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.


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