Financial accounting is defined by the identification, measurement, and communication of financial information about economic entities.
: Tracks changes in equity, including dividends and new share issuances. ⚖️ Major Standard-Setting Bodies Financial Accounting and Accounting Standards
: Details operating results, including revenues, expenses, and net profit. Financial Accounting and Accounting Standards
: Reports the company's financial position (assets, liabilities, and equity) at a specific point in time. Financial Accounting and Accounting Standards
: Shows the actual movement of cash in and out of the business.