The accounting statements, referred to as financial statements in corporate legislation (Law no. 6,404/76), are used by administrators to render accounts about public issues which are the responsibility of the company before shareholders, creditors, the Government and society. Therefore, its purpose is to disclose to all parties involved, information about the company's equity and financial results to enable the disclosure and analysis of its economic-financial status.
This is the reason why corporate legislation establishes that, at the end of each fiscal year, the company's management arrange for preparation of financial statements to clearly show the status of the company's equity and their financial changes occurred during the fiscal year, based on its accounting.
The accounting (financial) statements required by corporate legislation are:
- Balance Sheet.
- Income Statement.
- Statement of Accumulated Earnings or Losses or Statement of Shareholders' Equity.
- Statement of Sources and Uses of Funds.
Companies must disclose, along with their financial statements, a report by the company's management, considering the main events that occurred during the fiscal year and the company's plans for the following fiscal years. The Audit Committee's report, if it holds office, must also be disclosed along with the financial statements.
In Listed Companies, financial statements are subject to analysis by independent auditors registered at the Securities and Exchange Commission (CVM). Their respective report is published together with the financial statements.
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