Financial Statements, Negligence, Fraud and Misrepresentation

Financial statements are the basic purpose of an annual report filed by a public company. As a result of both expanded SEC disclosure regulation and a companies’ own interest in satisfying the information requirements of securities and credit analysts, financial statements have evolved over the years into presentations that elaborate substantially on the basic financial information.

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time. Cash flow statements show the exchange of money between a company and the outside world also over a period of time. The fourth financial statement, called a “statement of shareholders’ equity,” shows changes in the interests of the company’s shareholders over time.

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