Financial reporting explains the business's performance and position for a defined period and reporting purpose. The records, accounting basis and presentation need to remain consistent so that users can understand and compare the results.
Reconcile key balances and review cutoffs, accruals and material adjustments before issuing the report. Keep supporting records and the reasons for judgments accessible. Distinguish management estimates from figures prepared under a particular formal reporting framework.
Explain unusual changes and the relationship between profit and cash. Under IAS 7, cash-flow reporting distinguishes operating, investing and financing activities. Applying the complete standard requires review of the actual transaction and current applicable requirements.
Assign review and approval responsibilities and preserve the released version. Correct errors through a documented process rather than silently replace an earlier report. The required format, audit and filing obligations depend on the entity and jurisdiction.
IFRS Foundation: cash-flow statement framework
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