Financial Statements and Reports - True or false?

Yes , That is true  All Financial Statements are Financial Reports , But  not all Financial Reports are  Financial Statements

Financial statements are true that's why you hire internal and external auditor to review and certify that, but in this modern little window dressing is happening just because of attracting new investor or retain existing investors.

true thanks for the invitation ...........

Financial Statements and Reports - True or false?

All Financial Statements are Financial Reports, But  not all Financial Reports are  Financial Statements ?

Yes of course all the Financial Statements are considered as a part of Financial Reports/as a Financial Report it self. Because of financials statements are the source of financial reports. Financial reports are the aggregation of financial statements. In Financial reports experts opinions are also considered, bifurcation activities are also carried out during the course of preparation of any financial report. in others words compilation of statements are called as reporting, but report cant call as a statement, because, statement is a part of report, in some extent some statements are presented itself as in a reporting form. Where, during the course of any internal OR external audit activities all the financial reports are supported through financial statements.

The financial statements of a company are end-products of a process for recording transactions of the company related to operations, financing, and investment. These include:

- Balance sheet

- P & L account

- Statement of other comprehensive income

- Statement of Changes in Equity

Whereas financial reports may furnish any report about monetary matter which will have financial effects. For example bank statement, debtors ageing report etc. can also be called financial reports. The role of financial reporting by companies is to provide information about company's performance, financial position, and changes in financial position that is useful to a wide range of users in making economic decisions.  

Hence, all financial statements are financial reports but not all financial reports are financial statements. 

The answer to this question is: TRUE. Not all financial reports are financial statements, but all financial statements are financial reports.

Explanation:

From their definitions, it becomes clear.

Financial Reports refer to any summary documents containing specific information prepared on request by any specific user or stakeholder (shareholder, bank, government, investor, manager etc...) so as to have an understanding of a given situation. They could directly originate from the company's database or from a thorough accounting procedure. Examples of financial reports could include:

An "accounts receivable report", showing the various customers of the firm, their assigned credit levels and respective credit limits. This report may be requested by the accountant in order to perform some credit control: know which customer is still free to purchase on credit, which one has already attained his credit limits [in order to engage claims for cash recovery] and so on. Such a report could just be easily extracted from the customers' database of the company.  

Another example will be the "statement of cash flow". This is a financial report simply because; primarily, it is a summary of all cash transactions [from operating, investment and financial activities] carried out by the firm over a specific accounting period. Secondly, because it is requested by investors or shareholders, so as to have an appreciation of the firm's liquidity. This report is drafted through some thorough accounting procedure.

On the other hand, Financial Statements are summary documents providing specific information (such as economic performance, company's profitability...) about a firm, drafted to satisfy legal and business requirements [hence, reports]. They are mandatorily prepared at the end of each accounting year and exclusively comprise: statement of comprehensive income, statement of financial position, statement of cash flow and statement of owners' equity.

Financial statements are only 4, while financial reports are more than that, inclusive of them.          

I FULLY AGREE WITH ALL ANSWERS THAT SAY "TRUE". 

True, financial statements are globally known to be Income statement, balance sheet, cash flow statement 

True, All financial statements are financial reports, but all financial reports are not financial statements.

Financial report is a broader term used to show all reports prepared for some specific purpose relating to the financial matters.They may not be required to be prepared by the regulators. On the other hand, financial statements are required to be prepared by Law/regulators. They contain summary of the financial position and the financial results of the entity over a certain period. 

The answer is True. 

Financial Statements consists of Statement of Financial Positions ("Balance Sheet"), Statements of Comprehensive Income ("Income Statement"), Statement of Cash Flows, Statement of Stockholders Equity and Notes to Financial Statements. These reports are all part of Financial Reports.

Financial Reports are complex in nature. It provides financial data and information as well as forecast, graphs and financial ratios.