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Financial Reporting

Financial Reporting

Financial Reporting 


Management practices with professional approach tend to improve the financial performance of sugar factories by implementing some innovative practices to reduce the controllable cost and generating additional revenues.” Keywords: Financial statements, Analysis, Ratio analysis, Variance analysis Introduction The basis for financial analysis, planning and decision making reflects in scientific analytical financial statement which mainly consists of Balance Sheet and Profit & Loss account of a sugar factory. This summarized financial report provides the operating result and financial position of a sugar factory and detailed analytical information contained therein is useful for assessing the operational efficiency and financial soundness of a sugar factory. What is Financial Statement? Financial statements are structured representation of the financial position and financial performance of an entity.

Financial statements provide information about an entity’s

i)                   Assets

ii)                 Equity & Liabilities

iii)                Income and expenses, including gains and losses

iv)               Cash flows.

Significance of Analysis of Financial Statements Financial analysis is useful and significant to different users in the following ways:

 (a) Finance Manager: Financial analysis techniques enable the finance manager to make constant reviews of the actual financial operations of the sugar factory for analyzing the causes of major deviations, which may help in taking corrective action.

 (b) Top Management: Financial analysis helps the Top Management in measuring the success of the company’s operations, appraising the individual’s performance and evaluating the system of internal control.

 (c) Trade Payables: The traders are particularly interested in sugar factory’s ability to meet their claims over a very short period of time, which evaluate factory’s liquidity position.

 (d) Lenders: Banks and Financial Institutions are concerned about the sugar factory’s long term solvency and survival. They analyze the historical financial statements to assess its future solvency and profitability.

(e) Investors: Investors, who have invested their money in the sugar factory’s shares, are interested in the sugar factory’s earnings and present and future profitability to ascertain its effects on sugar factory’s earning. 2

(f) Others: Economists, Researchers, Government etc., analyze the financial statements to study the economic conditions for price regulations, taxation and other similar purposes.

Tools of Analysis of Financial Statements The most commonly used techniques of financial analysis are as follows:

 A) Comparative Statements: The comparative Profit & Loss account gives an idea of the progress of business over a period of time. This analysis is also known as ‘horizontal analysis or Intra sugar factory analysis. Horizontal analysis compares each item with an item for a selected base year.

B) Common Size Statements: The common size statements analysis compares each item with a base item of two different factories to realize where we actually stand as compared to other sugar factories and what the exact reasons of deviation are.





Our goal is to support WBG teams and clients in addressing two key policy areas:

a) Building effective systems of corporate financial reporting and auditing

Transparent corporate financial reporting and effective audit practices are essential to protect the interests of investors, creditors, employees, public authorities, and other stakeholders and enable them to make informed decisions. They are critical for the integrity of financial markets, help develop access to finance for local enterprises (particularly SMEs), and contribute to a better business climate, furthering the integration of local companies in the world economy. They also contribute to financial stability by supporting a reliable information infrastructure for banks and other lenders.  The quality of corporate financial  reporting  and  audit practices depends primarily on the robustness of the institutional environment supporting them. This includes legal requirements, education systems, professional accountancy organizations, monitoring and enforcement mechanisms, the infrastructure for disseminating financial information, and the demand for quality financial reporting.

b) Improving the governance of SOEs

In many partner countries, the SOE sector provides essential goods and services to citizens and local businesses and are a significant source of employment as well as productive investment (or GDP).  When SOEs have low accountability, poor controls, ineffective boards and inadequate governance, they tend to perform poorly in delivering goods and services to citizens, create space for political patronage and corruption, and can pose a serious fiscal risk to the country. Improving SOE governance is a complex process involving a multi-pronged approach to strengthen transparency and controls; promote active and effective boards; and build the State’s capacity to act as a responsible owner, a monitor of performance and fiscal risks, and other key roles

A multidisciplinary group

The GSG combines the experience and skills of specialists in financial management, corporate reporting, public sector reform, procurement and fiscal risks.  We aim to bring together all the Bank’s global experience on the management and infrastructure of corporate entities (including SOEs) to provide a source of knowledge, advice, tools and relevant training for teams and clients.

Our support takes the form of:

a) Just-in-time support, policy and capacity building advice to clients or country/task teams;

b) Knowledge activities and global learning programs for clients and staff; and

c) Training staff to use diagnostic tools and tackle complex governance issues. 



The 3 main advantaged of single set of international accounting standards are

1)     An increased comparability between firms, which reduces investor risk and facilitates cross broader, financing and investment

2)     a reduction in the cost of preparing consolidated financial statements for multi-functional firms

3)      improved reliability and credibility of financial reports


Once the business has identified its stakeholders and their importance to the business, it can begin to plan based on their needs and expectations. Each stakeholder has concerns that it expects to be met by the business. For example, the business's owners expect it to be profitable and to distribute that profit to them while local and federal government agencies expect it to obey the law and pay its taxes on time. The importance of each stakeholder to the business determines the degree to which the business attempts to accommodate the stakeholder in the course of planning its actions.





The impact of stakeholder needs and expectations on businesses is inescapable and ubiquitous. Businesses exist to meet the expectations of one specific stakeholder in the sense that businesses are set up and operated to produce profit for their owners and investors. Businesses also must consider the needs and expectations of other stakeholders because of their ability to help and hinder their operations. For example, a business should be considerate of its host communities because that improves its reputation and strengthens its market presence. On the other hand, if the business chooses to ignore its host communities, that disregard becomes a black mark on its reputation and can result in other sanctions if relations become bad enough. The only stakeholders that businesses can ignore are the ones with little interest and influence on their operations


Profit and loss report (often referred as P&L report, income statement, or statement of operations) is one of the primary reports in the system of enterprise accounting, which plays an important role in the financial statement analysis. It contains summarized information about firm’s revenues and expenses over the reporting period. Most common are income statements that contain the quarterly and yearly information. The goal of the statement of income is to measure the profit of a business over the reporting period by excluding the expenses of a firm from its revenues.

The general form of P&L report starts with the revenue entry, from which the operative expense, salary, depreciation expense, interest expense and other expenses are being subtracted in order to compute the net earnings in the end. The net earnings are presented as an absolute value, and also as the division of net earnings by the number of shares outstanding (earnings per share). Both horizontal and vertical analysis can be applied to the income statement; as the P&L report most commonly contains quarterly information, the ratios calculated can be analyzed in dynamics over some time and for some certain reporting period.

Basic elements of the profit and loss report 

1. Revenue (Net Sales). This entry represents the value of goods or services a company has sold to its customers. Commonly sales are presented net of different discounts, returns, etc.

2. Cost of Goods Sold. This element measures the total amount of expenses, related to the product creation process, including the cost of materials, labor, etc. Costs of goods sold include direct costs and overhead costs. Direct costs (materials; parts of product purchased for its construction; items, purchased for resale; labor costs; shipping costs, etc.) are the expenses that can be actually associated with the object and its production. Overhead costs (labor costs, equipment costs, rent costs, etc.) are the expenses that are related to the business running proce

3. Gross Profit. Gross profit is net revenue excluding costs of goods sold.

4. Operating Expenses. Operating expenses include selling and administrative expenses. Selling are the expenses, which relate to the process of generating sales by a company, including miscellaneous advertisement expenses, sales commission, etc. All the expenses connected with company’s operation administration, such as salaries of the office employees, insurance, etc., refer to the administrative expenses.

5. Operating Income. Operating income is gross profit excluding operating expenses.

6. Other income or expense. This entry contains all the other income or expense values that weren’t included to any of the previous entries. It may be dividends, interest income, interest expense, net losses on derivatives, etc.

7. Income Before Income Taxes. Income before income taxes is operating income including (or excluding) other income or expense.





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