AccountingIntroductionFinancial reporting is a very important issue in the success of a business. Allow them to see if they have been successful in the past, in the present and help them predict the future performance of your business. The form, use and people involved in a company's financial and accounting information will be developed in this report. Accounting Knowing the status of your company in each area will allow you to improve your performance and develop strategies with a solid experience for a successful operation. In the finance department of every company, different types of data and reports are used to provide the necessary information. Without this information, investors and bankers would be flying blind (Block, Hirt 2005). Not all groups have an interest in financial reporting; we also have the government (for tax purposes), the general public (for investment opportunities), competition and operational areas to determine their performance. In finance, there are three basic types of financial statements, the income statement, balance sheet, and cash flow statements. The income statement is intended to measure the profitability of a business over a period of time. Indicate how revenue is transformed into net profit and show whether the company made or lost money during this period. The income statement should help investors and creditors determine past performance, predict future performance, and evaluate the ability to generate future cash flows. This information and other non-financial data (like the company's objective or marketing strategy) will help the financial manager, for example, determine how much money should be invested in paper....... New York: McGraw – Hill.[2] Williams, January R.; Susan F. Haka, Mark S. Bettner, Joseph V. Carcello (2008). Financial and management accounting. McGraw-Hill Irwin, p. 40. ISBN9780072996500.[3] Block, Hirt (2005). Fundamentals of Financial Management, Chapter 2 (11th ed.). New York: McGraw–Hill.[4] Peter Elstrom, July 8, 2008 http://www.businessweek.com/magazine/content/02_27/b3790022.htm[5] “Presentation of financial statements”, IAS 1, International Accounting Standards Board. http://www. .iasplus.com/standard/ias01.htm. Accessed March 24, 2008.[6] “The framework for preparing and presenting financial statements” International Accounting Standards Board http://www.iasplus.com/standard/framewk. htm Accessed March 24, 2008.[7] “Objective of financial statements” http://en.wikipedia.org/wiki/Financial_statements Accessed March. 24 2008.