International Accounting Standard (IAS) No. 1 defines which financial statements are required and how they must be presented. The required financial statements are:
? Balance sheet.
? Income statement.
? Cash flow statement.
? Statement of changes in owners’ equity.
? Explanatory notes, including a summary of accounting policies.
Disclosures of material events that affect the company are required by the Securities and Exchange Commission (Form 8-K) for firms that are publicly traded in the United States. 