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What Is Statutory Reporting?

Statutory reporting is when financial statements and other information that is not related to money have to be sent to a government agency. The International Accounting System and the International Financial Reporting Standards are examples of statutory regulations. These are global standards that are used by public companies to make financial statements.

Also, businesses in every industry, like banks and insurance companies, have to file financial reports in every state where they do business. The Securities and Exchange Commission needs more reports from companies that are open to the public. Another example of statutory reporting is a state law that says all cities and towns must have an audit of how their money is spent and make the results public.

Joel Gomez
Joel Gomezhttps://www.gadgetclock.com
Joel Gomez is an Avid Coder and technology enthusiast. To keep up with his passion he started Gadgetclock 3 years ago in 2018. Now It's his hobby at the night :) If you have any questions/queries and just wanna chit chat about technology, shoot a mail - Joel at gadgetclock com.

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