When do organizations prepare financial reports?
Organizations generally prepare financial reports on a quarterly and annual basis. For publicly traded companies, the Securities and Exchange Commission (SEC) requires quarterly reports at the end of each quarter. The report must include a balance sheet, income statement, and cash flow statement. The annual report is due at the end of the fiscal year and must include the same financial statements as the quarterly report along with management’s discussion and analysis (MD&A) of the company’s financial condition.
