Financial Reporting is the presentation of the financials by the company for the stakeholders and the public. Financial reporting consists of the following documents – Statement of Financial Position, Income Statement, and the statement of the Cash flows. The financial reports shall be properly accompanied by the disclosures and the notes. The Financial Reports are to be prepared with the GAAP and IFRS rules and policies. Generally, the companies prepare the financial reports either quarterly, Half Yearly or Yearly.