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| Financial Status Essay

The assessment of the financial status is crucial for any business organization. However, the duration of time after which business organizations do these assessments differs. Therefore, to know the financial standing of a business, managers of the companies do not wait until a lump sum of years pass. On the contrary, they usually do the financial reporting in shorter periods of time. This has usually been referred to as the application of the time period principle or time period concept. According to Accounting Tutorial (2010), most businesses or companies use a 12-month period of time to assess their financial performance. While some organizations choose the period ending in December of each year, other companies prefer the period ending in June of each year. This period is usually known as the fiscal year. However, in some cases, business organizations do financial reporting in shorter periods, for instance, on a quarterly basis. Moreover, this reporting is referred to as periodic reporting.

Periodic reporting is significant for the effectiveness of a business organization. Gowthorpe (2005) concludes that it is useful in monitoring the performance of parts of a business as well as the whole business. In addition, managers of the companies use periodic reporting to assess the impact of their decisions and consequently make better decisions in the future. Therefore, periodic reporting is not only important for planning purposes but also for purposes of control. Periodic reports are not only valuable for managers but also for shareholders and other stakeholders. According to Choi (2003), securities regulators require annual reports once in a year and interim reports in the middle of the fiscal year. Lastly, periodic reports, for instance annual reports, are crucial for shareholders because these reports give them information on how their investment is making returns.

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