Object Finance Analysis Forex

The company’s financial statements represent their economic status and are the main source of information with third parties about your performance, so it is vital to know the different types of states with the elements that characterize them.

The financial statements reflect the full range of concepts of operation and functioning of enterprises, all information that should serve them appears to know all the resources, obligations, capital expenditures, revenues, costs and any changes that occurred in them out of the financial year, also to support the planning and business management, decision making, analysis and evaluation of managers to exercise control over domestic economic items and to help assess the impact this has on the external social factors.

In Colombia, regulating the use of financial statements and their elements in Decree No. 2649 of 1993, the main objective of this paper is to show the main types of financial statements that ultimately are the main providers of information within organizations.
Taking into account the characteristics of users who are directed or objectives giving rise to the financial statements are divided into:

General Purpose Financial Statements
Special Purpose Financial Statements

ATTRIBUTES

For the information presented in financial statements meet the collective interests should be comprehensible, comparable, useful, relevant, neutral, reliable and verifiable.

GENERAL PURPOSE FINANCIAL STATEMENTS

These states are those that are prepared at the close of a term to be known by users indeterminate, with the main spirit serves the common good of the public to assess the ability of an economic entity to generate positive cash flows. Should be characterized by their status, neutrality clearly and easily. They are general purpose statements, the Basic Financial Statements and Consolidated Financial Statements.

Basic Financial Statements

Balance Sheet: This statement should relate the liabilities and assets, in order to be recognized that it can determine fairly the financial position of the economic entity at a given date.

Statement: The sum of revenues, costs, expenses and restatement related properly we must cast the net income.

State of Change in Equity
Statement of Changes in Financial Position
Cash Flow Statement
Consolidated Financial Statements

All those who present the financial position, results of operations, changes in equity and financial position and cash flows of a parent and its subordinate body, or a dominant and the dominated entity, as if they were those of a single company.

States general purpose are those that are prepared at the close of a term to be known by users indeterminate, while the Special Purpose are preparing to meet specific needs of certain users of accounting information.

SPECIAL PURPOSE FINANCIAL STATEMENTS

Special Purpose states are those that are prepared to meet specific needs of certain users of accounting information.

It is characterized by a movement or limited use and provides greater detail on certain items or transactions.

Special Purpose states are:

The Initial Balance: At the beginning of its activities, all economic entity must prepare a balance sheet as to show clearly and complete the initial situation of their heritage.

The Interim Period Financial Statements: These are basic financial statements are prepared during the course of a period to meet the needs of administrators, who exercised supervision or control inspection.

Cost States: Those who are prepared to learn in detail the expenses and fees incurred to produce goods or provide services on which an economic entity has derived its revenues.

The Inventory Status: Is one to be developed in detail by checking stock to each of the items that exist in the Balance Sheet.

Extraordinary States: Those that is prepared during the course of a period as a basis for certain activities.

The date of the same cannot be earlier than one month to the activities or circumstances for which he was prepared.

Settlement states: Those who must submit an economic entity that has ceased operations, to report the degree of progress in the completion of its assets and cancellation of its liabilities.

The financial statements presented to the authorities subject to the rules of classification and the detail given by them

Financial Statements prepared on a comprehensive basis of accounting other than accounting principles generally accepted

The notes, as an introduction to accounting and disclosure practices of the company are an integral part of each and every one of the financial statements, they should be prepared by the directors subject to the following rules:

Each note should appear identified by numbers or letters and appropriately titled, in order to facilitate its reading and its junction with the States concerned.

When practical and meaningful, the notes should be referenced in the body of the initial notes Finance.Las States must identify the economic entity, outline their policies and accounting practices and material matters.

Notes should be presented in a logical sequence, keeping as much as possible the same order of financial items.

The notes are not a substitute for proper accounting treatment in the Financial Statements.

As a final point we need the financial statements are an indisputable proof of the economic activity of the company, it is vital to prepare the parameters described above.

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