Financial report: Report which communicates financial and nonfinancial information to users of that report. Financial reports contain facts, characteristics which describe those facts, parenthetical explanations of facts, relations between facts/characteristics. Each of these report elements has properties.

A complete set of financial statements includes the following four statements and the accompanying notes, as well as comparative information for the previous period:
  • A statement of financial position as of the end of the period (balance sheet)
  • A statement of comprehensive income for the period
  • A statement of cash flows for the period
  • A statement of changes in equity for the period

Financial reports contain items. Items are an instance of a financial report element.