Q:

What is statutory reporting?

A:

Statutory reporting is the mandatory submission of financial statements and other non-financial information to a government agency. Examples of statutory regulations are the International Accounting System and the International Financial Reporting Standards, accepted global standards by which public companies prepare financial statements.

In addition, companies in each industry, such as at banking and insurance companies, must file fiscal reports in each state they do business. Publicly held companies are required to file additional reports with the Securities and Exchange Commission. Another example of statutory reporting is a state law that requires all municipalities to undergo an audit of account money that is spent and to make that information available to the public.


Is this answer helpful?

Similar Questions

  • Q:

    What is an example of inherent risk?

    A:

    The term inherent risk refers to the possibility of loss coming out of a situation or at work within a particular environment before any action has taken place to change or control the environment, and an example would be the possibility that a company's financial statements have included a crucial misstatement that comes from an omission or error that comes from a cause other than a simple lack of controls but instead from a situation of judgment or estimation. If a new financial institution that has a high level of exposure and trade with complex derivatives, the inherent risk is assumed to be considerably higher than it would be for an established investment company.

    Full Answer >
    Filed Under:
  • Q:

    What is the meaning of "statutory auditing"?

    A:

    According to Investopedia, "statutory auditing" is when a company is required by law to ensure that it is being accurate in its accounting. This type of auditing is usually performed by an external organization, notes Crowe Horwarth.

    Full Answer >
    Filed Under:
  • Q:

    What is ad hoc accounting?

    A:

    Ad hoc accounting is done for a specific purpose without considering any other issues. Ad hoc comes from the Latin and means "as the occasion requires."

    Full Answer >
    Filed Under:
  • Q:

    What is the difference between controller and comptroller?

    A:

    A controller is an accountant who manages the finances of a private or publicly traded company, and a comptroller is a person who performs these same functions for a governmental entity. An individual who performs the duties of a controller is also referred to as a finance director or treasurer in some organizations. A financial control officer works as a controller but also holds an executive position within the company. Controllers and comptrollers usually have a bachelor's degree in accounting, as well as a designation as a Certified Public Accountant or a Certified Managerial Accountant.

    Full Answer >
    Filed Under:

Explore