Financial reporting
Connect accounting policies, management schedules and the information people actually need to read.
Choose the reporting basis
Establish the applicable accounting framework and the purpose of the statements. Identify significant estimates, related-party arrangements and events that need particular attention. Reporting choices should be documented before the final drafting cycle.
Explain the movement
Use consistent periods and definitions when comparing results. Reconcile management reporting to the underlying accounts and distinguish recurring operations from unusual items. Clear explanations are particularly important when revenue and cash move in different directions.
Review as a whole
Read the statements, policies and notes as one document. Check cross-references, terminology and arithmetic, then verify that material judgements are described in plain language. A reader should not need access to the preparation process to understand the report.