Financial statements (or financial report ) is a formal record of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis 1. A balance sheet or statement of financial position , reports on a company's assets, liabilities, and owners equityat a given point in time. 2. An income statement or statement of comprehensive income , statement of revenue & expense , P&L or profit and loss report , reports on a company's income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. 3. A Statement of changes in equity or equity statement or statement of retained earnings , repo