So your books are balanced. In fact, you have supported the major balances in your balance sheet and have traced the activity in your statement of revenues and expenses. The reports are ready to be published. Now what? What is the purpose of these historical reports?
In my first article, I presented my opinion on balance and argued that it is simply a part of a larger process that leads to well-presented reports and financial statements. In this article, I discuss the purpose and objective of these financial statements.