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Explain financial reporting?

All public companies in the U.S. are mandated by the Securities and Exchange Commission (SEC) to tag financial statements using eXtensible Business Reporting Language (XBRL). While the deadline is still a moving target, the United States is currently working to merge the Generally Accepted Accounting Standards (GAAP) with the International Financial Reporting Standards (IFRS) to create new financial reporting standards.

While financial statements can be compiled using Microsoft Excel, experts recommend automating the financial reporting process by either using an enterprise resource planning (ERP) system's finance module or industry-specific financial reporting software. Most specialty products include an XBRL tagging engine, which analysts say reduces manual labor.

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Explain financial reporting?

Financial reporting involves the disclosure of financial information to management and the public (if the company is publicly traded) about how the company is performing over a specific period of time. Financial reports are usually issued on a quarterly and annual basis. This is different from management reporting, which is financial information that is disclosed to those inside the company to be used to make decisions within the company. Financial reports are included in a public company's annual report.

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