statements. It evaluates financial statements by expressing each line item as a percentage of
the base amount for that period. The analysis helps to understand the impact of each item in the
financial statement and its contribution to the resulting figure. The technique can be used to analyze the
three primary financial statements, i.e., balance sheet, income statement, and cash flow statement. In
the balance sheet, the common base item to which other line items are expressed is total assets, while
in the income statement, it is total revenues.

Objectives of Financial Analysis

The major objectives of financial statement analysis is to provide decision makers information about a
business enterprise for use in decision-making. Users of financial statement information are the decision
makers concerned with evaluating the economic situation of the firm and predicting its future course.

1. Reviewing the performance of a company over the past periods - To predict the future prospects
of the company, past performance is analyzed. Past performance is analyzed by reviewing the trend of
past sales, profitability, cash flows, return on investment, debt-equity structure and operating expenses,
etc.

2. Assessing the current position & operation efficiency - Examining the current profitability &
operational efficiency of the enterprise so that the financial health of the company can be determined.
For long-term decision making, assets & liabilities of the company are reviewed. Analysis helps in finding
out the earning capacity & operating performance of the company.

3. Predicting Growth & Profitability prospects - The top management is concerned with future
prospects of the company. Financial analysis helps them in reviewing the investment alternatives for
judging the earning potential of the enterprise. With the help of financial statement analysis,
assessment and prediction of the bankruptcy and probability of business failure can be done.

4. Loan Decision by Financial Institutions and Banks - Financial analysis helps the financial
institutions, loan agencies & banks to decide whether a loan can be given to the company or not. It helps
them in determining the credit risk, deciding the terms and conditions of a loan if sanctioned, interest
rate, and maturity date etc.

Specialized Industries: Banks and Oil & Gas

This topic covers two specialized industries: banks and oil & gas. This topic states the differences in
statements and suggests changes or additions to analysis.

Bank

Banks operate under either a federal state or state charter. National banks are required to submit
uniform accounting statements to the Controller of the Currency.

Banking system usually involve two types of structures: individual banks and bank holding companies.
Bank holding companies consist of a parent that owns one or many banks. In financial report analysis,
we must determine the extent of the business generated by banking services. In order for the specific
industry ratios to be meaningful, a large proportion of the services should be bank related.

Balance Sheet

The balance sheet of a commercial bank is sometimes termed the report of condition. Two significant
differences exist between the traditional balance sheet and that of a bank. First, the accounts of banks
may seem the opposite of those of other types of firms. Checking accounts or demand deposits are
liabilities to a bank, since it owes the customers money in these cases. Similarly, loans to customers are
assets—receivables. Some banks provide a very detailed disclosure of their assets and liabilities. Other
banks provide only general disclosure. The quality of review that can be performed can be no better
than the disclosure.

This review may indicate risk or opportunity. For example, a review of the assets may indicate that the
bank has a substantial risk if interest rates increase. The general rule is that for 20-year fixed obligations,
a gain or loss of 8% of principal arises when interest rates change by 1%. Thus, an investment of
$100,000,000 in 20-year bonds would lose approximately $32,000,000 in principal if interest rates
increased by 4%. A similar example would be a bank that holds long-term fixed-rate mortgages. The
value of these mortgages could decline substantially if interest rates increased. Many bank annual
reports do not disclose the amount of fixed-rate mortgages. Review the stockholders’ equity section of
the balance sheet to determine if significant accumulated other comprehensive income (loss) exists.
National City had accumulated comprehensive income of $11,865,000 at December 31, 2005, and a
$70,914,000 loss at December 31,

2006. The major change in this account was a loss of $71,347,000 from a cumulative effect of change in
accounting for pension and other postretirement obligations. Note that the balance sheet at December
31, 2006, indicated material declines in portfolio loans for residential real estate and home equity lines
of credit. National City had substantially exited the residential real estate loan market before the
subprime issue became a national issue in 2007.

The amount and trend of nonperforming assets should be observed closely. This can be an early
indication of troubles to come. For example, a significant increase in nonperforming assets late in the
year may have had an insignificant effect on the past year’s profits, but it could indicate a significant
negative influence on the future year’s profits. Part of the National City disclosure for nonperforming
assets and delinquent loans follows:

Typical liabilities of a bank include savings, time and demand deposits, loan obligations, and long-term
debt. Closely review the disclosure of liabilities for favorable or unfavorable trends. For example, a
decreasing amount in savings deposits would indicate that the bank is losing one of its cheapest sources
of funds. Total deposits increased moderately in 2006, which would be positive. Total liabilities
decreased moderately in 2006. The major reason for this was the decrease in long-term debt, which
would be positive.

As part of the review of liabilities, look for a note that describes commitments and contingent liabilities.
This note may reveal significant commitments and contingent liabilities. National City disclosed
significant commitments at the end of 2006 and 2005. Commitments and contingent liabilities appear to
have increased in 2006. Significant increases were in the areas of commitments to extend credit
commercial and standby letters of credit. Very significant increases were in the areas of net
commitments to sell mortgage loans and mortgage backed securities, net commitments to sell
commercial real estate loans, and commitments to fund civic and community investments.

In general, the lower the proportion of stockholders’ equity in relation to total assets, the greater the
risk of failure. A higher stockholders’ equity in relation to total assets would probably improve safety,
but the bank would perhaps be less profitable because of the additional capital requirement. As part of
the analysis of stockholders’ equity, review the statement of stockholders’ equity and the related notes
for any significant changes. National City had significant increases from net income, issuance of common
shares under stock-based compensation plans, and issuance of common shares pursuant to acquisition.
Significant decreases were from common dividends declared and repurchase of common shares.

Income Statement

A bank’s principal revenue source is usually interest income from loans and investment securities. The
principal expense is usually interest expense on deposits and other debt. The difference between
interest income and interest expense is termed net interest income or net interest margin

The net interest margin is important to the profitability of a bank. Usually, falling interest rates are
positive for a bank’s interest margin because the bank will be able to reduce the interest rate that it
pays for deposits before the average rate of return earned on loans and investments declines. Increasing
interest rates are usually negative for a bank’s interest margin because the bank will need to increase
the interest rate on deposits, which is usually done before rates on loans and investments are adjusted.

Bank income statements include a separate section for other income (noninterest income). Typical other
income includes trust department fees, service charges on deposit accounts, trading account profits
(losses), and securities transactions. The importance of other income has substantially increased for
banks. For example, service charges have increased in importance in recent years since many banks
have set service charges at a level to make the service profitable. This has frequently been the result of
improved cost analysis. In addition, banks have been adding nontraditional sources of income, such as
mortgage banking, sales of mutual funds, sales of annuities, and computer services for other banks and
financial institutions. National City had net interest income after provision for credit losses of
$4,121,010,000 and $4,412,154,000, respectively, for 2006 and 2005. The noninterest income increased
from $3,277,232,000 in 2005 to $4,019,448,000 in 2006. The noninterest expense decreased slightly
from $4,751,057,000 to $4,717,339,000.

Ratios for Banks

Because of the vastly different accounts and statement formats, few of the traditional ratios are
appropriate for banks. Exceptions include return on assets, return on equity, and most of the
investment-related ratios.

Earning Assets to Total Assets

Earning assets includes loans, leases, investment securities, and money market assets. It excludes cash
and nonearning deposits plus fixed assets. This ratio shows how well bank management puts bank
assets to work. High-performance banks have a high ratio.

Banks typically present asset data on an average annual basis. National City provides a schedule of
average balances in its annual report. This schedule is used for the average total assets in computing
earning assets to total assets. National City’s earning assets to total assets ratio, which has decreased
very slightly between 2005 and 2006.

Interest Margin to Average Earning Assets

This is a key determinant of bank profitability, for it provides an indication of management’s ability to
Control the spread between interest income and interest expense.

This ratio for National City indicates a slight increase in profitability.

Loan Loss Average Ratio

The loan loss coverage ratio, computed by dividing pretax income plus provision for loan losses by net
charge-offs, helps determine the asset quality and the level of protection of loans.

This ratio for National City slightly increased in 2006

Equity Capital to Total Assets

This ratio, also called funds to total assets, measures the extent of equity ownership in the bank. This
ownership provides the cushion against the risk of using debt and leverage.

This ratio is computed by using average figures, for National City. This ratio increased in 2006 to 9.21%
from 9.02% in 2005. Both of these ratios appear to be very good.

Deposit Times Capital

The ratio of deposits times’ capital concerns both depositors and stockholders. To some extent, it is a
type of debt/equity ratio, indicating a bank’s debt position. More capital implies a greater margin of
safety, while a larger deposit base gives a prospect of higher return to stockholders, since more money
is available for investment purposes

Loan to Deposits

Average total loans to average deposits is a type of asset to liability ratio. Loans make up a large portion
of the bank’s assets, and its principal obligations are the deposits that can be withdrawn on request—
within time limitations. This is a type of debt coverage ratio, and it measures the position of the bank
with regard to taking risks.

This ratio shows National City loans to deposits decreased in 2006, indicating a decrease in risk from a
debt standpoint.

Oil and Gas

Oil and gas companies’ financial statements are affected significantly by the method they choose to
account for costs associated with exploration and production. The financial statements of oil and gas
companies are also unique because they are required to disclose, in a note, supplementary information
on oil and gas exploration, development, and production activities. This requirement will be explained in
this section.

Cash flow is important to all companies, but particularly to oil and gas companies. Therefore, cash flow
must be part of the analysis of an oil or a gas company. In addition, most of the traditional financial
ratios apply to oil and gas companies. This section will not cover special ratios that relate to oil and gas
companies.

Successful-Efforts vs Full-Costing Methods

A variation of one of two costing methods is used by an oil or a gas company to account for exploration
and production costs: the successful-efforts method and the full-costing method. The successful-efforts
method places only exploration and production costs of successful wells on the balance sheet under
property, plant, and equipment. Exploration and production costs of unsuccessful (or dry) wells are
expensed when it is determined that there is a dry hole. With the full-costing method, exploration and
production costs of all the wells (successful and unsuccessful) are placed on the balance sheet under
property, plant, and equipment. Under both methods, exploration and production costs placed on the
balance sheet are subsequently amortized as expense to the income statement. Amortization costs that
relate to natural resources are called depletion expense. The costing method used for exploration and
production can have a very significant influence on the balance sheet and the income statement.

The method used can have a significant influence on the balance sheet and the income
statement. The successful-efforts method is more conservative.

Cash Flow

Monitoring cash flow can be particularly important when following an oil or a gas company. The
potential for a significant difference exists between the reported income and cash flow from operations.
One reason is that large sums can be spent for exploration and development, years in advance of
revenue from the found reserves. The other reason is that there can be significant differences between
when expenses are deducted on the financial statements and when they are deducted on the tax return.

Supplementary Information on Oil and Gas Exploration, Development, and Production Activities.

Conclusion:

Financial reporting and analysis has a significant role in a business. In this reports a company
could analyze, predict and used as a tool to make a decision to know the stand of a company. It is
important that we know what the basics are and how to interpret them. As Boundless states, “Financial
reporting is used by owners, managers, employees, investors, institutions, government, and others to
make important decisions about a business.”

Financial statements vary among industries, and they are especially different for banks, utilities,
transportation companies, and insurance companies. In each case, the accounting for these firms is
subject to a uniform accounting system. Changes in analysis are necessitated by the differences in
accounting presentation. We also have learned financial reporting in specialized industry in banks and in
oil and gas, and it shows the difference on which part they focused on. With these it helps us
understand how they financial reporting is.

Oil and gas companies’ financial statements are affected significantly by the method that they choose to
account for costs associated with exploration and production. Another important aspect of the financial
statements of oil and gas companies is the note requirement that relates to supplementary information
on oil and gas exploration, development, and production activities. Cash flow is also particularly
significant to oil and gas companies

References:

Amar, Ali, Accounting Simplified, What are Financial Statements https://accounting-

simplified.com/financial/statements/types

Averkamp, Harold (CPA, MBA) Accounting Coach, Accounting Basics

https://www.accountingcoach.com/accounting-basics/outline

DelVecchio, Lyle (2019), How Errors In Financial Reporting Can Hurt Your Company
https://www.purchasecontrol.com/blog/financial-reporting-errors/

Durcevic, Sandra (2019), The Importance Of Financial Reporting And Analysis: Your Essential Guide
https://www.datapine.com/blog/financial-reporting-and-analysis/

Fernando, Jason (2020), Generally Accepted Accounting Principles (GAAP)

https://www.investopedia.com/terms/g/gaap.asp

Gibson, Charles (2011), Financial Analysis & Reporting: Using Financial Accounting Information

Kennon, Joshua (2020), Annual Reports: What They Are and Why Investors Care,
https://www.thebalance.com/annual-reports-what-they-are-and-why-investors-care-357304

Kenton, Will (2020), Accounting Standard https://www.investopedia.com/terms/a/accounting-

standard.asp

My Accounting Course, What is Financial Reporting? Retrieved from

https://www.myaccountingcourse.com/accounting-dictionary/financial-reporting

Palmer, Barclay (2020), International Financial Reporting Standards (IFRS)

https://www.investopedia.com/terms/i/ifrs.asp

Tankersley, Brian (2018), What Accountants Need to Know About GDPR?

https://www.accountingweb.com/technology/trends/what-accountants-need-to-know-about-gdpr